Reading: Bitcoin’s Future Looks Bright for the First Time in 2018 JakeTheCryptoKing · @jbthecryptoking | Jul 22, 2018 | 07:00 Bitcoin has seen a bombardment of negative publicity and volatility as it’s price plummeted from December highs of almost $20,000 per coin to where it currently sits in the mid $7,000s. However, with this extreme volatility, the trends seemed to have switched this week with many possible catalysts to blame.
Catalysts can lead any currency higher. However, in the cryptocurrency market, Bitcoin is the ‘peg’ for other currencies when it comes to trading.
BTC also dominates the market cap of the total cryptocurrency space while being the only cryptocurrency futures are traded for through major commodity exchanges like the CBOE. This week saw Bitcoin hover in the low $6,000 range before mysteriously popping to above $7,500.
The catalyst that caused this boost could be related to the SEC’s consideration of the CBOE’s application to buy Bitcoin through ETFs (exchange traded funds). This would allow institutional money to purchase BTC for the general public and anyone interested in investing in their fund.
Thus far, every application for a Bitcoin ETF has been rejected. The main concerns the U.S. regulatory body had with ETFs and BTC were how to protect the investor if the BTC were stolen (insurance) and whether the infrastructure was in place for ETFs to purchase large quantities of BTC. Read more from bitcoinist.com…
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