The good news for crypto traders keeps coming.
After falling to a low of $5,835 in June 2018, Bitcoin prices surged to a recent high of $7,704.
While the coin does remain significantly lower than its highs, the bulls are apparently back.
“A series of higher highs and higher lows are now in place for the first time since the May highs and cryptocurrencies are beginning to respond positively to positive news,” wrote Rob Sluymer, technical strategist at Fundstrat Global Advisors, as quoted by MarketWatch.
Analysts believe it could shortly rally back to $10,000 thanks to the U.S. Securities and Exchange Commission (SEC)
In fact, by mid-next month, the SEC could approve a Bitcoin exchange fund (ETF), a request filed by New York-based VanEck and blockchain platform, SolidX as early as August 15, 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 publicly 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, and that 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 that the U.S. must quickly adopt Bitcoin to 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.”
While many investors jumped out of the coin as it dove from a high of nearly $20,000, the tide seems to have shifted. In fact, if all goes as hoped, we could see a retest of those highs again.
If and when the ETF starts to trade, it could move up significantly.