Bitcoin (BTC) Seems Out of Favor In Here
The world’s biggest cryptocurrency is off more than 5% in the last week, now trading just below 7,700. Despite the latest decliner, 1 cryptocurrency trader says the sell-off is temporary.
“Bitcoin has had a pretty good run from 5,800 up to 8,400ish”. So, while it might seem crazy to the legacy markets and the Bitcoin world, this is just a normal correction.”
The growing prospect of what would be the 1st Bitcoin ETF has driven investors back into the cryptocurrency market lately, pushing Bitcoin above 8,000 for the 1st time since May.
The SEC has been vocal about its concerns of fraud and price manipulation when it comes to the cryptocurrency market.
On the future of a Bitcoin ETF there are 2 hurdles to cross before an ETF becomes a reality, they are:
- The creation of a regulated cryptocurrency exchange like one proposed by the New York Stock Exchange parent company last May. The move would add to a growing list of institutional players seeking to take advantage of the cryptocurrency frenzy.
- Plus, institutional quality custody to reassure its legitimacy on a broad scale.
We are in an environment where there is less regulation and this is the best opportunity to get something new through.
Bitcoin is down nearly 40% YTD year and currently trading at 7,691, the market is open.