Cryptocurrency firm, Galaxy Digital views the approval of a spot Bitcoin (BTC) ETF as “the most impactful catalysts” towards the growth and adoption of the top digital asset. In an Oct 24 market analysis, Galaxy’s research associate Charles Yu explained the possible effects of a spot BTC ETF in the United States as well as its significance in light of new market realities. The firm projects the growth of Bitcoin by 74% in the first year of an ETF approval which could see the price of the asset soar to $59,000 while marking a 6.1% increase in the first month. Recently, Bitcoin also spiked above $35,000, a 16-month high still on the back of an imminent approval by the SEC.
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