07/14 update below. This post was originally published on July 13
Bitcoin BTC , ethereum and other top cryptocurrencies BNB BNB , XRP XRP , cardano, dogecoin, tron, polygon and solana have surged back this year after 2022's price crash (with Binance's chief executive revealing when he thinks the bull run will return).
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The bitcoin price has topped $30,000 per bitcoin, double its late 2022 price, with two shock crypto flips helping the crypto market rebound as the world's largest asset manager BlackRock pulled the trigger on a landmark race.
Now, after Elon Musk surprised traders with a bullish crypto prediction, bitcoin and crypto are braced for $30 trillion worth of capital hitting the market if any one of the recent flurry of U.S. spot bitcoin exchange-traded fund (ETF) filings are approved by the U.S. Securities and Exchange Commission (SEC).
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"The big deal is that the ETF is the platform or vehicle that so many financial advisors prefer," Bloomberg Intelligence ETF analyst Eric Balchunas told Cointelegraph.
"This matters because financial advisors manage about $30 trillion in assets [and] this would open up all that money. Even 1% or 2% of $30 trillion is a lot of money ... it's a bridge to all that wealth."
07/14 update: The crypto market has rocketed, adding around $60 billion, after XRP developer Ripple claimed victory in its long-running legal battle with the SEC. A U.S. judge ruled the sale of XRP on crypto exchanges did not amount to sales of investment contracts as alleged by the regulator. However, Ripple's direct sale of $700 million worth of XRP to institutions, hedge funds and other parties violated securities laws.
Following the hotly-anticipated ruling, the XRP price almost doubled, surpassing Binance's BNB to become the fourth-largest cryptocurrency by market capitalization. The bitcoin and crypto world cheered the ruling, taking it as a blow to the SEC's claim of authority over cryptocurrencies.
Last month, BlackRock sent shock waves through the world of crypto with a filing for a U.S. spot bitcoin ETF, a move that was closely followed by other finance heavyweights who expect BlackRock to carve a path through the regulatory minefield.
Fidelity, JPMorgan, Morgan Stanley MS , Goldman Sachs, BNY Mellon, Invesco IVZ and Bank of America BAC are among the Wall Street giants that rushed to get in their own ETF applications after news of BlackRock's filing broke.
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MORE FROM FORBESShock Flip Reveals 'Unprecedented' $9 Trillion 'Revolution' Could Be About To Hit The Price Of Bitcoin And Major Cryptos Ethereum, BNB And XRPBy Billy Bambrough
Earlier this week, Former SEC chair Jay Clayton said regulators would find it "hard to resist" approving a spot ETF. "If [the applicants] are right—that the spot market has similar efficacy to the futures market—it would be hard to resist approving a bitcoin ETF,” Clayton told CNBC in comments that were cheered by bitcoin traders.
"This indicates that the acceptance of bitcoin in the traditional financial system is becoming inevitable," Thomas Kralow, a crypto hedge fund manager, said in emailed comments. "With trillions of dollars waiting to be utilized and institutional investors entering the crypto space, the potential for growth is substantial."