Brian Kelly Refers to Current BTC Price as Minor Correction
Brian Kelly, a long-time and forever Bitcoin bull has referred to the seven percent dive by BTC as a small correction following its decline in price this week and has highlighted that a centralized cryptocurrency exchange and trusted custody offerings as possible catalysts for a massive boom.
All through the week, Bitcoin has suffered heavily in terms of price, taking a heavy dip around 7% in just as many days. Brian Kelly, the chief executive officer of BKCM, a crypto-investment agency, stated that the market has shifted towards the positive. According to him, he refers to it as a series of positive news which begins with the US Securities and Exchange Commission’s announcement that BTC and ETH are non-securities and constant talks regarding a possible BTC Exchange-traded fund approval.
Commenting on the recent and current drop in the value of Bitcoin, he refers to the drop as a minor correction based on its previous bull runs from $5.8K to $8.4K. He adds that BTC is not prepared for its prime as of now. Kelly believes that approving a Bitcoin ETF is incredibly vital although to achieve approval, two heavy challenges must be overcome and these would eventually result in approval.
As he says, the first issue is a fully regulated US digital currency exchange platform. In light of this, Adena Friedman, the chief executive officer of Nasdaq spoke about the company’s possible conversion into a digital currency exchange. The second issue to overcome is a high net, high-grade custody service. This is also a result of several mega-corps giving the sector more of their attention.
Adena then went on to predict a possible Crypto Exchange-traded fund approval within a few months and stating that a much less restrictive regulation standard within the field provides several bonuses and perks.