It would seem that the bitcoin bull run is back on track, for the time being at least as it once again surged past the $8,000 mark.
This news was made all the more welcome due to the recent four percent drop on the heels of the Winklevoss bitcoin ETF rejection.
Growth in the region of 35 percent
Bitcoin has seen growth of somewhere in the region of 35 percent over the past two weeks, and there were fears in some circles that the recent SEC ruling on the Winklevoss ETF could not only put a dent in the bitcoin bull run but even set in motion a complete derailment.
It would appear, for the moment anyway, that such fears were unfounded.
The current bitcoin bull run had seen the price of bitcoin hovering around the $8,300 mark for most of this week, dipping to $7,900 on Thursday after the SEC ruling was announced.
2nd bitcoin ETF attempt
The ruling that went against the Winklevoss twins marked the second time they have seen an attempt at a bitcoin ETF squashed by the SEC, although in the aftermath of the decision an SEC Commissioner spoke out about how she believed the decision was the wrong one, which can be looked at as something of a silver lining.
The SEC also announced earlier in the week that they were delaying a decision on five other bitcoin ETFs until December, which suggests the agency believes there is still some research and information that it has to consider before it’s position on cryptocurrency can change.
A case of if, not when
Belief among many industry insiders is that the growing demand for regulation means it’s more a case of if, rather than when, we see the first bitcoin ETF rubber-stamped and the floodgates open for others to follow suit.
Arthur Hayes, co-founder of crypto exchange BitMex told CNBC earlier this month that “the presence of regulated funds in addition to greater government oversight in the investment process could lead to a significant price run for BTC.”
With that said, it’s hard to believe that the current bitcoin bull run is anything other than the start of what could be a record-breaking year for the cryptocurrency.
Big words, I know, but all of the signs are there that it could happen.
Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.