Bitcoin has been seen on a bullish momentum since yesterday when the world’s largest cryptocurrency by market cap was seen trading above $7700. Strong volumes supporting the bullish momentum backed this surge in the Bitcoin price. Analysts had already predicted this surge in the Bitcoin price, and finally, we get to see it hit the $8000 mark today.
According to the weekly charts on CoinmarketCap, Bitcoin has posted more than 20% gains over the last week with its weekly low being at around $6700. There has been a flood of positive news coming over the previous week which has dwelled up the interest and enthusiasm back among Bitcoin investors.
South Korea has provided the crypto market every hope while taking some positive regulatory measures. On the other hand, the G20 also announced last week that cryptocurrencies are not a potential threat to the existing global financial economy. Moreover, much recently there has been a lot of positivity brewing over the expected approval of Bitcoin ETF by the U.S Securities and Exchange Commission.
The SEC has received a lot of positive comments for launching the Bitcoin ETF proposed by the Chicago Board of Exchange (CBOE). The CBOE filed last month for the Bitcoin ETF through New York-based VanEck and blockchain platform SolidX platform. It is being said that if the Bitcoin ETF is approved Bitcoin investors won’t have to worry much on the regulatory scrutiny in the future. Cody Parm, an electrical engineer who commented on the SEC website, said:
“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”
Additionally, a report from CoinJournal states that officials are quite positive and “nearly certain” regarding the arrival of Bitcoin ETF. The publication quoted an unnamed CFTC source saying:
“I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges. The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”
While commenting on the arrival of the SEC ruling on Bitcoin ETF, an unnamed SEC source stated:
“I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space.”
At the press time, Bitcoin has slipped a little below $8000 and is currently trading at $7985, as per the data on CoinMarketCap. The trading volumes have reached close to $6 billion. Last week, CoinMarketCap also introduced new rules to fight the menace of fake trading volumes as reported by some exchanges.