Dogecoin DOGE/USD is trading higher by 13% over the trailing week to the $0.077-level Thursday morning. The cryptocurrency market, including Dogecoin, has seen ongoing, marked strength, with growing optimism about the approval of a Bitcoin ETF being a key factor.
Major financial firms are making adjustments to their ETF applications, and there is a belief among industry experts that the SEC might approve a spot Bitcoin ETF in the near future.
The approval window for all pending Spot Bitcoin ETFs opens today and will last for at least eight days, as stated by Bloomberg's ETF analyst James Seyffart and BI Senior ETF analyst Eric Balchunas.
Even if approvals are not granted this month, there is a 90% probability of approval by January 10, 2024, per Bloomberg.
Why This Matters To DOGE
Cryptocurrency markets are highly speculative, and traders often respond to news and events that might impact the market's future. The expectation of a Bitcoin ETF approval may lead to speculative buying in various cryptocurrencies, as traders anticipate increased demand for digital assets in general.
The approval of a Bitcoin ETF can potentially attract more institutional and retail investors into the cryptocurrency market. With more participants, there can be an increase in liquidity, which tends to stabilize and potentially drive up the prices of various cryptocurrencies, including Dogecoin.
Dogecoin To $0.20?
Recent, bullish commentary on Dogecoin has also sparked interest in the meme crypto. Kaleo, a pseudonymous crypto analyst, predicts a 170% surge in Dogecoin to $0.20 in the short term.
The forecast involves DOGE reaching 9-10 cents, consolidating, and possibly rising to around 15 cents, driven by expected increased activity.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
