The cryptocurrency market reeks of lackluster performance lately, to say the least. To support that fact, data from many cryptocurrency analytical platforms depicts how bad the market has become. However, it appears that the things are normalizing now. Indeed, records from CoinMarketCap suggest that the market has become increasingly resilient and stable. Therefore, the approval of a Bitcoin Exhange-Traded Fund (ETF) could help bolster positivity.
Basically, the total MCAP of the market spiked from $200B USD to $220B USD since September 2018. While this may provide reassurance to some crypto investors, others remain unhappy. In truth, the reason is that they need to recoup their investments, but this remains a mirage.
Is a market rally near?
A cryptocurrency investor, Oliver Isaacs, believes that the cryptocurrency market can still rally under one condition. If the U.S. Securities and Exchange Commission (SEC) approves a Bitcoin ETF, the market may be back to its glory days, he says.
Given that the digital currency market is speculative, experts are leveraging that fact to keep the hopes of investors alive. Indeed, one of such crypto investment guru cashing in on the instability of the market is Isaacs.
He told Forbes that the market could rally sooner than many enthusiasts expect if the SEC satisfies the caveat. He argues that approval will provide accessibility to the space enabling more investors to join the cryptocurrency bandwagon. Isaacs hinged his argument on the belief that approval of the trading platform will create easy admission similar to stock investments.
Bitcoin could hit an All Time High with ETF
Therefore, the ball is in the SEC’s court since the regulator can single-handedly cause Bitcoin to climb to an all-time high of $22,500. Isaac compared the current situation of the market to what happened to gold in 2003. Isaac recalled that the gold price surged to over 300% upon the approval the first-ever EFT. In his estimation, the bull restated that Bitcoin could hit the moon.
Much as Isaac raises a valid point, the downside is that nobody knows when the SEC will start approving ETF proposals. In fact, the agency turned down many such applications in the past.
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