Since Bitcoin’s major slip from the $6000 mark in 2018, the big bull has been losing momentum in both volume, market cap, and trading price. Dangling to as low as $3000, Bitcoin left the entire cryptocurrency market in a state of a dilemma last year, and since then the community has been speculating a time period that will most likely revive the coin and pull it back into an intense bullish state.
Last year, several cryptocurrency analysts withdrew their predictions as it became even clearer that Bitcoin would require more than just a pump and dump rally to initiate a bull run. Meanwhile, a few other Bitcoiners had predicted new all-time highs in 2019 given that the SEC and other top investors are most likely to decide on different factors that will affect BTC’s growth this year and will also go on to birth a major Bitcoin bull run.
While the Winklevoss twins ETF proposal was rejected, US SEC commissioner Hester Peirce has revealed that 2019 will “eventually” see the approval of other Bitcoin ETF’s alongside the regulation of crypto-friendly token-sales. With VanEck’s proposal being amended, Bitcoiners can expect a bull run at whichever point the approval commences.
Institutional investors are undeniably the highlight of 2019 in the world of cryptocurrency. Not just for Bitcoin, other altcoins have gained rapidly in terms of traders due to the promising involvement of Institutional investors. For Bitcoin, sparking the most interest amongst these investors have been the order of the day.
With Bakkt and Over the counter (OCT) makers making a long term investment in BTC, the first and second quarter of 2019 could birth a huge bullish outpour if regulations fall into place. Even the chief executive officer of Galaxy Investment Partners Mike Novogratz affirmed that crypto is likely to take the bullish pattern with the arrival of new institutional investors.
Conclusion; Despite the SEC and Institutional investors being a huge determining factor for crypto stability in 2019, cryptocurrency traders still stands as one of the major backbones of the cryptocurrency market.
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