What Could Trigger The Next Bitcoin Boom?
In recent weeks, the crypto markets have been tame, to say the least. Aside from XRP experiencing a 17% increase over the past few days, the total market cap has been stable and has moved within the $200 to $220 billion regions since the end of September this year.
Not everyone is happy with this though. Those who invested in cryptocurrencies before the crash back in January are going to be praying on their knees for the highly anticipated rally as it is the only way they are going to be able to recoup their investments and maybe even make a profit out of their digital holdings. At this point in time, the market needs something to push it in the right direction to get the ball rolling and that thing could be the US Securities and Exchange Commission.
Will the SEC approve the BTC ETF?
Crypto experts have been predicting that a crypto market rally is inevitable and just is going to happen at some point. More than likely at the turn of the year but who knows. However, saying that, the rally might not happen so soon and might happen in a few years time. So those who lost out after investing in December might be waiting a while until they see some sort of profit.
One blockchain investor, Oliver Isaacs has said that the rally could happen sooner as long as the US Securities and Exchange Commission approved a Bitcoin exchange-traded fund.
The blockchain investor believes that the approval of Bitcoinâs ETF could be the thing that pushes the market in the right direction:
âThe approval of a Bitcoin ETF will open the floodgates for new investors to pour billions of dollars into cryptocurrencies with the same ease in which they invest in stocks and all other mainstream asset classes.â
As said by blokt, if the SEC allows the Bitcoin ETF to go through then it could launch the biggest cryptocurrency by market cap to new heights. Isaacs said that the situation is now similar to what happened to the price of gold back in 2003.
âThe precious metal increased more than 300% in its price in the aftermath of the first ETF approval back in March 2003.â
The SECâs approval of a Bitcoin ETF could have a similar effect on the market. The blockchain investor predicts that if it happens, the leading digital currency could end up climbing to heights of over $22,000.
What are your thoughts? Let us know down below!