RATE Group | Can Bitcoin End The Year On ‘An Explosive Note’?
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Can Bitcoin End The Year On ‘An Explosive Note’?

30 Aug Can Bitcoin End The Year On ‘An Explosive Note’?

Posted at 09:11h in Bitcoin News by

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(Kitco News) – After a four-day rally that saw prices climb above $7,000, bitcoin bulls are back with their explosive predictions for the year-end.

The popular digital currency was boosted by a weaker U.S. dollar and new risk-on environment, last trading at $7,040.80, up 0.03% on the day, according to Kitco’s aggregated charts.

“Bitcoin bulls found ample support in the form of a vulnerable Dollar and improving risk sentiment this week with prices breaking above the $7000 level,” said FXTM research analyst Lukman Otunuga.

But, the main driver has been the anticipation ahead of the U.S. Securities and Exchange Commission’s (SEC) decision on whether or not to approve a bitcoin ETF, which has been postponed until September.

“If a bitcoin ETF becomes reality, cryptocurrencies could receive a solid welcome boost,” said Otunuga.

Bitcoin’s fall from its December record-high of nearly $20,000 was partly due to previous SEC’s rejections, RJO Futures senior market…

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