Ran Neuner Says on Twitter that Bitcoin Could Soon Explode
The cryptocurrency analyst Ran Neuner said on Twitter that Bitcoin could soon explode. According to a Tweet wrote on October 7, he said that he bought Bitcoin for his parents and that it’s too obvious that ‘it’s about to explode.’
I just bought Bitcoin for my parents. It’s too obvious that it’s about to explode…
— Ran NeuNer (@cryptomanran) October 7, 2018
Neuner has always been very bullish and positive about Bitcoin’s future. A new rally in Bitcoin’s price could be related to an approval of a Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). In the coming months, a positive decision could be taken by the US agency.
At the end of 2017, Bitcoin experienced an important price increase between November and December. The really was triggered due to the fact that the U.S. Commodity Futures Trading Commission (CFTC) confirmed the eligibility of the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) to launch Bitcoin futures.
The CBOE launched its activities on December 11. The CME, instead, on December 17. At this time, the most important virtual currency reached its all-time high of $20,000 dollars. Since then, the virtual currency has been in a bear trend.
However, Neuner believes that the SEC approving a crypto ETF is a ‘bigger deal’ than cash settlement Bitcoin futures contracts. Interested investors would have to physically acquire the virtual currency rather than managing cash as in these two futures markets.
With an ETF, several experts believe that institutional and wealthy investors would be likely joining the crypto market. If that happens, the price of the most important cryptocurrency could start to grow again.
The SEC could be approving several ETFs at the beginning of November. Nonetheless, the effects on the market could be seen some time after the decision is taken. The SEC will be deciding about the future of nine Bitcoin ETF applications from three different companies. The deadline has been set for November 5.
In July, the SEC decided to reject an application made by Tyler and Cameron Winklevoss.
In the near future, new institutional-grade platforms could also be launched to the market. The Intercontinental Exchange (ICE) is working in a crypto platform specifically designed for institutional investors. The first edition of this platform could be launched as soon as in November.
According to some experts, institutions and wealthy investors are not entering the market because the infrastructure for these companies is still poor. Coinbase, one of the most recognized and popular crypto exchanges in the US is also working in the creation of an institutional-based platform.
With these developments taking place in the market, Bitcoin and other virtual currencies could start to grow in the near future. Something similar to what happened in 2017.
At the moment of writing, Bitcoin is traded around $6,666 dollars and has a market capitalization of $115 billion dollars. In the last 24 hours, the most important crypto in the market has grown 1.1%.