Bitcoin Surpasses $8,250 as Leading Crypto Investors Believe BTC Bull Run Imminent
July 24, 2018, bitcoin has surpassed what seems like the first resistance level of USD$8000. Its all-time high for the day supposedly reached approximately USD$8,3000. At the time of writing this piece, the giant sits a little under USD$8,190.
The substantial growth has been associated with an increase in its trading volume, which CCN has pointed out to have doubled from a measly USD$3 billion to $6.8 billion. Since this was revealed, many crypto experts and fanatics were quick to comment on their social media platforms.
For instance, the Shapeshift CEO, Erik Voorhees tweeted out, “Welcome back $8000:)”, while the CEO of Binance, Changpeng Zhao asked, “are you on the bus”.
Similarly, earlier today, Bitcoin Exchange Guide recently revealed a piece in which CEO of BKCM, Brian Kelly discussed bitcoin’s current and future stances during CNBC’s “Fast Money” segment. He explicitly said that institutional investors are reconsidering cryptocurrencies, as they’ve noticed that the market is neither a fad nor temporary. He also added that such individuals and firms are “serious about bitcoin” and are looking to understand it in complete.
A shared belief is that a possible bitcoin ETF was requested to the US SEC, which is still pending for approval. The crypto exchange that filed for the proposition has been revealed as the “Chicago Board Options Exchange (Cboe),” as per CCN. Many believe that the exchange will efficaciously land the confirmation from the SEC, as the firm has been previously known to conduct all its business by complying by regulation.
Brian Kelly, who spoke at Fast Money, does not seem to believe that an ETF is possible for 2018, and a similar view has been voiced by Adrian Lai, Managing Director at Blackhorse Group, who called it “too optimistic”, but has been astonished by the reaction based off of just “this speculation”.
For the most part, it appears that the Bitcoin’s value and trading volume will only be determined once it has been confirmed that a bitcoin ETF has been approved. How much of a difference do you think this will bring to the market? If it gets rejected, will bitcoin’s value drop again?