Bitcoin's fate might be decided on August 10th
Cryptomarket becomes more and more attractive for significant capitals and investments, although bitcoin and altcoins still aren’t at their prime. With the latest news, we are witnessing positive premises for the rise in the price in the near future.
Bitcoin is now more near to the trading market of real whales than ever
One of this news came when DX Exchange, an EU regulated cryptocurrency exchange already working with bitcoin and ether, announced its decision to list Ripple XRP and 20 more other coins. The platform is remarkable due to the Nasdaq’s leading matching technology which serves as its base. Trades will start on July 27th.
Another announcement impacting cryptocurrencies is that the market will see Bitcoin ETF and other cryptocurrency-based exchange-traded funds. This might be a good sign for the crypto industry that is facing several difficulties since this January, as it means a huge amount of money is pouring into the market. Bitcoin ETF fate will be decided on August 10th, when the CBO ETF filing opened by the US Securities and Exchange Commission (SEC) is most likely to be concluded.
The listing and trading are introduced by VanEck SoildX Bitcoin Trust will be catering to only accredible investors, while one share is roughly equivalent to 25 bitcoins, which will also positively impact the cryptocurrencies as it means a mass entry of wealthy clients into the crypto market. Now, the SEC is gathering comments from the interested people and August 10th is the proposed date when the SEC’s decision on the bitcoin and, therefore, the extension of the entire crypto market, will be revealed.
If the ETFs are approved, it would mean a great benefit for the industry and green light to mainstream investment in both bitcoin and altcoins. This could bring funds in trillions in the crypto market. So, what can happen to the major cryptos in the nearest future? With regard to bitcoin, the main cryptocurrency, a significant rise is expected. As cryptoanalysts expected, it keeps dropping and the current price is about $6300 USD. The end of the week will set the tone for the future trades and decrease to $5882-$6020 USD is possible.
If good news affect the investor and the stable price of $6800 is reached, we can expect a great breakthrough and the price of $7000-$7260 USD as the first point. What about ether, the currency is confidently decreasing and a significant decrease of around $100 USD is possible. But there’s another scenario that allows us to expect a price of $520-$530 USD and $570 USD. This will happen if the rumors about Ethereum entering the second phase of its development affect investors.
Ripple, a very promising cryptocurrency, which, as experts believe, might be the second-largest by market capitalization is expected to be traded at $0,41-$0,5 USD. If it increases, it might reach $0,84 USD in prospect. But for this improvement, the whole cryptomarket should see the eventual growth. If it doesn’t happen, the price might drop beyond $0,4 USD and then reach $0,34 and $0,28 USD.