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As Bitcoin’s soaring market capitalization of $539 billion in 2023 proves, global anticipation was rampant before potential approval of a Bitcoin Exchange Traded Fund (ETF). Currently, investor optimism was skyrocketing as the record-breaking decision for ETF closure is nearing. But shockingly, a renowned cryptocurrency trader DonAlt suggests that the news will likely lead to a concerted drop in Bitcoin’s value. DonAlt speculated that despite a brief rallyafter the announcement of Bitcoin ETF, a correction at a rate of 10%, 20%, or even 30%, on a weekly basis would be expected, hence making it a “sell-the-news” event. He further confirms that to ensure stability, firms like BlackRock, Inc. will collectively purchase the cryptocurrency,to avoid it from becoming a complete joke.
With advance plans being made by digital currency giants, amid supplying aroused sentiment and expectancy; the expected correction after ETF approval could play a significant role in Bitcoin’s future success. Notwithstanding the weekly plunge that may occur, there is no doubt that Bitcoin will, many good deeds to follow.
