Bitcoin’s Upward Surge Leaves Many Questions Over The Support
A section of the industry believes that SEC’s decision to postpone bitcoin ETC might be the cause.
Unexplained Bitcoin Value Surge
A market analysis on the price of bitcoin indicates that the crypto has improved by 6% over the last 12 hours. At the moment, bitcoin is now valued at $6,700. A general look at the market shows that many cryptos are showing signs of recovery following a plunge in August.
The recovery of bitcoin emerged following a decision by the SEC. Moments after SEC revealed that it will postpone again the VanEck-SolidX Bitcoin ETF to December. A section of experts, however, argues that the decision by SEC might not be linked to bitcoins resurgence.
Looking at the past, bitcoin value declined by 7% back in August when SEC made a similar decision. SEC postponed the bitcoin ETF and the price dropped. Investors seem to have been encouraged even though they are expecting an outright no.
Binance Boss View On The Crypto Market
Following the market development, Binance boss Chanpeng Zhao tried to explain the market development. The market development can be short-term but Zhao gave a broader view of the market performance. He made his remarks during the CryptoGlobe conference held in Singapore.
On stablecoins emergence, Zhao opines that it is a positive aspect for the market. He acknowledged that stablecoins are massive but people have less understanding of the aspect. Zhao states that if people understood the implication of controlled stablecoins, the value of bitcoin will spike. He said that stablecoins are a perfect avenue for fiat currency to link with the cryptocurrency.
Zhao also shared his view on the bitcoin support levels witnessed this year. He said that a strong level stood at $6,000 this year. In comparison to 2014, it was at $200. He noted that he buys bitcoin and then holds. Zhao stated that the bull activity will return around October and December. He said that he can't predict the market.