Ripple’s XRP Best to Transfer Money Between Exchanges – Weiss Don’t Overlook Cardano (ADA) on Coinbase Litecoin Price Analysis: LTC/USD is Eyeing Upside Break EOS Price Analysis: Gearing Up for a Test of Support Bitcoin (BTC) Price Analysis: Another Major Upside Break Over the weekend, Bitcoin began to see rising market dominance, rising from the $7,400 price level to near $7,800 as of the time of writing, while altcoins stagnated, with many falling by two to three percent. This surprising price action has led some to ask where it is going to go next.
As pointed out by Bob Pisani at CNBC, Bitcoin is now 30% higher than its yearly lows at around $5,750, leading some to think that it will continue to head higher, and may begin to approach 2017’s all-time highs later this year. In a recent appearance on CNBC’s “Fast Money” segment, Brian Kelly, the CEO of the digital asset focused BKCM fund and CNBC’s in-house crypto analyst, gave multiple reasons why Bitcoin is beginning to look a lot more bullish.
The Bitcoin ETF has become the talk of the town in the cryptocurrency community, with one of the world’s largest exchange holding firms recently resubmitting a request for an ETF to the SEC. The ETF proposal, which was filed on June the 26th, quickly gained support from many members of the cryptocurrency community. While Brian Kelly didn’t think that the SEC would approve the ETF this time around, he noted that this hasn’t stopped the market from speculating, resulting in a “bottoming out” phase for Bitcoin off $5,750.
He stated: I think the chances of an ETF in 2018 are relatively low. There’s still quite a few things, but that doesn’t stop speculation on that.
And that’s one reason why we’ve seen this bottoming process here from $5,800 all the way up here. Next, the BKCM CEO pointed out that institutions from the legacy markets are starting to “get serious,” indicating that they see these price levels and the current state of the market as a good entry point. Read more from ethereumworldnews.com…
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