It seems that Bitcoin keeps growing strongly this July. The famous virtual currency moved from $7,900 and surpassed $8,000 after registering an important trading volume. This bull run that the market is experiencing started on July the 17th when BTC grew 15% in just a few hours.
Bitcoin Keeps Growing
It seems that the cryptocurrency market is becoming bullish again before the decision of the U.S. Securities and Exchange Commission (SEC) on whether to approve or not the first Bitcoin ETF. The decision will be taken the second week of August and could help institutional and wealthy investors to enter the crypto world.
The news correspondent, Bob Pisani, was talking yesterday on CNBC’s Fast Money about the possible approval of the Bitcoin ETF.
On the matter, Pisani commented:
“Don’t hold your breath on this. I don’t think so. I have interviewed both the chairman of the SEC Jay Clayton, and the main in charge of Bitcoin policy at the SEC, and both made it clear to me that they are taking a ‘go slow’ approach on the whole Bitcoin ETF thing. Clayton is not going to take the risk of getting hauled in front of Congress on charges she allowed mom and pop to lose money on Bitcoin, at least not in 2018, even if the price of this particular ETC is very high.”
According to Mr. Pisani, the SEC will not be accepting or rejecting the latest ETF proposal, but instead, they will be extending the comment period. At the moment there are some custodian questions that need to be explained and some concerns around wallets that must be addressed.
Moreover, the hedge fund manager, Brian Kelly, said that he is skeptical to see a Bitcoin ETF in 2018, but it does not mean that the Bitcoin bull run will not keep. Indeed, he thinks that ETF speculation is not going to stop anytime soon, and that institutions are starting to get serious about Bitcoin.
He explained about it:
“I can tell you from the calls I’m getting that people [who] looked at in December [and] didn’t like the price are coming back now and saying ‘Alright. This thing is not going away. We need to understand what it is, where does this asset class fit into our portfolio.’”
At the moment of writing this article, Bitcoin is being traded around $8,200 and has registered a 6.75% increase in the last 24 hours. At the same time, it has a market capitalization of $140 billion dollars and its dominance in the market is now 47.4%.