A Good And Prosperous 2019 Could Be Waiting For Bitcoin-Led Cryptocurrencies: Here’s Why
After a long year for virtual currencies, enthusiasts and investors are starting to think about the future of the space and how it will develop during 2019. During 2018, bearish news and price action were the most important issues in the market. This is the main reason why everyone is now thinking positive about cryptocurrencies waiting for a new bull run in the near future, at least throughout 2019.
Nevertheless, what can we expect in 2019 for virtual currencies? Will the bear market end during the first quarter of 2019 or how long will it last? Will the U.S. Securities and Exchange Commission (SEC) approve a Bitcoin ETF? Will Bakkt and other institutional-grade platforms bring new money to the space?
The expectations are high, which might be positive for the space. At that time, last year we had a bull market that helped Bitcoin reach $20,000. Furthermore, Initial Coin Offerings (ICOs) were being launched to the market as never before. The crypto world was flourishing and everyone wanted to be part of it. However, things changed during 2018.
Of course, virtual currencies gathered users’ attention when they reached all-time highs at the beginning of the current year. But this was clearly not their real price and valuation.
For 2019, at least for the first part of the coming year, Bakkt and an ETF approval seem the most important things for the market. In 2018, several Bitcoin ETF proposals have been postponed and rejected by the regulatory agency in the United States. Nonetheless, experts believed that in February 2019 the SEC will finally decide to approve a Bitcoin exchange-traded fund.
This will be very bullish for virtual currencies and would clearly change the sentiment in the market. This is something similar to what happened the months before the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) launched Bitcoin futures in December 2017.
Large Investors would have the possibility to invest in the virtual currency market without having to physically own Bitcoin. Investors will not have to be worried about their funds being stolen or attacked.
Furthermore, Bakkt’s launch will also allow new institutions to enter the market without having to be worried about custody. Companies such as Starbucks, Microsoft and others are backing the project. This would also help virtual currencies expand their adoption and expand to new applications.
There are many things that 2019 is preparing for the market. After a bearish year, investors want to be prepared for a new positive market with new developments, better regulations and new investors.