A New wave rally is coming for cryptocurrencies, CNBC reports

New demand are here, and it is being driven by institutional investors and a wider range of adoption in bitcoin and cryptos, said Kin-Wai Lau, CEO at Fatfish Internet Group.

A second wave rally for cryptocurrencies from CNBC.

All this new wave is coming despite the SEC disapproved ETF application. SEC denied an application by the Winklevoss twins that would have allowed trading of the first bitcoin ETF, but still bitcoin recovered back above $8,200 hours later. The cryptocurrencies broke above the trend in the past month and bitcoin went over $8,300 for the first time in two-months after rumors that another ETF could be approved in August.

One SEC Commissioner, Hester M. Peirce, was supportive of a cryptocurrency bitcoin ETF and published a dissent following the agency’s decision.

“I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market,” Peirce said in a statement. “More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order.”

“I would be skeptical of an ETF being approved this year,” said Brian Kelly, founder and CEO of BKCM. “Answers to the questions the SEC has aren’t complete yet.”

 

Tags: Technology, cryptocurrencies, bitcoin, bitcoin price, cryptocurrencies prediction, CNBC reports,  Kin-Wai Lau, CEO at Fatfish Internet Group.

Mohsen Daemi
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