The Wall Street market is hot regarding the Bitcoin ETF, due to which the price of Bitcoin is also being affected.
Industry Rush
Different companies are trying to get involved in the Bitcoin ETF in different ways. Some companies are selling their shares to buy more bitcoin, like Microstrategy. Some companies are accepting ETFs to acquire Bitcoin from hodlers, such as BlackRock. Some companies are getting into ETFs indirectly with the help of other companies, for example, Goldman Sachs.
Influence Rush
The economic power of the US (industry) is in favour of Bitcoin; also, elections are to be held in the US in 2024, and all the presidential candidates are supporting Bitcoin to gain popularity. Crypto opponents like Gary Gensler, who considered Bitcoin a commodity, also want to gain influence by declaring Bitcoin a security under the excuse of ETF.
Price Rush
The principle of hodlers is 1 BTC = 1 BTC, while trading sees a price ratio with fiat. The drop in Bitcoin's price after Jim Cramer's pro-Bitcoin speech on the 15th anniversary of BTC mining has proved that all aspects of trading affect Bitcoin; hence, Bitcoin's value will also be affected by the companies included in the ETF.
