One of the factors that most crypto users, traders,hodlers, and exchanges believe that is a big factor that will enable bitcoin that is presently having a market dominance of 54.8% to upturn the present market forces is the approval of a Bitcoin ETF by the US Securities and Exchange Commission and Institutional Investments.
Some cryptocurrency users that are accustomed to the market before this year are wondering what is happening to the market that started this year with an about a market size of $800 billion.
Irrespective of the fact that Bitcoin started the year at a price of $13,604 it is presently trading at $3507 which shows large decrease within the year. In a recent development, the SEC announced that its decision on the VanEck Bitcoin ETF will be decided on Feb 27th, 2019.
However, crypto enthusiasts are of the fact that this will be granted, since it will create room of the introduction of ETF’s for other cryptocurrencies, as it could mean that the US SEC is now in support of using crypto as an asset for investment.
Some of the reasons why this approval will be granted are:
1) The introduction of Bitcoin futures in Bakkt and Nasdaq by first quarter of 2019: Many crypto investors, hedge fund managers, and traders are certain that the crypto market will rebound after the announcement that Bakkt will be launching its physical bitcoin futures in Jan 2019, and also the announcement by a major stock trading company Nasdaq, that it will launch its bitcoin futures by the first quarter of 2019. There are assumptions in some quarters, that they have the backing of the Commodity Futures Trading Commission(CFTC).
2) The launch of MVIS Bitcoin US OTC Spot Index (MVBTCO): a firm that is based in Frankfurt Germany and linked to VanEck launched an over the counter digital asset price index to promote transparency in the crypto sphere. This operation is now used in firms in the US like Genesis Trading, Circle Trade, and Cumberland.
One of the reasons by SEC for rejecting the Gemini’s brothers application for a license in carrying out Bitcoin ETF transaction is due to transparency. It is believed that this will give them the opportunity to know that the crypto market is committed to an open transparency.
