Bitcoin the largest cryptocurrency by market cap has seen a rise in the price by more than a 33% this month with todays price of around $8,133.4 USD. There are many ongoing factors around the world that are helping bitcoin to gain momentum in its price steadily. Underlying, there are some of the major activities that everyone should be familiar with.
BitCoin ETF Proposal
There are a numerous rumors in the market considering ETF proposal to be accepted by SEC however the final verdict against its approval is since not confirmed. ETF stands for Exchange Traded Funds. The proposal for Bitcoin linked ETF was filed by VanEck Corp. and Solid X Partners Inc. to the SEC for the world’s first actual Bitcoin backed exchange. In simple term’s this means to actually hold bitcoins insured against all breakdowns arising from loss or theft of the cryptocurrencies, according to the firms. However this proposal was rejected starting this month by the SEC lawmakers in majority. The market seems a positive outcome from this SEC decision as the SEC commissioner talking in favour of the cryptocurrencies.
There are still two other ETF proposals awaiting a decision from the SEC for approval – the VanEck-SolidX bitcoin ETF and a Cboe ETF. Needless to say, both companies have far more experience in setting up exchange-traded funds than the Winklevoss brothers, in particular, VanEck is an investment management firm that specializes in funds. The next date of hearing for this proposal by SEC is issued in September this year.
Growing Popularity Of Peer to Peer Marketplaces Globally
The countries in which the crypto regulations are strict and crypto trading is prohibited by the financial government bodies, The peer to peer exchange marketplace is proving to be of a great use for the crypto traders where they can trade according one on one without the interference of the disciplinary financial body. Hence, thereby adding more customer base to the crypto market capitalization.
However, in the past 48 hours, the cryptocurrency market has shown a lack of correlation between major digital assets and tokens suggesting that investors have re-allocated funds stored in small tokens to the major cryptocurrencies could also be a major reason for this bitcoin price hike seen.
The G20 is working for the Global Financial Stability since 1999 after the huge financial market collapse. The members of this Summit include government officials and central bank governors from twenty countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, the Republic of South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union which accounts for 85% of the gross world product and 80% of the world trade.
During this G20 meet held at Argentina, the Finance ministers along with the central bankers from the G-20 states reiterated their hold on the belief that digital currencies does not risk the economic stability of the country and if it does, the Financial Action Task Force is to clarify by October that how these Illicit standards apply to crypto currencies in detail. This has provided a relief to the traders all around the world giving them a sense of support for acceptibility of crypto’s in mere future.
The growing interest and hot topics of discussion among meetings now a days are from the blockchain world giving the community an assurance of its acceptability in mere future.
Valuation Of Trading Price
Appropriate valuation is important because, among other things, it determines fund performance, what investors pay for mutual funds and what authorized participants pay for ETFs. The cryptocurrencies trading data for each day is required for this follow and seems to be employed in the upcoming days. Acknowledging the strong momentum of bitcoin and the cryptocurrency market, exchanges such as Binance have started to eye aggressive expansion in rapidly growing markets. This week, Binance revealed its intent to launch its operations in South Korea, targeting one of the fastest growing cryptocurrency exchange markets internationally.