1 Top Cryptocurrency to Buy Now Before It Soars 1,000%, According to Wall Street Analysts
The cryptocurrency industry has been in turmoil for more than two years. It started with a rotation away from risk assets as recession fears rippled through the economy in late 2021. Then the collapse of the Terra blockchain ecosystem set in motion a series of bankruptcies and forced liquidations that dragged the market down even further.
In total, the value destruction exceeded $2 trillion when the market finally hit bottom. But Bitcoin (CRYPTO: BTC) brought the cryptocurrency market roaring back to life in recent months as two potential tailwinds caught investors' attention: the pending approval of spot Bitcoin exchange-traded funds (ETFs) and the reduction in Bitcoin mining rewards later this year.
The first catalyst has already come to fruition. The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETF applications on Wednesday, including proposals from two of the three largest asset managers in the world, and Fidelity. That could elicit a wave of interest among retail and institutional investors, and the resulting increase in demand could drive the price of Bitcoin higher.
Source Fool.com
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