As of November 28th, cryptocurrencies are showing the willingness to retrieve their green status. With a few exceptions, all top crypto rose in value, thus evoking a positive sentiment gladly shared by members of the digital currency community.
To elaborate on the gains, the digital money leading character, BTC, climbed by 6.5%. Other major cryptos did not pull up the rear: ETC and LTC saw over a 7% rise, XRP witnessed a 5.2% growth, and XLM gained 6.8%.
As it stands, the selling off wave drove the cost of coins down to the point regarded by many as “low price time”. As a result, investors jumped onto the risky crypto bandwagon again in the attempt to capitalize on the current bearish market. The noticeable market revival coincides with the upbeat sentiment around Bakkt that is soon to come into crypto play with a myriad of hot-awaited institutional investors.
One of those investors is a stock exchange, Nasdaq. The company ranks second in the world market and it intends to introduce BTC futures trading at the beginning of next year.
ICE’s and Bakkt’s leaders speak
Furthermore, at yesterday’s Consensus: Invest 2018 event in New York, Jeffrey Spencer, the head of ICE, expressed his opinion on the Bitcoin’s drop in value. Specifically, he maintained that he had an agnostic attitude towards BTC’s existing value.
Another speaker at the event, Kelly Loeffler, the CEO at Bakkt, appeared to be quite positive on the same subject. She maintained the predicament of cryptos might be resolved as soon as the void of “missing infrastructure” had been filled.
The date when ICE kicks off Bakkt is postponed until the late January though. Originally, the platform should have been launched in December 2018.
Association for Digital Asset Markets
In the meantime, Jay Clayton, the Securities and Exchange Commision Chairman in the USA, does not approve of Bitcoin being an asset for exchange-traded funds. He argues that Bitcoin fails to have the features of a security as it is susceptible to market manipulations.
To tackle the issue in question, the crypto community formed a new organization referred to as Association for Digital Asset Markets. The association is committed to introducing a Code of Conduct that will establish rules for managing the risks, reducing the manipulation of the market, uniting the markets and dealing with many other relevant subjects.
Final words
So is this the time for Bitcoin to gain momentum and head to the stars? There are still those who forecast BTC’s sharp rise till the end of 2018, with Tom Lee betting on its $15 000 value by the end of the year. On the other hand, there are those wagering on the $1 000 downfall.
Meanwhile, WildTornado will only maintain that highs and lows are a normal situation in the crypto market. The early investors seem to hardly have their pulse rate raised, whereas newcomers see the Bitcoin market crash in the light of 12 months of decline as the matter for a serious concern.
Stay tuned to our blog to know more!
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