The SEC ETF Approval Possibility is Helping the Latest Bitcoin Price Surge
Bitcoin Price Surges – The SEC May Soon Approve a Bitcoin ETF
Some weeks ago, Bitcoin (BTC) was traded under $6,000 dollars, testing 2018 lows close to $5,800 dollars. Experts in the market believed that this happened due to the fact that the U.S. Securities and Exchange Commission rejected nine different Bitcoin ETF applications.
Since that moment, the market is not able to recover. But in the last days, Bitcoin and other virtual currencies are growing. Bitcoin was able to cross the $7,000 barrier and is operating stable in the last hours.
These gains are related to the decision of the senior management of the SEC to reconsider the decision taken about the rejected ETFs.
According to a report released by PwC, the success of Bitcoin in the market is challenged by uncertainty and lack of trust. In this report, PwC surveyed 600 different executives from fifteen countries and asked them about the cryptocurrency world.
The main worry they have is how regulations will be impacting transactions and virtual currencies.
At the moment, just a few firms are accepting virtual currencies. But with a Bitcoin ETF, we may see new investors entering the market. If that happens, the price of the famous cryptocurrency should start to grow. After it, altcoins should follow.
Currently, Bitcoin is being traded close to $7,000 dollars. Additionally, it has a market capitalization of $120 billion dollars. At the end of 2017, Bitcoin reached $20,000 dollars. For the last months of the year, experts are expecting the market to change direction and start to grow.