Hello Friends....
Talking about the Bitcoin all time high price reached $20000 in December 2017. It had shown downtrend since then.Now a days its price is fluctuating with a lowest price of $6143.30 on August 10. One of the question now arises , will the price of Bitcoin rise like previous year.Its answer is obscure. Beacause those days were gone when Bitcoin enthusiast use to gave argue about scalability, exchange vs. store of value, anonymity after Government intereption etc. But now a days all the conversations are circumlocate around the approval of Bitcoin ETF. ETF i.e. Exchange trading fund are securities that track the price of an asset and is listed on an exchange. Will Security and Exchange Commission (SEC) gives its approval for Bitcoin ETF or not??
The Bitcoin price already in a flux due to the impending approval or rejection of various Bitcoin ETF. Last week Bitcoin shown its downtrend when the U.S. SEC posponed its decision regarding VanEck/ SolidX BTC ETF to list on CBOC (Chicago Board Options Exchange). But the President of CBOC Chris Concanonn is very optimistic about the result and hoped that they will get ETF approval soon.
ETF approval is a revolutionary step in the cryptocurrency market.Because if it got approval many investors will allocate some portion of their wealth to Bitcoin via the ETF and bringing a surge in its price. As and when the Bitcoin ETF is launched,the SEC should make sure their is disclosure and the investors should demand protection in terms of custodial responsibilities and other aspects..
Thank you...