Bitcoin Clears The $8000 Resistance Convincingly As Positivity Looms Around The Arrival of Bitcoin ETF

24. Jul 2018 Posted by Akolkar B on News

Bitcoin along with other altcoins is seen making some stellar movements at this point as the world’s largest cryptocurrency has managed to surge past the $8000 crucial resistance. Currently, according to the data on WorldCoinIndex, Bitcoin is trading at $8237.15 posting over 6.5% intraday gains with its market cap crossing over $141 billion.

Bitcoin competitors like Ethereum, Ripple, Bitcoin Cash, Litecoin and other altcoins are seen gaining between 5-10% on the charts. Nearly $20 billion has been added to the overall cryptocurrency market valuations in the last 24-hours.

The recent bullishness in the crypto market can be attributed to the SEC getting overwhelming positive comments it sought from the public investors on the recent Bitcoin-based ETF application filed by the Chicago Boards Options Exchange (CBOE).

Just a few days back, the CBOE sent its application to the SEC for Bitcoin ETF through the VanEck SolidX Bitcoin Trust - a joint venture between financial firms VanEck and SolidX. As a part of this filing, CBOE is also expected to provide over-the-counter (OTC) facilities to all the accredited investors.

The arrival of Bitcoin ETF would mean less regulatory scrutiny and interference into the functioning of cryptocurrency going further. This would mean more confidence among investors to buy the cryptocurrency.

Crypto investors from around the globe made a lot of positive comments on the SEC’s bitcoin ETF request with only 6 out of 210 comments making a negative point. One of the Bitcoin ETF proponents and Electrical engineer Cody Parm said:

“With the SEC passing an ETF for Bitcoin, we can now expect further legitimacy, security, and development. I don’t think anyone can deny the usefulness of blockchain technology and Bitcoin as an asset. There are much riskier investments that the SEC has passed for an ETF and this will open the doors to many people waiting at the sidelines.”

Additionally, an unnamed SEC official expects the SEC ruling on Bitcoin ETF to come by September. The official said: “I would expect a positive outcome in September – or if it gets strung out a little further it is simply a few ‘dotted i’s and crossed t’s’ are being finalized on larger regulatory language in the crypto space.”