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As the anticipation of a potential spot Bitcoin exchange-traded fund (ETF) approval in the United States grows, analysts are cautioning that this development could bring about significant consequences for cryptocurrency exchanges. While some foresee a surge in Bitcoin’s value and increased market competition, concerns are emerging regarding the potential impact on centralized exchanges.

Speculation is rampant that a spot BTC ETF could initiate trading in early 2024, coinciding with the anticipated block reward halving for Bitcoin in April. Blockstream CEO Adam Back believes this dual event could propel BTC to $100,000, while Jan3 CEO Samson Mow suggests the approval of a spot Bitcoin ETF in the U.S. could drive Bitcoin to as high as $1 million in the “days to weeks” following the approval.

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