Pending ETF decisions may change Bitcoin's future in 2019
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Crypto analyst and host of CNBC’s show Cryptotrader Ran Neuner recently tweeted where he expressed positive sentiments for Bitcoin's prices. This is linked directly to SEC's pending decisions on Bitcoin ETFs. Neuner also explained how last year's rally occurred:
"[Bitcoin's rally last year from] $6,691 to $20,000 was on the back of the expectation and launch of a cash settlement BTC futures contract,” the crypto analyst commented.
Source:cointelegraph - Helen Partz
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He expects a larger rally this time with the launch of Bitcoin ETFs, which would reach institutional investors as well as Wall Street's recognition. This opinion is also shared by other Bitcoin analysts including Blockchain Capital’s Spencer Bogart.
Bogart commented on the Bitcoin prices, "down about 70 percent from our highs, so I think that bitcoin is close to bottoming and so is the rest of the market." Source: etftrends - Ben Hernandez.
Pushing towards $6,500, Bitcoin prices could remain stable as many members of Wall Street have pointed out: https://www.etftrends.com/bitcoin-etf-chances-better-than-expected/
Image source: pixabay - RyanMcGuire
SEC is currently opening its doors to public comments on the Bitcoin ETF proposals until 26th October. Comments can be in favor or against the nine previously rejected Bitcoin ETFs. They include two proposals from ProShares, two from GraniteShares and five from Direxion Asset Management. Source: cryptovest - Deyana Laguna.
The regulators are now reviewing proposed rule changes that would allow the nine ETF proposals to move forward. The SEC filed three separate amendments late on Thursday inviting comments either in favor or against the crypto products.
Source: cryptovest - Deyana Laguna
While we are anticipating the good news, it is also good to stay informed of possible Bitcoin thefts, hacks or price manipulations that may be happening during this period. More news to come soon.