Can ICE's Bitcoin ETF Cause Another Bull Run in November?
A lot of crypto experts are skeptical about the future of Bitcoin. However, there are also those who believe that the coin is not done yet, and that big things are about to come.
Bitcoin Is Not Done Yet, Experts Claim
Ever since its creation, Bitcoin has been a topic of constant discussions. Some claim that its price fluctuations are manipulated by authorities, while others claim that this is simply not true. One thing that everyone seems to agree on is that BTC will simply continue doing its thing.
Svandis‘ CEO and founder, Hermann Finnbjornsson, for example, claims that Bitcoin is almost guaranteed to have a future. Despite its poor performance throughout the year, a lot of others claim the same. They believe that there are numerous positive factors that have a good influence on this coin. Even the banks are giving up on ignoring the cryptocurrencies, as they simply won't go away.
Furthermore, Finnbjornsson firmly believes that financial institutions will be the ones that will lead cryptos to greatness. They will be responsible for their adoption, and will even start bullish trends themselves. He is not the only one who thinks highly of Bitcoin, however. Numerous experts on the subject remain BTC supporters to this day, even after it lost nearly three-quarters of its value throughout the year. One of them is the EZ Exchange's CEO, Russell Korus.
Korus commented on Bitcoin, stating that there are many reasons why it received so much attention in the last decade. It has many characteristics that make it an alluring concept. It allows users to transfer funds directly, through trustless P2P transactions. It is decentralized, transparent, autonomous, and entirely immutable.
Due to all of these characteristics, Koris believes that cryptos can completely transform the world. He even claims that BTC has the potential to make Web 3.0 a reality. This is a concept that will see the complete exclusion of all intermediates from value exchanging processes.
Can Bitcoin Reach $10,000 In November?
Still, the lack of stability regarding its price remains one of the biggest issues that Bitcoin is facing. Not only did it drop tremendously from the value it had in December of last year, but it still hasn't returned to that level. During the summer, its price was constantly jumping up and down, mostly remaining between $6,000 and $8,000, which is still the case.
Right now, Bitcoin's price is at $7,029.49, with a 4.34% drop in the last 24 hours. However, there is still a chance that all of this may change soon. Later in September, a moment that everyone has been waiting for is expected to arrive. This is, of course, referring to the US SEC's decision regarding the Bitcoin ETF.
The SEC has rejected BTC ETF proposals numerous times by now, with a lot of negative effects as a consequence. One of those rejections even put a stop to what seemed to be a promising new bull run. Now, the investors are looking forward to yet another decision, constantly hoping for a positive outcome.
Another important development is the launch of BTC ETF by ICE (Intercontinental Exchange). This is a parent company of the New York Stock Exchange, and its plan is to launch Bitcoin ETF in early November. This one is to roll out under Bakkt, ICE's own crypto platform. With that in mind, it is no wonder that Finnbjornsson is expecting large changes in Bitcoin's behavior. He believes that this single event might put Bitcoin back on the path to greatness, which was so rudely interrupted back in January.