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{"id":7591,"date":"2021-10-08T08:04:47","date_gmt":"2021-10-08T08:04:47","guid":{"rendered":"https:\/\/cryptocurrencypanther.com\/2021\/10\/08\/will-btc-repeat-2017s-bull-run-history-if-the-u-s-sec-approves-bitcoin-etf\/"},"modified":"2021-10-08T08:04:47","modified_gmt":"2021-10-08T08:04:47","slug":"will-btc-repeat-2017s-bull-run-history-if-the-u-s-sec-approves-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/cryptocurrencypanther.com\/2021\/10\/08\/will-btc-repeat-2017s-bull-run-history-if-the-u-s-sec-approves-bitcoin-etf\/","title":{"rendered":"Will BTC Repeat 2017’s Bull Run History If the U.S. SEC Approves Bitcoin ETF?"},"content":{"rendered":"

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Earlier this week on Wednesday, October 6, Bitcoin rallied to $55,000 hitting a four-month high amid<\/a> strong whale accumulation. However, the BTC price has been flirting around $54,000 since then.<\/p>\n

Analysts are expecting<\/a> the BTC price to touch $100K this year. Will Bitcoin replicate the Q4 2017 price rally once again? All hopes are on the possibility of the Bitcoin ETF approval ahead of this month. Strong rumors in the market suggest that the U.S. SEC could be approving the first Bitcoin ETF of America, later this month.<\/p>\n

Calling it a \u2018buy the rumors, sell the news\u2019 kind of moment, crypto analysts Lark Davis notes<\/a> that he wouldn\u2019t be shocked to see a similar kind of situation panning out if Bitcoin ETF gets the approval. Not to forget, the institutional activity in Bitcoin is much higher than it was in 2017.<\/p>\n

JPMorgan: Institutions Preferring Bitcoin Over Gold<\/h3>\n
In a note from JPMorgan accessed by Markets Insider, the recent BTC price rally in October has been due to institutional participation. It said that the institutional investor appetite has grown, post the SEC and the Fed assuring<\/a> that they won\u2019t ban digital assets.<\/p>\n
The banking giant said that the earlier trend of money moving out of Bitcoin and going into Gold has re-emerged once again. It added<\/a>: \u201cInstitutional investors appear to be returning to Bitcoin perhaps seeing it as a better inflation hedge than gold\u201d. The three major reasons behind the recent Bitcoin price rally are:<\/p>\n
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\u201cThe recent assurances by US policy makers that there is no intention to follow China\u2019s steps towards banning the usage or mining of cryptocurrencies.\u201d<\/li>\n
\u201cThe recent rise of the Lightning Network and 2nd layer payments solutions helped by El Salvador\u2019s bitcoin adoption.\u201d<\/li>\n
\u201cThe re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge.\u201d<\/li>\n<\/ol>\n
Since the start of 2021, more than $10 billion have flown out of Gold ETF. On the other hand, over $20 billion has entered Bitcoin funds. \u201cThe increase in the share of bitcoin is a healthy development as it is more likely to reflect institutional participation than smaller cryptocurrencies,\u201d said JPMorgan.<\/p>\n
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Disclaimer<\/span><\/p>\n
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div>\n
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About Author<\/span><\/p>\n
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/div>\n
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