According to senior macro strategist at Bloomberg Intelligence Mike McGlone, the leading digital currency, Bitcoin (BTC) is still usually going against expectations, even with its comparatively positive price level. As of this writing, BTC is trading at $29,470.71, up 2.03% in the last 24 hours. According to the present price forecast, Bitcoin has now totally erased the losses it sustained over the previous seven days.
Based on the idea that the stock market must increase before it also rises in an extraordinary way, Mike McGlone believes that Bitcoin is exposing an issue despite this great rebound. According to the strategist, Bitcoin is the only cryptocurrency that has not been affected by the regulatory crackdown in the United States. This indicates that the Securities and Exchange Commission (SEC) views Bitcoin as the sole cryptocurrency.
Bitcoin is the only cryptocurrency that the market regulator views as a commodity or digital utility enabler, even though not all digital currencies have been specifically designated as securities. This is demonstrated by the recent disclosure from Coinbase CEO Brian Armstrong that the SEC requested that it delist all cryptocurrencies other than Bitcoin.
Though whether or not these interests exist, these emotions are not converting into a price spike. These sentiments are meant to pique interest among investors, spanning both retail and institutional investors.
Changing bullish game for Bitcoin
Over the past few weeks, Bitcoin has been trading in a relatively narrow range, and a long-term breakthrough is anticipated. With only a few months remaining in the year, the industry’s predictions that the US SEC would approve the first Bitcoin Exchange Traded Fund (ETF) are likely to create a sense of excitement that will ultimately lead to price increase.
The countdown is already on as a number of major mainstream financial institutions, lead by BlackRock, compete to get permission for the initial Bitcoin ETF.
