Bitcoin (BTC) appears to have strengthened its current position above the $8,000 mark, now as we’re reaching the eighth month of the year. According to the tech investor and businessman Kin-Wai Lau, Bitcoin (BTC) is mounting a “second wave rally.”
Talking to CNBC, the Fatfish Internet Group CEO discussed the present status of the cryptocurrencies market, the Bitcoin (BTC) ETF, as well as the probable price of the leading digital asset in the market by the end of 2018.
Bitcoin (BTC) and, moreover, the cryptocurrencies market is undergoing a “second wave rally,” as reported by Lau to CNBC. According to Lau, this upturn is a strong one, characterized by a lot of focus on the cryptos market from institutional investors and an appreciation in trading volume.
Is Bitcoin (BTC) ETF still on the horizon?
Lau also discussed the United States Securities and Exchange Commission’s (SEC) new decision to deny the Winklevoss twins’ application for a Bitcoin ETF.
I think it’s only a matter of time before the SEC approves an ETF. It is a question of which organization is able to create the appropriate tools for surveillance, monitoring, and liquidity creation.
Besides the readiness of these instruments, Lau also feels that a level of market preparedness is necessary to encourage the roll-out of Bitcoin (BTC) ETFs.
Bitcoin (BTC) market stabilization
Regarding Bitcoin (BTC) and cryptocurrencies prices volatility, Lau claimed that the adoption was the primary engine for the increasingly higher market demand, which had a direct impact on the digital assets’values against the US Dollar, especially in the case of Bitcoin.
Looking ahead, Lau noted two price milestones for Bitcoin (BTC), one of $10,000 and another of $15,000. In other words, BTC could end this year anywhere between $10,000 and $15,000. The Fatfish Internet Group CEO also stated that there is a broad agreement between many cryptocurrencies market analysts regarding this price range
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.