Bitcoin has been in a downtrend throughout last week, losing about $ 1,000 in value. Since then, it has been $ 7012 at the time of writing this report. A cryptocurrency trader believes that the decline was only a "minor correction".
A normal and temporary correction
Brian Kelly , CEO and Founder of Virtual Money Investment Firm BKCM LLC, addressed CNBC arguing that the market seems to have reversed to a positive trend despite the price cut last week.
Recent news predicts the price increase of the flagship digital currency. These include the declaration Securities and Exchange Commission (SEC) that Bitcoin and Ethereum are not considered securities . There has also been a lot of hype about a possible Bitcoin ETF approved by the regulatory authority.
The prospect of the first traded Bitcoin fund (ETF Bitcoin) on the stock market has attracted a large number of investors on the crypto-market, increasing the price of BTC to more than $ 8,000, a first since May. After growing enthusiasm over the SEC's acceptance of Bitcoin ETFs, the regulator rejected Winklevoss twins' demand , driving down prices.
Kelly thinks that Bitcoin had "a pretty good run of $ 5,800 to $ 8,300, $ 8,400 or more. [...] It may sound crazy for traditional markets and the world of Bitcoin, but it's just a normal correction. "
"I think it's a good environment. [...] the hold-up is structural in the ecosystem, Bitcoin is just not ready for prime time yet, "he added.
Challenges ahead
According to Kelly, "there are still two big hurdles we have to overcome"for ETFs to be approved by the SEC.
First, a regulated US cryptocurrency exchange should be established . Nasdaq should act in this direction. In April, the company's CEO announced plans to launch a cryptocurrency trading platform.Secondly, an institutional normative watch is necessary . It could see the light of day thanks to big institutions such as BlackRock Investment.
The trader is confident to expect SEC approval within four months. Flexible regulation should really "provide the best opportunity to get something new," according to Brian Kelly.
What do you think of Brian Kelly's position on the flagship cryptocurrency and the possible approval of Bitcoin ETFs? Let us know in the comments below.
Posted from my blog with SteemPress : https://infos.link/bitcoin-price-correction-is-only-temporary-says-brian-kelly/