Volatility is the word that comes to mind when we talk about cryptocurrencies. The market capitalization has seen major swings in the previous month. In the last month, the market hit the highs of $303 billion and fell to under $200 billion. The volatility of the market, as per the trends is driven mostly by BTC and ETC which dominate the market by dominance factors of 52.96% and 12.45% as of press time. The premium cryptocurrency (BTC) crossed the $8,000 mark and was just short of hitting $9,000 when the ETF proposals got rejected and the bloodbath began, pulling the market to $200 billion and BTC to under $6,000.
The wave of the ETF proposals that have been rejected over the period of the past months have led investors to question that what is the future of the crypto market? In this regard Thomas Power, the board member and non-executive director of 9spokes showed positive hopes for the ETF approval talking to blockpublisher via an email interview that the ETF proposal would be approved in 2019. But, till the time that SEC is still skeptical about the approvals, Thomas Power said that the market was in for a crash. According to Power,
We’re heading for $3,000 before ETF approval.
The ETF is stopping the institutions from diving into the coin market, but once the ETF is approved, the hopes are up for the market as there is a high probability for the market to gain the confidence of brands and institutions. The time period, however, in which the proposals are expected to be approved is somewhere in 2019. Previously, Brian Kelly also had similar views when he predicted the proposal to be accepted in 2019 following the security formalities being fulfilled. Power also had similar opinions, in this regard, he shared his views saying,
SEC will give BTC brand confidence in 2019, rest will follow in 2020 post crash.
Once the market gets the ETF proposal approved, it might serve as a pivot point for the market to rise. The bulls of the market are calling $50,000 for Bitcoin following the ETF approval. For the period 2020 to 2026 following the anticipated ETF approval Thomas Power declared himself a long bull.
Multiple analysts have been hopeful regarding the ETF approval in 2019. The anticipation of everyone regarding the approval leading to an uphill drive is increasing day by day. Will the SEC consider the ETF approval in the coming year? How long will it take after the approval to bring in brand confidence? Will the market immediately start a bullish run? Only time will tell.