In recent weeks, Bitcoin has had positive regulatory news in the form of the U.S. Securities and Exchange Commission (SEC) deciding not to classify it as a security.
There are also renewed hopes for a Bitcoin exchange traded fund on the horizon. The deadline of the CBOE-s decision about this is August 16.
IMPORTANT UPDATE: August 16 is the earliest possible date, right now there is no deadline yet
There are heavy efforts from leading companies to appeal to the institutional investor class. The likes of Circle, Coinbase, and Blockchain are all exploring creating a tailored service for high net-worth money managers.
Goldman Sachs’ former chairman and CEO Lloyd C. Blankfein will be succeeded by David M. Solomon.
Soloman is known for being interested in both Bitcoin and the wider digital currency space.
There is also some speculation that BlackRock is preparing to enter the market and that this has driven investor confidence.
However, no one knows for sure what was the cause.
Actually, what cause dthe bull run is the wrong question.
The right question is: What caused the drop from 20 000 USD to 6000?
About 10 000 USD drop was a natural retracement after the big December rally.
The other 4000 was because of bad news affecting the sector this year,
with some government making negative laws concerning BitCoin.
However the future is bright for BitCoin, and the price the going up now is completely natural and normal.
Fiat currencies are the real bubble.
Bitcoin is the digital gold.
And the digital cash at the same time.
If the CBOE approves it as en ETF, the the price can easily go back to 20 000.
If it breaks that resistance, then it could go to 30 000.
All this by August 10.
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