RATE Group | Bitcoin Needs Blessing From SEC to Rally, Market Desperate
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Bitcoin Needs Blessing From SEC to Rally, Market Desperate

12 Oct Bitcoin Needs Blessing From SEC to Rally, Market Desperate

Posted at 02:09h in Bitcoin News by

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bitcoin regulation

Naeem Aslam, chief market analyst at Think Markets UK, has stated that Bitcoin needs a blessing from the US Securities and Exchange Commission (SEC) to revitalize and experience a recovery in price.

According to Aslam, the approval of the first Bitcoin exchange-traded fund (ETF), which would allow accredited investors and individual traders in US markets to invest in cryptocurrencies, could be a major factor to revitalize the cryptocurrency market.

“Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency. I think that the SEC [Securities and Exchange Commission] seeking a public opinion about the Bitcoin ETF [exchange-traded fund] is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape.” Aslam said.

ETF Will be Approved by the SEC if Enough Demand Exists

Considering the abrupt drop in the price of Bitcoin from $6,600 to $6,250 and the sheer intensity of…

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