Arthur Hayes predicts the growth of the main cryptocurrency to $1 million

BestChange
2 min readNov 14, 2023

Crypto market players are awaiting approval in the near future for spot ETFs for the two major digital currencies, which has been boosting the price of coins recently. Against this background, the accumulation of individual crypto assets remains high.

From November 3 to November 10, the price of bitcoin increased by 5.8%. The first crypto coin surpassed the $37,500 level, showing an 18-month high. The last time the BTC rate reached this level was in May last year.

The growth is attributed to the opening at the end of last week of a window during which the SEC could approve a Bitcoin ETF. However, if the regulator does not take any action soon, the next deadline for consideration of applications will be January 10, 2024.

“New research note from me for today. We still believe there is a 90% chance of Bitcoin ETF approval by January 10th. But if this happens earlier, then there will be a period when everyone who submitted applications can receive approval,” said Bloomberg Intelligence analyst James Seyffarth.

And Ethereum rose in price by 15% in 7 days. At its peak, its rate rose to $2,136.5, which became a seven-month high for the cryptocurrency. A significant increase was recorded on November 9, when the price of ETH rose by 12.28%.

The rise in price of ether is not least associated with BlackRock’s plans to launch an ETF on ETH. Prior to this, the giant applied for approval of an exchange-traded fund on BTC. And NASDAQ recently announced that the company intends to list its ETF on Ethereum.

“Key language in Nasdaq/iShares Ether ETF bid. Grayscale’s victory in court and the SEC’s approval of the Ether futures ETF should be equated with the approval of the Ether spot ETF,” commented Nate Geraci, president of financial services company The ETF Store.

Meanwhile, ex-CEO of the BitMEX crypto exchange Arthur Hayes recently voiced his own forecast regarding the behavior of the crypto market. He believes that Bitcoin has a chance to grow to $1 million, and Ethereum could reach $100,000.

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