An ongoing bull run by bitcoin (BTC) that saw the coin’s price increase by 32% was put to an abrupt halt following news of the Winklevoss twins’ bid for a bitcoin ETF being denied by SEC. However, the king of cryptocurrencies managed to recoup losses despite this ruling.
The coin’s price hit $8300 in the previous week before plunging back to the $7,900 levels. This drop was as a result of news that the Securities and Exchange Commission (SEC) had denied the Winklevoss twins a bitcoin exchange-traded fund. While much of the market and industry news has been in a stir over the looming-and almost guaranteed creation of bitcoin ETFs, the news came as a harsh ruling by the commission on the potential for other funds.
Nonetheless, the king of cryptocurrencies managed to overcome this hurdle that saw a brief struggle between the bulls and bears. Fortunately, the Bulls won the battle, opening the floodgates for a several-hundred-dollar rally. By 15:30 UTC, the coin’s price had punched past $8,100 and had ultimately risen as high as $8,216 at the time of writing. Additionally, bitcoin’s price is still up 40% from the June 24 low of $5,755, despite the brief pullback from the two-month highs above $8,500. As such, it is safe to conclude that the bulls are still in control.
Moreover, we expect more gains in the near future due to the plenty of potential triggers that may bring a substantial increase in the coin’s value. According to Bogart, one of these reasons include MasterCard’s recent announcement of the new patent, which could pave the way for bitcoin transactions on credit cards. Additionally, Tom Lee shared the same sentiment, attributing the recent increase in bitcoin’s price to the wave of good news.
Do you think that Bitcoin’s price may reach its all-time high of $20,000 by the end of 2018?
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