Image Source: Currexcy.com

Never has this happened before - I opened cointelegraph to get my daily dose of crypto news and 4 out of the top 5 articles are all great news for institutional bitcoin adoption -

SEC chairman says Bitcoin is not a security.

Not some random unknown source from SEC, but the chairman himself, came on CNBC and said this making the SEC's stance very clear. Now this is not an official statement but this clearly shows what the SEC is thinking, when head honcho publicly makes a strong statement like this.

Circle is seeking a banking license and a trading venue registration

Now most people will understand the first part. Setting up as a bank allows you to circumvent all the assholes banning crypto exchange transfers. But the second thing happens because you have goldman as a backer.

By registering as a trading venue, or most likely a multi trading facility (MTF), circle is taking a step forward to bring regulators on board. And to be classified as a MTF, circle will run an exchange that should ensure fair and orderly trading and settlement of bitcoin. This is what you need for institutions and regualators to be on board. In my opinion, a lot of liquidity on existing exchanges will dry up because of this.

Susquehanna is opening crypto trading

I hadnt heard of this firm but it seems that it a large broker based in the US and is looking to offer bitcoin futures initially to clients and then move on to bitcoin.

Frankly this is not big news in itself but the timing of it is not coincidental in my opinion and ties in with the overall story - something big and positive is happening behind the scenes that none of us can see.

Coinbase wants to become a fully SEC regulated broker and has acquired Keystone Capital Corp.

Now, if bitcoin isnt a security, coinbase neednt be regulated by SEC. However, this brings me to the second statement SEC chairman Clayton made - all ICOs are most likely securities. To continue to trade Ethereum and Xrp, coinbase may need to be regulated by SEC.

This news is ok but kind of shows what is happening in the markets. Bitcoin is increasing in dominance over tokens, a trend that should transpire as the first wave of institutional money hits bitcoin.

---

Now what does all this mean? Nomura offering custody, GS setting crypto desk, Circle setting up MTF and SEC's stance - to me it means that the tide is about to turn. Some big news is round the corner regarding bitcoin - ETF, or institutional money or SEC approval. Yet, bitcoin is correcting on low volume and what we are being fed is analysis like a date is going to mark bitcoin reversal. That june 06 analysis is similar to a religious superstition and has turned out to be BS. Anyway, I am even more positive about bitcoin this month. The timing is difficult to assess since govt agencies arw bureaucratic and slow. However, we have all the right things happening. Bitcoin may continue to stay in a consolidation phase till some big news comes out.

What do you guys think? Do you think all this news matters or do you think bitcoin is technically bearish and will see 5k? Let me know in comments below.

Please upvote and resteem the article if you liked it.