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Bitcoin Price Analysis: BTC/USD Accumulating as VanEck Subsidiary Work on “Transparency”

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Of course, price is not the only metric of interest as far as Bitcoin is concerned. Adoption rate and infrastructure development is of interest. Though the coin is meant to by-pass third parties as regulators, we cannot discount the role of regulators and their constant talk of investor protection.

Other jurisdictions might be open but the community is closely watching if the US SEC shall proceed and approve the much-anticipated Bitcoin ETF come Feb 27, 2019. That’s two and a half months from now and before then, bears seem to have an upper hand especially when we take a top-down approach.

Read: BTCC Co-Founder Lee Hints At $333,000 Bitcoin (BTC) Prediction For 2021

From the look of things, we can only guess the route that SEC might take and considering more banks are showing their interest in the space, we can only speculate that they might just give the VanEck Bitcoin ETF a pass.

Earlier, the SEC cited transparency saying the market was prone for manipulations and various stakeholders are now working on ensuring complete openness. A few days ago, a Frankfurt based company with relations to VanEck did launch MVIS Bitcoin US OTC Spot Index (MVBTCO).

Also Read: Bitcoin Price Prediction Gone Wrong: $1M Options Call To Be Purged

The index core objective is to promote transparency and to that end it draws its price feeds from Cumberland, Circle Trade and Genesis Trading. Most of the time institutions trade through liquid OTC firms and this index is a reliable benchmark for their investment.

BTC/USD Price Analysis

BTC/USD Price Analysis

There are hints of BTC demand in lower time frames and in the last day, BTC/USD is up 1.7 percent. This is modest to say the least and that means bears are still in control. On a weekly basis, BTC/USD is down 15 percent but considering events of the last few days, bears appear to be slowing down and range bound in lower time frames. Clear floors are at $3280.

Trend: Bearish, Momentum Fading

Aside from the negative sloping trend line connecting highs of the last few weeks, losses of the last few weeks are a reliable indicator of trend. But, even as bears threaten to drive prices lower, BTC demand is increasing in lower time frames. In the 4HR chart, prices are ranging within a tight $500 range with clear resistance and support at $3,800 and $3,280.

Volumes: Bullish, Increasing

What we have in this time frames are a series of higher highs with floors at $3,280 as BTC/USD range horizontally. Unless otherwise there are gains above $3,800 resistance, bears are in control but we are rooting for bulls thanks to standout bull bars of the last two days. Dec 7–22k versus 11k average by 1900 HRs, Dec 8—17k versus 8k 2300 HRs bar and Dec 9—7k versus 5k average bull bars are of interest as far as BTC/USD price analysis is concerned.  Notice that even from an effort versus result point of view, prices are still trending inside Dec 8 bull bar. For buyers to be in charge, then bulls must thrust prices above $3,810. Thereafter in a bull breakout trade, traders can buy on dips or at spot with first targets at $4,500 with stops at Dec 9 lows at around $3,500.

Candlestick Formation: Breakout Trade, Range

Clearly, BTC/USD is within a bear breakout trade but ranging as aforementioned. But, for bulls to be in charge then we must see high volumes gains printing above Nov lows of $3,800. This move will invalidate the bear breakout pattern of Dec 6. However, if prices fail to recover printing below Dec 9 lows then we shall have a retest and odds are BTC might test $3,280—or lower by the end of the week.

Conclusion

From candlestick arrangement, bulls might recover above $3,800. As such, our BTC/USD trade plan will be as follows:

Buy Trigger: $3,800—Dec 8 Highs

Stops: $3,500—Dec 9 Lows

First Targets: $4,500

All Charts courtesy of Trading View.

This is not Investment Advice. Do you own Research.

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Why A Bitcoin (BTC) ETF Might Be Approved in February 2019

A few hours ago, the cryptocurrency and investor communities were notified of the delay by the Securities and Exchange Commission (SEC) to rule on the pending VanEck Bitcoin ETF until February 27th. Some have even linked the announcement to the current blood bath in the crypto markets that has the total crypto market capitalization at $108.68 Million with BTC trading at $3,433 ahead of a shakey weekend. Ethereum (ETH) has dropped under $90 and is trading at $87.

The only coin in the top 100 doing well is Bitcoin SV (BSV) that is up 19% in the last 24 hours. BSV has also managed to flippen Bitcoin Cash (BCH).

Why The VanEck ETF is Significant 

The VanEck Bitcoin ETF has been viewed by many as the much needed catalyst that could ignite the next cryptocurrency Bull run. An ETF would be an indirect stamp of approval by the SEC that classifies BTC is a viable investment asset. It will set the stage for other ETFs backed by other prominent digital assets such as ETH or a combination of digital assets.

Why an ETF Might Be Approved in February

Firstly, we saw that MV Index Solutions – based in Frankfurt Germany and linked to VanEck – launched the MVIS Bitcoin US OTC Spot Index (MVBTCO). This index is based on price feeds from OTC (Over The Counter) digital asset trading operations in the US carried out by the firms of Circle Trade, Cumberland and Genesis Trading.

By opening up their books, markets will better understand the price movements of BTC and other major cryptocurrencies. The additional transparency might aid in the SEC approving the ETF next year.

Secondly, Bakkt would have launched its physically settled Bitcoin Futures contracts by the end of January. This will increase the confidence in Bitcoin across the investor communities that comprise of hedge funds, high net individuals and even the regular investor who had stood on the side-lines waiting for some ‘sanity’ to present itself in the crypto-verse.

Nasdaq is also meant to launch their Bitcoin Futures products in the first quarter of 2019. Both Nasdaq and Bakkt probably have the go ahead from the CFTC (Commodity Futures Trading Commission) thus adding validity to Bitcoin.

Thirdly, the New Year brings with it the possibility of the Commissioners at the SEC having a change of heart about the pending ETF. Perhaps the Holiday Season will recharge them to the point where they see the validity of the application by VanEck. We have to remember that 2018 has been a long year and we all need some time to recharge.

A Word Of Caution from Commissioner Hester Peirce

However, Commissioner Hester Peirce – also known as crypto mom – has cautioned crypto ethusiasts and investors not to wait on the ruling of the SEC as it might take a long time for the regulatory body to approve it. She explained that the SEC has 5 commissioners and a majority ruling is needed for an ETF to pass.

She said:

Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people

In conclusion, the SEC announced that they would be pushing the ETF decision to February 2019. We have explored three reasons why the odds might be in favor of an approval next year. We have looked at the MVIS Bitcoin US OTC Spot Index; both Bakkt and Nasdaq offering futures contracts; and we have also looked at the possibility of the Commissioners having a change of heart with the new year. However, we were reminded by Commissioner Peirce not to depend too much on the decision.

What are you thoughts on the new date of February 27th as the new deadline fro an ETF decision? Do you think it will be approved? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

The post Why A Bitcoin (BTC) ETF Might Be Approved in February 2019 appeared first on Ethereum World News.

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Why A Bitcoin (BTC) ETF Might Be Approved in February 2019

A few hours ago, the cryptocurrency and investor communities were notified of the delay by the Securities and Exchange Commission (SEC) to rule on the pending VanEck Bitcoin ETF until February 27th. Some have even linked the announcement to the current blood bath in the crypto markets that has the total crypto market capitalization at $108.68 Million with BTC trading at $3,433 ahead of a shakey weekend. Ethereum (ETH) has dropped under $90 and is trading at $87.

The only coin in the top 100 doing well is Bitcoin SV (BSV) that is up 19% in the last 24 hours. BSV has also managed to flippen Bitcoin Cash (BCH).

Why The VanEck ETF is Significant 

The VanEck Bitcoin ETF has been viewed by many as the much needed catalyst that could ignite the next cryptocurrency Bull run. An ETF would be an indirect stamp of approval by the SEC that classifies BTC as a viable investment asset. It will set the stage for other ETFs backed by other prominent digital assets such as ETH or a combination of digital assets.

Why an ETF Might Be Approved in February

Firstly, we saw that MV Index Solutions – based in Frankfurt Germany and linked to VanEck – launched the MVIS Bitcoin US OTC Spot Index (MVBTCO). This index is based on price feeds from OTC (Over The Counter) digital asset trading operations in the US carried out by the firms of Circle Trade, Cumberland and Genesis Trading.

By opening up their books, markets will better understand the price movements of BTC and other major cryptocurrencies. The additional transparency might aid in the SEC approving the ETF next year.

Secondly, Bakkt would have launched its physically settled Bitcoin Futures contracts by the end of January. This will increase the confidence in Bitcoin across the investor communities that comprise of hedge funds, high net individuals and even the regular investor who had stood on the side-lines waiting for some ‘sanity’ to present itself in the crypto-verse.

Nasdaq is also meant to launch their Bitcoin Futures products in the first quarter of 2019. Both Nasdaq and Bakkt probably have the go ahead from the CFTC (Commodity Futures Trading Commission) thus adding validity to Bitcoin.

Thirdly, the New Year brings with it the possibility of the Commissioners at the SEC having a change of heart about the pending ETF. Perhaps the Holiday Season will recharge them to the point where they see the validity of the application by VanEck. We have to remember that 2018 has been a long year and we all need some time to recharge.

A Word Of Caution from Commissioner Hester Peirce

However, Commissioner Hester Peirce – also known as crypto mom – has cautioned crypto ethusiasts and investors not to wait on the ruling of the SEC as it might take a long time for the regulatory body to approve it. She explained that the SEC has 5 commissioners and a majority ruling is needed for an ETF to pass.

She said:

Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people

In conclusion, the SEC announced that they would be pushing the ETF decision to February 2019. We have explored three reasons why the odds might be in favor of an approval next year. We have looked at the MVIS Bitcoin US OTC Spot Index; both Bakkt and Nasdaq offering futures contracts; and we have also looked at the possibility of the Commissioners having a change of heart with the new year. However, we were reminded by Commissioner Peirce not to depend too much on the decision.

What are you thoughts on the new date of February 27th as the new deadline fro an ETF decision? Do you think it will be approved? Please let us know in the comment section below. 

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Bitcoin (BTC) Has Died 328 Times to Date and Counting

Ever since the Bitcoin (BTC) Ledger was launched in 2009 by Satoshi Nakamoti, the cryptocurrency has been declared dead a shocking 328 times. This is according to an ‘Orbituary Tracker’ on 99bitcoins.com.

The most recent eulogy was by Paul Donovan from UBS who stated that his chief goal was to bury Bitcoin and not to praise it. Paul Donovan made the comments to CNBC’s Fast Money. His exact words were as follows:

These things were never going to be currencies. They’re not going to be currencies at any point in the future. They’re fatally flawed.

Right from the start of the hike in late last year, it was fairly obvious that this was going to end badly, unfortunately, for some of the people who weren’t protected by any kind of regulation and got sucked into the process.

Bitcoin Has Crashed 3 Times Before And Will Recover

Going back in time and observing the times BTC has crashed, we find that the 2017 – 2018 bear market is the 4th time the King of Crypto has lost over 80% of its value after an impressive Bull Run. The first time BTC crashed was in 2011; the second was in 2013; and the third was a stretch of time from late 2013 to mid 2015. This explains why Bitcoin has had over 300 obituaries accompanied by never-ending predictions of its doom.

The following infographic gives a clearer picture of the past market crashes of BTC.

Binance CEO Shares His 2015 Experience With BTC Crashing

On the 20th of November, the CEO of Binance, Changpeng Zhao, shared his experience with BTC crashing back in 2015. Mr. Zhao had just sold his house during during the third major BTC crash. He had used the funds to buy in on Bitcoin. His exact words and full tweet can be found below.

I wish I could tell you my lame story from 2015, when the $btc price “crashed” to below $200, and I just sold my house and bought in at $600 a few months earlier… Well, I am still here.

Bitcoin Is Not Dead and Will Recover

It is with the past market crashes of Bitcoin that we can conclude that the current bear market will also end. BTC will once again WOW us in the markets but the exact timing of the next Bull Run cannot be narrowed down given the current market conditions and institutional investors showing reluctance to invest in crypto before Bakkt and an ETF. But the bottom line is, Bitcoin is not dead. It will recover once again.

What are your thoughts on the 328 obituaries of Bitcoin? Do you think they are accurate? Please let us know in the comment section below. 

[Image courtesy of AltcoinToday.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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Bitcoin (BTC) Price Analysis: Closing in on Major Support Zone

Bitcoin had a pretty steep drop in the past 24 hours, taking price close to the long-term floor around $6,000 once more. A bounce off this area could lead to another test of nearby resistance levels or even stronger bullish momentum as many are hoping to buy on dips.

The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. However, price has fallen below the moving averages to reflect a bit of bearish momentum.

RSI is indicating oversold conditions or that sellers are feeling exhausted, and turning higher could encourage buyers to return. Similarly stochastic looks ready to pull up from oversold levels and reflect a return in bullish momentum.

Bitcoin has had a rough ride in the past few days, owing mostly to a set of negative updates. For one, it has been reported that Goldman Sachs might ditch its plans to offer a bitcoin trading desk. Although this was dismissed as “fake news” by its CFO during a speech, the remarks weren’t enough to restore investor interest.

Reports that ShapeShift is adding registration requirements and that Kraken is planning layoffs and a shutdown in some operations also fueled the bearish fire. Kraken also dismissed these rumors but bitcoin was unable to pull up significantly.

Traders could return their focus to pending bitcoin ETF applications from here, although the sentiment has been dampened recently. Recall that the SEC is also reviewing its earlier decision to reject a few applications but has not specified when the review period would end. A positive decision may be what bulls are hoping to get in order to sustain the anticipated rebound for the year.

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Coinbase Explores Bitcoin-Backed ETF With Wall Street Giant

Coinbase Hints At Plans For ETF 

Bitcoin-backed ETFs have been the topic of discussion throughout the cryptosphere over the past few months, as investors and traders claimed that a single publicly-traded ETF would revive the otherwise slumping market. And it seems that this discussion may continue, with those familiar with the matter recently revealing that Coinbase has its eyes on establishing a crypto-focused exchange-traded fund (ETF) in a bid to attract retail investors.

It is important to note that the planned ETF will likely track a variety of cryptocurrencies, not just Bitcoin, possibly indicating that the firm is continuing to look at more crypto assets to add to its already expansive ecosystem.

Although this news was somewhat to be expected, as Coinbase has become well-known for being the primary home of innovation in the cryptosphere, insiders revealed that the firm has sought help from Wall Street giant BlackRock to aid in the establishment of this vehicle, reports Business Insider.

For those who are unaware, BlackRock is a New York-based, yet multinational investment management corporation with over $6.3 trillion worth of assets under management. As reported by Ethereum World News previously, BlackRock has hinted at making a meaningful foray into the cryptocurrency & blockchain industry, so it would make sense for Coinbase to team up with such a firm.

Those familiar with the cryptocurrency company went on state that in recent weeks, Coinbase has been incoinbase adds 100k users contact with individuals from BlackRock’s blockchain-focused division to “tap into the firm’s expertise” of launching exchange-traded investment products. According to the aforementioned insiders, representatives from the Wall Street firm’s blockchain branch were unable (or did not want to) give any direct advice to the San Francisco-based crypto startup at this time.

As Business Insider went on to report, it remains to be seen whether Coinbase’s involvement and discussion with BlackRock are ongoing or just a one-off event, but many optimists hope that it is the former, as a long-term relationship between the two may lead to interesting crypto-focused products, services, and investment opportunities.

The current climate around Bitcoin ETFs is rather contested, with the SEC recently making a series of moves to deny and delay a multitude of ETF proposals from an array of firms, whether said firms hail from crypto-focused or legacy market-centric backgrounds.

But as covered by Ethereum World News, the CEO of crypto startup Abra recently stated that the SEC’s denial verdict is somewhat valid, as the firms backing the ETF applications don’t “feel, smell or look” the part of a traditional financial institution. So the fact that Coinbase could be potentially working with BlackRock, an evidently well-established financial institution, may signal that an ETF application spawned from a collaborative effort between the two firms could see regulatory approval in the near future.

Photo by Luca Bravo on Unsplash

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BTC and Crypto Volatility is Why We Won’t See a Bitcoin ETF Soon

Red! Red! Red! is what many traders are seeing when they log into their favorite crypto exchanges or check coinmarketcap.com. Many savvy traders who had set stop losses, minimized their risks as some headed to BitMEX and Bitfinex to try and cash in on shorting their favorite digital assets of Bitcoin (BTC), Ethereum (ETH) and more.

In the case of BitMEX, the volume of BTC traded in the last 24 hours currently stands at 990,764. If the current turmoil goes on, they might do 1 Million BTC in 24 hours for a third time.

BTC 25 hour trade volume on BitMEX. Source, Coinmarketcap.com

Too Volatile for A Thumbs Up By The SEC

It is with the last 24 hours and the quick decline of our favorite cryptocurrencies, that it is safe to conclude that the SEC will not approve a Bitcoin ETF anytime soon. The SEC is the government body in the US tasked with protecting the individual investors from the type of turmoil we are seeing in the crypto markets.

The SEC’s mission according to its website is:

To protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, our investor protection mission is more compelling than ever.

As our nation’s securities exchanges mature into global for-profit competitors, there is even greater need for sound market regulation.

And the common interest of all Americans in a growing economy that produces jobs, improves our standard of living, and protects the value of our savings means that all of the SEC’s actions must be taken with an eye toward promoting the capital formation that is necessary to sustain economic growth.

Stark Reality

The reality is that the digital asset of Bitcoin that is meant to back an ETF, has just fallen by 12.52% in the last 24 hours. The last few hours would look like Armageddon if it were to happen on traditional exchanges on Wallstreet. The chances of the SEC approving such an investment option are slim given their mission statement to protect investors.

But Does Crypto Really Need an ETF

From a philosophical point of view fueled by a Satoshi Nakamoto mindset, we do not need a Bitcoin ETF for the crypto markets to b great. We simply need to let the sands of time dictate crypto adoption to a level where the value of our crypto assets will not be affected by news such as Goldman Sachs dropping plans for a crypto trading desk.

Prepare for the Worst

In conclusion, it is safe to say that this being the month when the SEC is meant to deliver a verdict on the CBOE sponsored Bitcoin ETF, we should prepare for a postponement or a rejection. With 24 days to go till the 30th of September, we can develop some type of resilience by anticipating the worst.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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Abra CEO Blames Biased SEC Process for Bitcoin ETF Rejection

Bitcoin (BTC), Exchange-Traded Fund—While the crypto markets exhibit continued price volatility, the industry focus remains on how the U.S. Securities & Exchange Commission will handle Bitcoin Exchange-Traded Funds going forward. While the SEC has thus far rejected all ETF proposals, the language in the rejection has given the industry some hope in the fact that the regulatory firm recognizes the growing potential of blockchain—just not the current iteration to produce an ETF. While analysts, industry forecasters and outside pundits weigh in on the reasoning for continued ETF denial, from the format of the proposal to the companies submitting them, Abra’s CEO Bill Barhydt has a different taken on the reasoning.

Abra, a cryptocurrency payment platform and app-based exchange, is not among the current crop of companies vying for the position as head of the first approved Bitcoin ETF. However its founder and CEO Bill Barhydt’s background on Wall Street has given him greater insight to the inner-workings of the SEC and led him to conclude that cryptocurrency is largely suffering from an image problem. Speaking in an interview with CNBC , Barhydt states that he does believe a Bitcoin ETF will reach approval stage by the SEC before year’s end, but the current holdup is being driven over a lack of familiarity between the regulatory group and crypto industry. Specifically, Barhydt cites that the cryptocurrency exchange leaders that are submitting applications for ETF-approval “don’t fit the mold” of the typical executive that the commission has historically dealt with.

As much as the SEC has given reasoning for rejecting thus-far submitted ETFs, which have all received similar language in the denial reply, Barhydt blames personality and industry profile for being at the heart of the problem. Essentially, the crypto industry does not fit the mold created by typical Wall Street interaction—a feature that could continue to cause delay in receiving approval,

“I think the issue with the SEC, quite frankly, is that the people who are doing the applications don’t fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I’m dressed you probably wouldn’t know it. So I probably, unfortunately, couldn’t go like I am here to a meeting at the SEC to say I’m applying for the ability to issue an ETF.”

In August, Gemini cryptocurrency exchange founders and high profile investors Tyler and Cameron Winklevoss’s bid for a Bitcoin ETF was rejected along with several other applications. VanEck, which has been at forefront of the ETF process and is favored to be the first to receive approval, had its proposed application delayed until the end of this month. In all, the crypto markets took a massive hit in valuation following the delayed/rejected action of the SEC, with all of late July and early August’s positive price gains being eroded in the span of a week. While the current trend in market pricing looks to be making a small recovery, with BTC clinging to $7000, altcoins continue to make a major hit—leading some to conclude that the hope of an ETF approval is still driving most of the price interest.

However, not everyone has been pleased with the overwhelming shift in focus of the industry and investment base towards greater regulation. Andreas Antonopoulos, a mainstay figure and one of the most genuine supporters of blockchain and cryptocurrency, claims that the Bitcoin ETF will do more harm than good. Myopic investors, particularly those looking to cryptocurrency as a pathway to fast profit, are hanging on SEC approval of an ETF as the leverage needed to spur ‘institutional investors’: the big Wall Street firms that are waiting for a less murky landscape before they start pouring money in. Cryptocurrency purists see increased regulation as a diversion from the real use of cryptocurrency and adoption for the technology.

Regardless, Barhydt is confident ETF approval will happen sometime in the near future,

“It’s going to happen in the next year, I would actually make a bet on it. There is too much demand for it.”

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Bitcoin (BTC) Price Analysis: More Bullish Confirmation

Bitcoin continues to hover around the resistance of its rising wedge formation and might be due for an upside break. After all, the 100 SMA is starting to cross above the longer-term 200 SMA to signal that the path of least resistance is to the upside.

In other words, resistance is more likely to break than to hold. In that case, bitcoin could be in for a steeper climb, possibly the same height as the rising wedge pattern. This spans $6,000 to around $7,400 so the resulting rally could be at least $1,400 in size.

However, RSI has been near overbought territory for quite some time and may be due to head back down. This could indicate a return in selling pressure and a dip to the wedge support just above the $7,000 handle. Stochastic is also starting to head lower after hitting overbought levels to indicate that buyers are taking a break.

Bitcoin price managed to stay supported on the lack of negative updates from the industry last week. There were also plenty of key developments in other altcoins, keeping cryptocurrency investors in an optimistic mood.

Besides, the move past the technical $7,000 barrier was enough to encourage bulls to stay in the game. Many believe that this could be the chance for bitcoin to resume its strong rebound until the end of the year, possibly hitting record levels or surpassing them.

Still, traders are on edge when it comes to the SEC decision on bitcoin ETF applications since this could be the next big catalyst. Approval could mean stronger volumes and activity for the months ahead, which might spur even more gains for bitcoin and its peers.

At the same time, the improvement in overall market sentiment on account of geopolitical developments also lifted appetite for risk, which was bullish for cryptocurrencies. Troubles in emerging markets also render bitcoin as an alternative means of storing value.

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