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This year, the cryptocurrency avenues have been booming up amid meticulous regulatory framework following constructive and conducive retorts from quite a few American Senators who effectively portrayed Bitcoin as unique from the hugely-hyped Libra. While the traders have recently witnessed Bitcoin’s vigorous rallies over 300% (i.e. BTCUSD surged from the lows of $3,122.28 levels to the June highs of $13,880 levels in just 6-7 months or so).
In addition, most crypto commentators are confident that the approval of a Bitcoin ETF would be a bullish catalyst for the digital currency's price. Bullish analysts tend to correlate this with gold-linked ETFs. Like in 2003, the price of gold significantly surged following the launch of the first gold exchange-traded fund.
The prime driving force for this was that access to the precious metal became much easier, while retail investors were thus able to gain exposure and diversify their portfolios without having to purchase and store physical gold. Today the SDPR GoldShares ETF is one of the biggest ETFs in the market with over $35 billion under management.
Considering the massive growth trajectory following the launch of gold ETFs, many crypto aspirants reckon that a similar positive correlation may exist between the Bitcoin price and the launch of Bitcoin ETFs. Consequently, an ETF launch is expected to precipitate an influx of institutional money into the crypto market.
However, Bitcoin evangelist Andreas Antonopoulos says that a Bitcoin ETF is a wolf in sheep's clothing and that it will lead to more centralization. Antonopoulos worries that an ETF will give larger players a means to try and influence the price of BTC.
Hence, the crypto industry can count on SEC commissioner Hester ‘Crypto Mom’ Peirce for support. Peirce has spoken out several times in support of a Bitcoin ETF, but she has also urged caution and at the end of 2018 she seemed to suggest that patience is required.
Furthermore, the Hangzhou Internet Court appends credence to the asset in China, declaring the virtual currency legal and explaining that “the cryptocurrency meets the virtual property requirements because it has value, is scarce and disposable.”
This isn’t precisely quite a new thing that pioneer cryptocurrency ‘Bitcoin’ is contemplated as a legal property by the Chinese judicial bodies.
In the recent past, the Shenzhen Arbitration Commission stated: “the asset should be protected in accordance with the law.”
Tom Lee, who is the Fundstrat Global Advisors co-founder perceives the recent interest rate cuts by the Federal Reserve are a constructive driving force for the Bitcoin’s prospects, as per the sources.
Well, Lee remarked as to how the rate cuts can constructively impact Bitcoin investment in an interview with Fox Business on July 31st, stating that: “Bitcoin’s becoming increasingly a macro-hedge for investors against things that could go wrong. Rate cuts are adding liquidity. Liquidity is pushing money into all these risk assets and also hedges, which is helping Bitcoin.”
Amid myriad interests in Bitcoin derivatives trading following the spike in Bitcoin’s price.
Well, as per the twitter source, Bitcoin’s new volume persuaded the futures market, CME bitcoin futures observes massive growth of 63.5k contracts traded during last week.