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Crypto Fund Wagers $1 Mln It Will Outperform S&P 500 in ‘Buffett Bet 2.0’

Crypto asset manager Morgan Creek Digital has issued a $1 million bet against the performance of the S&P 500 stock market index.

Crypto-focused institutional asset manager Morgan Creek Digital has issued a $1 million bet against the S&P 500 (SPX) stock market index, a press release shared with Cointelegraph reveals Dec. 6.

The crypto fund has issued a wager that its Digital Asset Index Fund –– a basket of ten major crypto assets –– will outperform the SPX over the next 10 years, starting Jan. 1, 2019.

The S&P 500 is based on market capitalizations of 500 large companies that have common stock listed on major U.S. stock exchanges, the New York Stock Exchange (NYSE) or the Nasdaq Stock Market (NASDAQ).

The challenge from Morgan Creek Digital, dubbed “Buffett Bet 2.0,” evidently echoes a similar bet made by Wall Street’s prominent crypto critic Warren Buffett, who in 2008 bet $1 million that the S&P 500 would outperform a group of hedge funds over a ten year period.

If the bet is taken up, the firm noted the plan would be for the winner to donate the gains to charity, also mimicking Buffett’s move upon winning his S&P bet in 2017.

Anthony Pompliano, co-founder and partner at Morgan Creek Digital, told CNBC that the new challenge could illuminate more than just the performance of crypto markets for many people:

“A lot of people might look at this and just think we’re bullish on crypto — but you need to look at what asset we’re going up against. Public equities aren’t exactly at their all time highs either.”

In order to justify his firm’s bet, the investor has also reportedly pointed to recent losses suffered by FANG –– a group of high-performing tech stocks in the U.S. market, namely Facebook, Amazon, Netflix and Google. Facebook is currently down 24 percent percent loss year over year, as CNBC reports.

Pompliano made a similar observation about the performance of traditional stocks in a tweet last month, stating that FANG stocks were down 20-40 percent from their all-time highs, while the Dow Jones Industrial Average (DOW) had its “worst Thanksgiving week since 2011.”

Buffett himself has come out multiple times to provocatively criticize cryptocurrency, calling it everything from a “mirage” to “rat poison squared.”

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Barry Silbert: Bitcoin Cash Hard Fork Was An Industry “Disservice”

Since the Bitcoin industry entered late-October, there has been an auspicious rise in search queries for the cryptocurrency, in spite of the downtrend that shocked crypto-centric investors worldwide. As reported by Ethereum World News, per Google Trends, the “Bitcoin” query has risen to a four-month volume high. The search term, “Bitcoin Cash,” also saw a notable explosion in volume.

Tom Lee and Mati Greenspan, two industry savants, both commented on this trend, with the former calling the statistic “interesting,” while the latter noted that “we’re back.” And interestingly, mainstream media outlets have picked up on this renewed trend, recently covering the cryptosphere incessantly and through a variety of different mediums.

CNBC, for one, recently began to call upon the executives, analysts, and researchers in the cryptosphere to make appearances on their television segments, which have become fairly infamous for their (sometimes inaccurate) coverage of Bitcoin.

Last week, they brought on Barry Silbert, the man behind crypto-centric conglomerate Digital Currency Group (DCG), to speak on the current state of cryptocurrency affairs and its potential future.

Bitcoin Cash Hard Fork Was An Industry “Disservice” 

Discussing an industry hot topic, Silbert, who owns/manages stakes in this industry’s foremost startups, noted that the Bitcoin Cash debacle, which hasn’t even come to its final head just yet, is a distraction for investors.

Elaborating on this point, clearly indicating that he isn’t a big fan of the fracas, but remains a Bitcoin proponent, the DCG chief noted:

The fork is a distraction. The industry did itself a real disservice, but let me give you the other side of that — if Bitcoin emerges as the winner, it will have been battle-tested, as it has been challenged by competitive cryptocurrencies and internal development strife.

Silbert: Death Of ICOs, Ethereum (ETH) Sell-Off, And Crashing Stocks Prompted The Crash

Drawing the conversation back to this budding industry’s flavor of the month — the dismal market conditions — Silbert did his best to reason why Bitcoin, coupled with its altcoin brethren, underwent a jaw-dropping sell-off that caught investors with their pants down, as it were.

He first explained that crypto’s largest investors are funds/groups with asymmetric risk appetites. Silbert added that these funds often hold positions in high-risk, often-tumultuous technology stocks, coupled with cryptocurrency holdings. So, seeing that lines that can be drawn between the recent sell-offs seen in equities and crypto, it is apparent that the macro market has been proding Bitcoin investors.

The DCG head, one of the crypto industry’s foremost entrepreneurs then drew attention to the ICO market, which has been beaten and bashed by an SEC crackdown recently. Keeping in mind that ICOs primarily catalyzed 2017’s monumental bull run, the fact that “ICO market is completely unwinding” has evidently been a bearish catalyst for crypto assets.

Further speaking on this purposed factor, he explained that as ICO-funded tokens have collapsed, startups have sought to liquidate their war chests, which were primarily filled with Ether to stay financially afloat,

Last but not least, he noted that crypto hedge funds are finally seeing their first redemptions, putting further selling pressure on the cryptocurrency market, presumably through Bitcoin sell orders.

Title Image Courtesy of Marco Verch on Flickr

The post Barry Silbert: Bitcoin Cash Hard Fork Was An Industry “Disservice” appeared first on Ethereum World News.

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Study: Crypto Coverage in Media Peaked Following Market Slump

A recent study by Clovr has revealed that the media coverage of digital currencies spiked when the market slumped over the past five years.

A recent study by blockchain-oriented research firm Clovr found that cryptocurrency coverage in the mainstream media spikes when the market drops off. The analysis tracked the correlation between coverage on crypto values over the past five years and the sentiments of published materials.

Crypto

Source: Clovr

In the course of its research, Clovr surveyed 48 mainstream U.S.-based and international media outlets for pieces covering cryptocurrency from Jan.1, 2013, to July 31, 2018. All articles were analyzed using sentiment analysis tool Valence Aware Dictionary and sEntiment Reasoner (VADER) and the Natural Language Toolkit (NLTK) library in Python. The analysis included the full text of 7,527 online news articles.

In the last weeks of 2017 crypto coverage in the media spiked following a sharp drop-off in cryptocurrency, which was attributed to a confluence of factors such as strong performance of altcoins, and Bitcoin (BTC) holders selling off their coins to pay for holiday purchases. The same trend was reported in May and June 2018, when a further drop in crypto values was followed by a temporary increase in articles. The study further reads:

“As recently as 2016, positive articles far exceeded negative ones, both in terms of volume and intensity. As coverage surged in mid-2017, however, articles expressing negative sentiment grew more common. This trend was fueled in part to grim prognostications by the likes of Warren Buffett and Mark Cuban, who guessed that ‘a bubble’ was underway.”

Clovr

Source: Clovr

As for news sites that covered digital currency most often, Clovr notes Forbes and Business Insider, where “a combined 1,335 articles from these two outlets alone were more positive than the overall median sentiment of the sampled articles, while only 413 of their articles fell on the negative side.”

CNBC released almost 1,000 crypto-related articles during the analysed period, with 52.9 percent being positive and 47 percent being negative. At the same time, American far-right news website Breitbart News along with left leaning American news organization Raw Story cumulatively published 91 negative articles and just one positive piece. The average sentiment of Reuters, USA Today, and Gizmodo articles reportedly decreased substantially over time.

As previously reported, BTC use for commercial payments reduced significantly this year, according to a study by Chainalysis. Although Chainalysis recognizes a growing stability of BTC, the value of Bitcoin payments reportedly slumped from $427 million last December to $96 million in September 2018.

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CNBC Draws Flak For Upcoming “Bitcoin: Boom or Bust” Documentary

CNBC ‘Embraces’ Crypto With Fully-Fledged Documentary

CNBC has quickly become near-infamous in the cryptocurrency community for its controversial coverage of this asset class. And while the mainstream media outlet’s coverage of crypto has been criticized time and time again, it seems that the firm’s higher-ups aren’t fazed, recently revealing that CNBC would be airing a Bitcoin-centric documentary.

On Saturday afternoon, the American CNBC news outlet announced that it would be airing a documentary that would “explore the world of bitcoin.” In a press release issued a few days earlier, CNBC wrote the following regarding the description of the documentary:

This documentary is an eye-opening journey that proves to be as informative as it is entertaining and unexpected. Lee offers viewers a rare look inside the wild world of bitcoin, uncovering the unusual landscape and cast of characters surrounding it, and ultimately, allowing viewers to take their own side in the crypto craze.

Along with the reveal of the documentary’s name — “Bitcoin: Boom or Bust” — the firm also unveiled a 90-second trailer, which was likely aimed at getting users interested for the Monday, August 27th air date. Instead of building hype, however, the release of this announcement has seemingly backfired, with crypto enthusiasts, personalities, analysts and investors coming out en-masse to pick apart the short, yet contentious trailer.

Firstly, users came out to berate the outlet for its use of “HODL,” a term that has been immortalized in the heart of the cryptocurrency community. In the trailer, CNBC host Mellisa Lee, draws attention to HODL, noting that it is a popular acronym for “hold on for dear life.”

As Ricardo Spagni, a foremost Monero developer, points out, HODL is not an acronym, but rather an insignificant, yet hilarious typo that gained a cult following in the crypto community following late-2013. Spagni, poking fun at the outlet’s use of the term, wrote:

It’s not an acronym, you incompetent buffoons. Please do the tiniest bit of research FIRST!

Last but not least, the documentary’s focus on a Bitcoin diehard, dubbed “Crypto Kid,” who seems to be set on portraying his somewhat over-the-top character, instead of providing viewers with an informative look into Bitcoin and related topics. Bitcoin millionaire Crypto Kid, whose legal name is Justin, is such a diehard that he apparently sold a majority of his worldly possessions for crypto, and now lives in a treehouse as an expression of his “frugal” lifestyle.

While there isn’t anything inherently wrong with “Crypto Kid,” many critics stipulated that a focus on a more relateable cryptocurrency enthusiast would have been a better choice for viewers.

Twitter user Hector Hernandez proposed for CNBC to interview industry leaders, like Andreas Antonopoulos or Nick Szabo, as he speculated that the outlet was trying to “ridicule the crypto movement.”

Anyhow, keeping the trailer (and the subsequent response of cryptocurrency investors) in mind, it would be no surprise if Monday’s full release of the documentary will result in an even harsher round of backlash for CNBC.

Photo by Andre Francois on Unsplash
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Crypto Market Sees 3% Pullback After A Short-Term Recovery

As Tuesday rolled around, many traders thought that the worst was yet to come for the market, with critics expecting Bitcoin to chip away at the $5,800 support as the week continued. For those who are unaware, the $5,800 level has been continually cited as a strong line of support, with analysts highlighting previous bounces around this price, along with an amassment of technical indicators.

But to the surprise of some, on Tuesday, the crypto market began a slow recovery of its recently-established year-to-date lows.

From $190 Billion To $220 Billion — The Market Recovery

The valuation of all cryptocurrencies recovered from a low of $190 billion to $220 billion within a three-day timespan, with this move restoring faith in an otherwise bearish market. A majority of cryptocurrencies saw strong gains throughout the past three to four days, with Bitcoin taking a cautious move from $5,950 to $6,600 that was backed by consistent volume.

But with this move, altcoins have seen an unexpected resurgence, with Bitcoin dominance taking a three percent dive even as the market continued upwards. As reported by Ethereum World News, cryptocurrencies like Nano (NANO), VeChain (VET), and Populous (PPT) all saw staggering gains of 30% or more, which was quickly attributed to the decreasing Bitcoin dominance figures. Traders saw their portfolios turn green overnight, and a slight sense of FOMO (Fear of Missing Out) return to the minds of optimistic traders.

However, some industry leaders aren’t convinced that the bear market is over yet. Susquehanna’s head of digital assets, Bart Smith, recently claimed that this recovery, albeit relatively strong, could just be a “bear market rally.” This sentiment was doubled-down by Dan Nathan, a CNBC trader and Fast Money panelist, who also agreed with what Smith had to say.

While Arthur Hayes, the CEO of BitMEX, still expects Bitcoin to reach and establish a low of $5,000 before eventually continuing to new all-time highs. Moreover, some analysts expect that this is a “dead cat bounce,” where the price(s) of a publicly-traded asset sees a quick recovery after a downtrend, only to fall further at a later date.

“Too Much Of A Good Thing Is A Bad Thing”

Attesting to this bearish sentiment, on Saturday, traders were reminded of the age-old saying — “too much of a good thing is a bad thing” — as the market experienced a slight pullback after the aforementioned recovery.

At the time of writing, Bitcoin is currently down by 2%, with altcoins posting similar losses. It remains to be seen whether the market will continue to head lower in the near future, but according to the traders on CNBC Fast Money, the technicals on Bitcoin’s chart has begun to show signs of weakness. CNBC analyst David Seaburg stated:

“Look at just the charts, without any other knowledge, it looks like its going lower. The technical set-up right now for Bitcoin does not look promising in my eyes.”

Michał Mancewicz

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Are The Bitcoin Bulls Back? Brian Kelly Weighs In

As reported by Ethereum World News, the cryptocurrency market has been on a surprising tear over the past 24 hours, with a majority of assets posting gains of upwards of 6-7%. At the time of writing, Bitcoin stands at $6,400 after a brief step over the $6,500 line, while a majority of altcoins have seen a return of upwards of 5%. Some altcoins, like Nano, have had an astounding day, with bulls pushing the price of the cryptocurrency up by 25% or more.

Although the cryptocurrency market may have been on thin ice before this recovery, the ice isn’t so thin now, with Bitcoin establishing lines of support at higher lows.

On Wednesday, Bria’s “Fast Money” segment covered this recovery, with Brian Kelly, CNBC’s in-house crypto analyst, doing his best to reason why the market saw such a strong rebound.

Kelly opened up his section calling the market’s price action a “wild ride,” alluding the trials and tribulations the market has faced over the past few weeks. The analyst went on to draw attention to the performance of BTC before, during, and after the expiry of CBoE-based Bitcoin futures. According to statistics which CNBC has attributed to Justin Stanislaw, Bitcoin often does poorly in the days leading up to an expiry date, but sees a 10% move upwards in the week following a futures expiry.

Likening today’s expiry to a similar occurrence, Kelly noted that following the April futures expiry, Bitcoin saw a 20% gain in a mere 6 days. While not explicitly stating it, it’s clear to see that founder of the crypto-centric BKCM fund is expecting for Bitcoin to continue to experience positive bouts price action over the next few days.

To add fuel to the metaphorical bullish flame, Kelly, who has become a near-notorious permabull, added that Bitcoin may be undergoing a short squeeze, as shorts cover their losses in this potential trend reversal.

This sentiment sparked a question from another CNBC panelists, who asked if “these other cryptocurrencies” will bottom out along with Bitcoin. Kelly responded, stating:

They (altcoins) are still quite correlated (with Bitcoin). Over the last 60 days or so, Bitcoin has really been the leader — a lot of that had to do with the speculation about an ETF. But what you did see today is stuff like Ethereum almost 10% off yesterday’s lows, stuff like Stellar Lumens — still holding up quite well. So yes, if you get a 10 or 15 percent run on Bitcoin on a short squeeze, it should bring everything else back up.

So as is normally the case, it is likely that if Bitcoin runs, so will a majority of altcins, albeit with some variance in either the bullish or bearish direction.

However, some had their doubts, including CNBC trader Dan Nathan, who queried Kelly on if the capitulation phase of the market has “petered out.” Turning the question somewhat on its head, the cryptocurrency bull noted that $5,900 may prove to be a level of support if a sell-off continues. Nonetheless, it seems that with this episode of CNBC Fast Money passing by, Kelly remains as bullish as ever.

While some were quick to cast Wednesday’s bout of positive price action aside, calling it a classic bull trap, there are some optimists who are convinced that this might be the beginning of the end of the crypto bears.

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Bitcoin Sees $350 Recovery, Amidst Altcoin Drop Off

As Ethereum World News reported on Friday, Bitcoin saw a rapid sell-off from $6,450 to the $6,100 price level, as a direct result of an influx of sell-side volume cascading through the whole cryptocurrency market.

This move unfortunately set a new one-month low for the price of Bitcoin and a new year-to-date low for the collective valuation of the cryptocurrency market.

As Bitcoin hovered around $6,100, some technical analysts began to speculate that Bitcoin’s next stop would be at the heavily contested $5,800 level of support. But as seen by Saturday’s strong recovery, with the price of the foremost digital asset surging back to $6,400, this move lower to establish new levels of support has been staved off, or at least for now anyway.

However, this time around, altcoins didn’t follow Bitcoin’s ~4% recovery. As it stands, a majority of altcoins have still suffered, posting losses of anywhere from -4% to -10% (and beyond).

Over the past 24 hours, Ethereum has unarguably had a dismal performance, falling over 12% to a low of $307 before slightly rebounding to trade at $325 now. IOTA and XRP follow closely behind in terms of percentage losses, posting 9% and 8% losses respectively.

This widespread capitulation in altcoins has led Bitcoin’s market dominance to see an abnormal surge upwards. At the time of writing, Bitcoin dominance sits at a hefty 51%, which is the highest this figure has been since December 2017. While the relative strength of digital gold surprised more than a few traders, to an assortment of knowledgeable traders, this comparable astronomical rise was an expected event.

One of these knowledgeable traders would be Tom Lee, who recently sat down with CNBC Fast Money to explain his opinion on Bitcoin’s dominance, and what has been catalyzing its movements as of late. Speaking with panelists, one of Wall Steet’s foremost Bitcoin bulls stated:

“Bitcoin’s dominance has been creeping up… So it tells us that the news we have seen, from the SEC saying that Bitcoin is a commodity, to ICE’s announcement and a potential for a (Bitcoin) ETF, are causing investors to decide that Bitcoin is the best house in a tough neighborhood. So I think that Bitcoin dominance is actually showing that the market is reacting to what is good news.”

Image Courtesy of CNBC and Jeff deGraaf

It is important to note that although this move downwards was by not bullish, to say the least, Bitcoin didn’t break the ever so important resistance line pointed out by well-respected technical analyst Jeff DeGraaf. If Bitcoin moves under the line at ~5800, DeGraaf expects the technical state of the asset to go in a so-called “game-over” phase, which isn’t the best sign for such an early-stage investment.

But as aforementioned, the fact that Bitcoin didn’t break that level shows that some hope remains for the fate of this asset. So as Bitcoin begins to pose a stronger shot at a recovery, maybe Dan Morehead’s prediction of a market overreaction to the most recent SEC verdict regarding a crypto-backed ETF might be right after all.

Photo by Austin Neill on Unsplash

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Tom Lee Says Bitcoin ‘Isn’t Broken.’ Actual Events Prove Him Right

Despite the sharp fall in Bitcoin (BTC) last week, Tom Lee, CEO of Fundstrat, is still spreading his strong bullish sentiment. In an interview for CNBC, Mr. Lee commented that Bitcoin (BTC) still had enough reasons to increase its value and that in fact, in the middle of the bearish market, there are signs to show that it is clearly the king of cryptocurrencies.

Tom Lee on a previous interview, explaining why the gap between BTC (BTC) actual prices and 200 MA is a bullish signal

According to Mr. Lee, even after the overall bearish trend, Bitcoin’s dominance increased in proportion, which is a clear indicator of investors’ confidence in Bitcoin’s strength and its potential as a real and verifiable asset.

He also believes that although last week’s news fueled a robust bearish run, the announcements may actually have attracted investors with a more strategic and long-term business plan.

The news that we have seen, from the SEC saying bitcoin’s a commodity, to … the potential for an [exchange-traded fund] is causing investors to decide that bitcoin is the best house in a tough market,

Long-Term vs. Short-Term

It is important to note that short and long-term trading strategies are very different, even becoming contradictory at particular times. For example, a scalper can profit by shorting bitcoin while having a stronger amount of bitcoin (BTC) in a long-term bullish position. Although a market may be bearish on charts of less than 4 hours, the picture may be completely different on charts with candles expressing longer periods of time.

After a relatively sustained drop that led Bitcoin to reach values below 6k (an important resistance during 2018), Bitcoin had a steady rise of more than 2k USD approaching the 8.4k mark just a few days ago. However, following the SEC’s announcement to reject the application for a Bitcoin ETF and the recent delay on another application, the crypto market experienced a sharp decline.

Tom Lee: “Bitcoin isn’t Broken”

However, for Mr. Tom Lee, these kinds of ups and downs are healthy, and are by no means a sign of weakness for Bitcoin (BTC) as it has repeatedly tested the 6k support:

Bitcoin isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets … I think bitcoin dominance is actually showing the market is reacting to what’s been taking place.

Generally, in these volatile markets, the social impact of many news can often lead to exaggerated reactions. Both FOMO and FUD are social phenomena that have become very famous in crypto-verse, especially among short-term traders.

A Green Future Coming After The 6K?

Right now, Bitcoin (BTC) has tested once again the 6k USD support, bouncing to 6.5k USD in price with a nice panorama in the short term. Next “soft” resistance is near 6.9k USD, with a stronger test zone around 7.5K USD

Graph created with Tradingview

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Pantera Capital CEO: Investors ‘Overreacting’ to ETF Delay, Should Focus on Bullish News

Pantera Capital CEO Dan Morehead claimed that crypto markets are reflecting some overreaction from investors recently, in comments to CNBC August 8.

Speaking in an interview on CNBC’s “Fast Money,” Morehead suggested that investors have exaggerated the importance of the U.S. Securities and Exchange Commission (SEC). recent delay on their decision regarding a Bitcoin (BTC) Exchange-Traded Fund (ETF).

As per Morehead, crypto investors should instead focus on more bullish events in the market, such as the announcement of upcoming cryptocurrency project Bakkt by the Intercontinental Exchange (ICE). The ICE, which operates 23 large global exchanges including New York Stock Exchange (NYSE), is set to launch a global ecosystem for digital assets alongside Microsoft and Starbucks.

Morehead stressed that Bakkt is “huge news,” arguing that the upcoming project will have a “very profound impact over the next five or 10 years for the markets.”

As for the recent ETF postponement, Morehead predicted that a Bitcoin ETF approval will take “quite a long time,” pointing at the nascent stage of crypto adoption. As an example, the hedge fund manager cited the fact that the most recent asset that gained approval from the SEC for ETF certification was copper, a metal that “has been on earth for 10,000 years,” commenting:

“The main thing to remember is that bitcoin is very early-stage venture, but has real-time price feed — and that’s a unique thing. People get excited about the price and overreact.”

Morehead also mentioned that while the major cryptocurrency has experienced a negative price trend recently, it is still up around 82 percent year over year, noting that “it’s all perspective.”

On August 8, the U.S. federal securities regulator postponed its decision on the listing and trading of a Bitcoin ETF application from investment firm VanEck and financial services company SolidX to the end of September. The price of Bitcoin dropped on the news, dipping to as low as $6,211 after touching intraweek high of $7,560, according to Cointelegraph’s Bitcoin price index.

Today the crypto markets have bounced back, seeing gains between 1 and 9 percent in across the top twenty coins. Bitcoin is trading just above $6,500 at press time.

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Fatfish Internet CEO: The Second Wave Rally Is Very Strong, ETF Soon

The sentiment surrounding this industry is beginning to shift, with many industry leaders and market experts/analysts indicating that they are ready to see another influx of involvement and interest, potentially through an ETF. As reported by Ethereum World News, experts like Tom Lee and Spencer Bogart have stated that the industry’s fundamentals and technicals indicators are starting to turn bullish.

Bitcoin Recovers 40% From Lows, Positive For “Early Adopters” 

The CEO of FatFish Internet Group, a global technology-focused venture capitalist fund, recently appeared on CNBC to discuss his opinions on the cryptocurrency industry, specifically regarding the crypto-backed ETF hype and proposals.

On CNBC‘s “The Coin Rush” segment, Kin-Wai Lau opened off by speaking on a so-called “second wave rally.” He noted:

“I think we are experiencing a ‘second-wave rally’ for Bitcoin and cryptocurrencies. It is a very strong wave, (that’s) driven by institutional demand, its driven by adoption. (There is) lots of interest this time around, trading volume is several times higher in comparison to the lows.”

As seen over the recent weeks, Bitcoin has seen a resurgence, bouncing back from a low at $5,800 to a high of $8,500 last week. While altcoins haven’t been performing as well as the foremost crypto asset, they too have drastically increased in value since the lows.

Although the market has since seen a pullback from the monthly high, the market is still looking strong due to increased interest from institutions and real-world adoption, as pointed out by Lau. Moreover, the return of volume has also brought some to believe that interest in this nascent industry has come back, and is here to stay. As of the time of press, the market’s collective trading volume is currently at $17.7 Billion, which is nearly double the figure seen at the yearly low.

Speaking more on what this recovery means for the industry, the CEO stated:

“It is generally very positive for early adopters and people who are interested in this sector.”

“It’s Only A Matter Of Time Until The SEC Approves An ETF”

The recent news regarding a Bitcoin-backed ETF has thrown many for a loop. For some, the ETF is what’s going to turn the industry upside-down, rapidly increasing adoption rates and institutional demand. While others see the proposal as unnecessary and unwarranted, or at least in the current state of the market.

FatFish’s CEO believes that “it’s only a matter of time until the SEC approves an ETF,” later pointing out that the area of contestation would be which organization can create a fund that most mirrors the needs and wants of regulators. Kin-Wai Lau stated:

“It’s just which organization would be able to come out with the most comprehensive tools, in terms of monitoring, surveillance, creating liquidity.”

Speaking more on the timeline for a potential ETF, the executive of the tech firm noted that it may just be a few months until the market is ready to accept a fully-fledged Bitcoin ETF.

Closing off his time on the show, Lau sees Bitcoin trading within $10,000 to $15,000, as real-world adoption picks up and regulators take a more optimistic approach to the industry.

Image Courtesy of NeuPaddy/Pixabay

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