Bitcoin ETF Filing: Market Analysis & Layer 2 Outlook
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Market Daily: Bitcoin ETF and Beyond
Markets Daily features market updates followed by expert interviews. Today, Jennifer Sanasie interviews Sean Farrell of Fundstrat on the investment shift towards Ether and Layer 2s, plus the latest on Bitcoin ETF applications.
Episode Highlights:
- Bitcoin (BTC): Trading at $45,112 at 8 a.m. ET, up 2.2% in 24 hours.
- Ether (ETH): Trading at $2,266, up 1.2% in 24 hours.
- Mover of the Day: Powerledger (POWR), down 29%.
- Traditional Markets: NASDAQ and S&P 500 up around 1% on Friday.
Bitcoin ETF Approval: Buy or Sell the News?
Farrell discusses the recent 19b-4 filings and upcoming SEC votes on Bitcoin ETF applications. While some predict a "sell the news" event based on past precedent, Farrell suggests the current macro context is different, favoring a "buy the news" scenario, potentially pushing Bitcoin above $50,000.
Ether and Layer 2s: A Promising Future
The conversation shifts to Ether and the growing significance of Layer 2 solutions. Farrell highlights Arbitrum and Optimism as leading Layer 2 tokens approaching all-time highs. He also suggests exploring other ETH-adjacent projects like Lido and Maker.
Stacks: Building on Bitcoin
Farrell explains Fundstrat's increased allocation to Stacks, highlighting the growing interest in building on the Bitcoin network. He discusses the upcoming Nakamoto upgrade, aiming to improve transaction speeds and overall usability.
Looking Ahead
The discussion concludes with a brief outlook on the future of Bitcoin's price, with Farrell hinting at a positive prediction for 2024. For detailed predictions, check out Fundstrat's upcoming outlook.
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This episode was hosted by Jennifer Sanasie. “Markets Daily” is executive produced by Jared Schwartz and produced and edited by Eleanor Pahl, alongside Senior Booking Producer Melissa Montanez. All original music by Doc Blust and Colin Mealey.