The “roller coaster” of the Bitcoin price no longer frightens exchanges and retail traders. Experts note more and more new factors shaping market price fluctuations. However, regulators' positions on key issues continue to dominate.
The price of bitcoin rose above $8,000 last Tuesday for the first time since May following the G20 meeting in Argentina. G20 finance ministers and central bankers expressed confidence that the technology underlying altcoins “can bring significant benefits to the financial system and the economy.”
Marco Strang, co-founder of the largest cloud mining company Genesis Mining, also spoke about the benefits of the technology in an interview, which celebrated its small victory last week. The US Securities and Exchange Commission (SEC) in South Carolina dismissed the charges against the platform regarding unregistered securities because the startup does not consider its tokens to be securities. Genesis Mining celebrates the just decision. According to CoinDesk, this is the first time a government has rejected such claims against a blockchain startup.
Further support was provided on July 16 in a report from the Swiss Financial Stability Board, which concluded that “like cryptocurrency assets in general, crypto-asset platforms such as Coinbase, Bitfinex, Kraken and many others do not pose global risks to financial stability.”
The price of bitcoin has risen from its low of $5,850. at the end of May by almost 44 percent on June 24, then fell slightly when the Securities and Exchange Commission (SEC) responded with a refusal to the second application for bitcoin-ETF filed by the Winklevoss brothers. However, the CBOE exchange's application for a bitcoin ETF is still under consideration by the commission, a decision on which will be made in September 2018. According to experts, a potential positive SEC decision will have a positive impact on the price.
According to https://www.etftrends.com
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