Thursday, September 17, 2020

Bitcoin now and then

The 'no' heard round the world

Investors Cameron and Tyler Winklevoss first submitted to release a bitcoin exchange-traded fund back in 2013, setting the stage for a multi-year journey that caused the March 2017 rejection by the U.S. Securities and Exchange Commission (SEC).

And while the SEC has considering that relocated to examine that decision-- a process that is still pending-- markets at the time responded improperly, maybe due to the fact that some were betting that the U.S. regulator would authorize rather than shoot down the proposed ETF.

On the news, the marketplace visited nearly 30% that day, eventually recuperating above the $1,000 level after the preliminary drop. In what was maybe a harbinger of the months to come, bitcoin's cost was back above its pre-ETF point within days of the judgment. And despite the hesitation revealed by the SEC at the time, a number of companies have submitted to create bitcoin ETFs, with a specific focus on funds tied to cryptocurrency futures.

The summer of bulls

If there was one phrase to specify the duration between May and September of this year, it was this: a brand-new all-time high for bitcoin. 

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The cryptocurrency's price pressed previous each succeeding turning point with obvious ease, including one on May 1 that saw bitcoin break past a record set on a infamous and now-defunct exchange.

This summer also saw significant activity around preliminary coin offerings, as revealed by information in CoinDesk's ICO Tracker, leading one observer to call it "the summer of crypto love."

As May waned, the cost of bitcoin climbed up above $2,000 for the very first time and exceeded $3,000 simply weeks later. At the same time, those cost turning points were often accompanied by subsequent turbulence, including a drop of $300 within one hour just a day after the $3,000 line was first crossed.

Perhaps one of the most notable advancements was the entry of major Wall Street experts to the bitcoin price-watching game. Goldman Sach's Sheba Jafari especially forecasted the move past $4,000, leading to further projections from both Goldman Sachs and other analysts as the months and weeks advanced.

By the very first week of September, the rate of bitcoin went beyond $5,000 for the first time-- just to stop by hundreds of dollars two days later. Indeed, the coming days would see a turnaround of the late summer season's gains, with the cryptocurrency's cost falling listed below $3,400 on Sep. 14 and down previous $3,000 the following day.

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