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Lark Davis wows community with prediction of big Bitcoin rally
Goffredo Beniamino
Cryptocurrency Advocate Lark Davies Names Four Catalysts for ‘Bull Run’
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Famous entrepreneur and Bitcoin investor Lark Davies gave an emotional speech prediction regarding an impending bull run for the leading cryptocurrency. The prediction comes amid a broader rally the cryptocurrency market has seen Bitcoin (BTC) up over $71,000.
This is why the running of the bulls is possible
Davies highlighted several factors that could push the cryptocurrency market into a bull run soon. Chief among these is the increase in inflows accrued by the adoption of Bitcoin Exchange-Traded Funds (ETFs) in the United States
Over the past 18 days, Davies revealed that ETFs have purchased 56,150 BTC. This translates to over four months’ supply of BTC. Furthermore, the well-known investor believes that the potential spot launch of the Ethereum ETF will have a substantial influence on the market.
“Ethereum ETFs will begin trading soon,” Davies said.
Furthermore, Davies added that the continued accumulation of Bitcoin by similar institutions MicroStrategyBlock and Semler Scientific could also influence the future movement of Bitcoin.
“Institutions, asset managers and pension funds around the world are lining up to own a slice of the Bitcoin pie. This bull run is going to be a lot crazier than you think,” concluded Davies.
As of this writing, BTC is trading at $71,456, up 0.27% over the past 24 hours. Trading volume increased by 14.5% to more than $30 billion.
Mixed sentiment on ETH spot ETF approval
There seems to be mixed sentiment regarding the approval of Ethereum spot ETFs. Jan van Eck, CEO of VanEck, says the approval of the Ethereum spot ETF marked a historic shift. As before reported by U.Today, the company is among other nominees that have received approval from the U.S. Securities and Exchange Commission (SEC).
Taking a contrary view, renowned banking giant JPMorgan argues that Ethereum ETFs could attract a much lower share of inflows than expected when trading finally begins. The banking institution expects inflows of $3 billion for ETH products this year. However, the bank says this amount could double if staking was allowed.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.