The sentiment surrounding this industry is beginning to shift, with many industry leaders and market experts/analysts indicating that they are ready to see another influx of involvement and interest, potentially through an ETF. As reported by Ethereum World News, experts like Tom Lee and Spencer Bogart have stated that the industry’s fundamentals and technicals indicators are starting to turn bullish.
Bitcoin Recovers 40% From Lows, Positive For “Early Adopters”
The CEO of FatFish Internet Group, a global technology-focused venture capitalist fund, recently appeared on CNBC to discuss his opinions on the cryptocurrency industry, specifically regarding the crypto-backed ETF hype and proposals.
On CNBC‘s “The Coin Rush” segment, Kin-Wai Lau opened off by speaking on a so-called “second wave rally.” He noted:
“I think we are experiencing a ‘second-wave rally’ for Bitcoin and cryptocurrencies. It is a very strong wave, (that’s) driven by institutional demand, its driven by adoption. (There is) lots of interest this time around, trading volume is several times higher in comparison to the lows.”
As seen over the recent weeks, Bitcoin has seen a resurgence, bouncing back from a low at $5,800 to a high of $8,500 last week. While altcoins haven’t been performing as well as the foremost crypto asset, they too have drastically increased in value since the lows.
Although the market has since seen a pullback from the monthly high, the market is still looking strong due to increased interest from institutions and real-world adoption, as pointed out by Lau. Moreover, the return of volume has also brought some to believe that interest in this nascent industry has come back, and is here to stay. As of the time of press, the market’s collective trading volume is currently at $17.7 Billion, which is nearly double the figure seen at the yearly low.
Speaking more on what this recovery means for the industry, the CEO stated:
“It is generally very positive for early adopters and people who are interested in this sector.”
“It’s Only A Matter Of Time Until The SEC Approves An ETF”
The recent news regarding a Bitcoin-backed ETF has thrown many for a loop. For some, the ETF is what’s going to turn the industry upside-down, rapidly increasing adoption rates and institutional demand. While others see the proposal as unnecessary and unwarranted, or at least in the current state of the market.
FatFish’s CEO believes that “it’s only a matter of time until the SEC approves an ETF,” later pointing out that the area of contestation would be which organization can create a fund that most mirrors the needs and wants of regulators. Kin-Wai Lau stated:
“It’s just which organization would be able to come out with the most comprehensive tools, in terms of monitoring, surveillance, creating liquidity.”
Speaking more on the timeline for a potential ETF, the executive of the tech firm noted that it may just be a few months until the market is ready to accept a fully-fledged Bitcoin ETF.
Closing off his time on the show, Lau sees Bitcoin trading within $10,000 to $15,000, as real-world adoption picks up and regulators take a more optimistic approach to the industry.
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