Bitcoin price went over $8350 and managed to achieve a growth of around 40% over the last 30 days. In the past week BTC was on a good run but whether or not the market can maintain such a run is something not many are comfortable in. A lot of debate surrounds the subject. Digital currency holders now hope that Bitcoin will get back to the highs recorded in December, 2017, but we should highlight some signs that caution is needed.
SEC And ETFs
If the SEC approves Bitcoin ETF, cryptos will get access to numerous increases and the rumors are that this is much closer than people think. SEC does not say much about this but predictions are given about the final decision. Predictions did vary in the past and the official speculation is that this is going to happen before the date of August 15.
Such predictions are really innocent but can greatly affect Bitcoin price, together with prices of the other cryptocurrencies. Something like this can be counterproductive and this might very well be the real reason why SEC is delaying or sometimes denying ETFs. SEC denied the first Bitcoin ETF because cryptocurrencies were considered to be volatile assets and cannot be served through ETFs. The SEC might want to now build up ETFs but the decision could be re-thought if there is a belief that Bitcoin price is increased in an un-natural way.
Cryptos might have also received a push because BlackRock announced its consideration to entry crypto. This is a move that would be a huge endorsement for cryptocurrencies. However, BlackRock did not make significant industry investments yet and the CEO did not show massive interest.
Another thing we should be aware of is that there are suggestions that crypto miners are now selling more crypto than what is mined. This would be a huge difference to what was happening in the past. In a day that was surveyed, it was shown that miners sold cryptos in value of $17.4 million, although just $14.4 million was mined. If this is correct, it means miners are no longer optimistic about upward market trends.
Another possibility that could be reality is that miners were forced to hold more coins than usual because prices went down to $5,800. Miners did struggle in the past months and prices did not justify really high costs for mining. Reports even state some of the miners quit as operating costs were not met.
The question is:
Will Bitcoin price keep going up?
There is a pretty good possibility that this is the case and Bitcoin may even get over $10,000 in the following week. Even so, much will depend on the decision of the SEC and the official view on ETFs.