Bitcoin (BTC) prices have made a comeback after a two-month hiatus. The world’s first cryptocurrency is currently trading very close to $8,000. Last week, crypto enthusiast and serial ICO promoter, John McAfee had tweeted that “The Bull Market IS coming.” Bitcoin’s price jumped by over $1,000 in just a week. This led to John McAfee wondering if this is a hint of a bull market.
Bitcoin’s current performance signals that his prediction was indeed true. But how long will this Bull Run last? According to Forbes, several experts are predicting the return of last year’s bull run, which surged the cryptocurrency to around $20,000. This recent surge in the crypto coin’s price can be attributed to a whole host of positive news from across the globe.
According to a survey conducted by a major Dutch Bank, interest in Bitcoin is expected to increase twofold in Europe. Dutch banking giant ING, conducted the survey via Ipsos recorded the response of almost 15,000 people in 13 countries. According to the results of the online poll, two-thirds of Europeans know about cryptocurrency. The cryptocurrency also got a boost from a statement by Gary Gensler. The former Chairman of the United States Commodity Futures Trading Commission [CFTC] is ‘bullish on Bitcoin and blockchain.’
The world’s first cryptocurrency has seen an increase of 3.76% in the past 24 hours, the coin is currently trading at $7991.17. The so-called Bitcoin dominance rate has also increased to 47%, this week. The Bitcoin dominance rate is a measure of how much the cryptocurrency’s price influences the entire cryptocurrency market. According to data from Coinmarketcap, this is the highest since December last year.
What gave Bitcoin the push?
According to several experts, Bitcoin’s recent bullish trend is because of the expected approval of a Bitcoin exchange-traded fund (ETF). New York-based VanEck and blockchain platform SolidX filed to get the ETF approved through the Chicago Board of Exchange (CBOE). However, the SEC is still mulling over the approval of the ETF. If it gets approved, the Bitcoin ETF will enable investors to bypass digital asset exchanges.
An unconfirmed report by the ICO Journal from last week states that the ETF will most likely get approved. An unnamed source from the CFTC was quoted by the ICO Journal. The source reportedly said,
“I would call [the likelihood of approval] 90% at this point. The crypto markets have moderated and regulators have watched the lack of drama surrounding bitcoin futures across several global exchanges. The price moderation and adoption of a peer product is what the conversations have centered around. In January we were justifiably concerned about a bubble and the harm a quickly approved product could attract speculators and create losses that led to significant lawsuits. Now, those factors seem to be mitigated significantly.”
In other news, BlackRock, the world’s largest asset manager, is supposedly keen on Bitcoin and cryptocurrencies. This news has driven the price of the cryptocurrency up. Moreover, investors are hopeful of the coin’s demand increasing with a surge of institutional money. Another news that could’ve fuelled the cryptocurrency’s price is David Solomon’s appointment as the new chief executive of Goldman Sachs. Solomon reportedly said that Goldman Sachs is already offering publicly-traded derivatives tied to Bitcoin to their clients.
The international financial watchdog, the Financial Stability Board (FSB) released a report last week. According to the report, Bitcoin and cryptocurrencies do not pose a risk to the global financial system, at present. This shows that global regulators may have a softer approach towards cryptocurrency regulation. A softer approach towards regulations will get more investors flocking to buy digital currencies, which will boost up their prices.
Whatever be the reason, Bitcoin’s price going up is seen as a good sign. While it hasn’t affected the price of the other coins in the market, it’s bound to do so soon. In the meanwhile, several crypto enthusiasts have tweeted about Bitcoin price rise.
Erik Vorhees, founder of Coinapult tweeted saying,
John McAfee also took to Twitter to talk about the cryptocurrency’s price rise, he wonders if it signals that crypto is making a comeback.
Other Related Articles
- Low Hashrate, tax benefits may hit Bitcoin Cash [BCH] investors hard
- Honeyminer enables Bitcoin earning on laptop – can tortoise still win race?
Image via Shutterstock
Join our Telegram group