The good news for crypto traders keeps coming.
After testing a low of $5,835 in June 2018, Bitcoin prices surged to a recent high of $7,757.
Analysts believe it could now rally back to $10,000 short-term thanks in part to recent news.
International financial watchdog, the Financial Stability Board (FSB) found Bitcoin and other cryptocurrencies non-threatening to the global financial system. Additionally, South Korea’s Financial Services Commission (FSC) made an announcement. The FSC says they will also “proactively respond to financial innovation in the fourth industrial revolution era.” This means that it’s looking to nurture Bitcoin, cryptocurrency and blockhain, according to Forbes.
A Potential Boost from the U.S. SEC
The U.S. Securities and Exchange Commission (SEC) could approve a Bitcoin exchange fund (ETF). This comes after a request filed by New York-based, VanEck, and also blockchain platform, SolidX. It could happen as early as August 15th, 2018. “If approved a Bitcoin ETF would mean people are be able to buy into Bitcoin without having to deal with clunky exchanges that often struggle with cumbersome regulation and lack of public trust,” says Forbes.
Following the ETF proposal, the SEC publically shared it with an invitation to comment.
According to Crypto Slate, “Of the 210 comments, it is clear that an overwhelming majority are for the introduction of a Bitcoin ETF. Only six contributors opposed the proposal. The main argument for those against the Bitcoin ETF was the concern of widespread manipulation. One writer also worried about the potential problems with future quantum computing, while another saw alt-coins as a constant dilution of Bitcoin.”
One of the many positive comments was that crypto was here to stay. Furthermore, regulation would protect the millions of investors who already trust Bitcoin.
In fact, Morgan Creek Digit Assets, as quoted by Crypto Slate noted, “These law-abiding individuals have decided that this decentralized digital currency is an asset to store and transact their wealth… The millions of Americans who believe in Bitcoin’s value should be afforded the same access and protections as other asset investors.”
Other comments to the SEC warned the U.S. must quickly adopt Bitcoin. To do so will help it remain at the forefront of technology and finance. “With other countries like Japan, South Korea, Switzerland and Malta already taking positive regulatory measures towards institutionalizing crypto, the U.S. is at risk of losing its position as the global regulatory economy leader.”
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