The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Will Bitcoin Bottom to $5,000 Before Springing All the Way to $50,000 This Fall?

by Daily Hodl Staff
August 14, 2018
in Bitcoin

Back in July, when Bitcoin was trading around $7,500 and the price was climbing, Arthur Hayes, co-founder and CEO of cryptocurrency exchange BitMEX, predicted Bitcoin could continue to drop. He marked $5,000 as a possible bottom, before a big market rally could propel Bitcoin to an astonishing new all-time high of $50,000 by the end of the year.

While Bitcoin and the cryptocurrency market as a whole is searching for widespread adoption and critical developments tackling security flaws and solving scalability issues, Hayes made his assessment based on market behavior. In a July interview with CNBC, he explained why he believes the summer months and a financial world of globe-trotting vacationers is at play. His expectation: the markets will heat up in Q3 and Q4.

Hayes is a former equity derivatives trader and market-maker for Deutsche Bank and Citibank’s Exchange Traded Funds (ETF). He co-founded Hong Kong-based BitMEX in 2014. The exchange is now valued at $3.6 billion on a daily trading volume of roughly $2 billion. It has become “the most liquid crypto-coin trading platform” in the world by offering up to 100x leverage trading and Bitcoin derivatives trading – without any participation from US residents, who can’t trade on BitMEX.

BitMEX co-founder Ben Delo, Britain’s first crypto billionaire, has also said that Bitcoin’s volatility is what allows it to soar.

From 2013 to 2015, Bitcoin dropped from $1,200 to $200 but from 2015 to 2017, it also increased from $200 to its all-time high of $20,000.

For traders who have been investing in Bitcoin for several years, the recent price decline from $8,260 on July 24 to as low as $6,097 today, according to WorldCoinIndex, isn’t a signal of the end of Bitcoin. It’s a sign of increased volatility and an indicator that Bitcoin may rebound and go much higher than its previous all-time high.

But for investors without a billion-dollar cushion to weather the downturn, the market is bleak and its wildly unpredictable nature is threatening.

Delo, who agrees with Hayes’s prediction, says the high of $50,000 is predicated on an SEC-approved Bitcoin ETF.

“I think something that goes up to $20,000 in one year can have a correction down to around $6000 … we can find a bottom in the $3000 to $5000 range, but we are one positive regulatory decision away – maybe an ETF approved by the SEC – to climbing through $20,000 and even to $50,000 by the end of 2018.”

The SEC has yet to approve a Bitcoin ETF and can continue to delay its decision on the most recently rejected proposal from VanEck/SolidX by taking another extension until December 29 or a total extension of 240 days. The agency says, however, that it will make a decision on September 30.

The upcoming deadline for an SEC decision on two funds filed by the New York Stock Exchange – the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF – is August 23, when the extension period expires.

[the_ad id="42537"] [the_ad id="42536"]

According to analysis by Element Group, an approval isn’t likely.

“There are three futures-based ETFs that are still being considered by the SEC. To the best of our knowledge, each filing will be nearing the end of the maximum 240-day period. The three filings up for approval or disapproval are Proshares on August 23, GraniteShares on September 15, and Direction on September 21. Given the SEC’s view that the CBOE and CME markets are not of significant size, it is unlikely that these ETFs will be approved as well. Any disapproval or negative comment from the SEC will lead to further selling.”

They see a key factor that could, however, change the tide: the changing face of the SEC commissioners.

“Each commissioner is appointed by the President, with the advice and consent of the Senate, for five year terms. At the present moment, there are only four commissioners, since the President and Senate are deliberating on an appointee. Furthermore, Commissioner Stein, one of the four current commissioners, is due to be replaced, and the White House is considering appointing Allison Lee. So in the near future, we will replace one old commissioner and add two new commissioners.

The Winklevoss ETF was rejected with a 3-1 vote. Adding two new commissioners could materially change the SEC’s views on the upcoming ETFs.”

Who is Allison Lee?

She’s a former enforcement attorney at the SEC. The Wall Street Journal reports that during her tenure she handled cases against JPMorgan Chase and Credit Suisse related to mortgage-backed securities that precipitated the 2008 financial crisis.

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Unizen and DWF Labs Strategic Partnership To Revolutionize Web 3.0 User Experience
    March 31, 2023
  • Core’s Revolutionary Satoshi Plus Consensus Marries Decentralization, Security and Scalability
    March 30, 2023
  • Lost Worlds Launches Version 2.0 of GeoNFTs in Web 3.0 Platform
    March 30, 2023
  • Script Network, SingularityNET and Stacks Bring Practical Solutions to Real-World Issues
    March 29, 2023
  • OKX To Open Office in Australia
    March 29, 2023
  • Metacade Raises Over $14.7 Million As Presale Sets To Close in 72 Hours
    March 29, 2023
  • Binance Expands AI-Powered NFT Generator Bicasso
    March 28, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$27,885.47
$27,885.47
1.34%
Ethereum
$1,774.26
$1,774.26
1.48%
Cardano
$0.372538
$0.372538
3.86%
XRP
$0.536301
$0.536301
2.74%
Dogecoin
$0.07421
$0.07421
2.09%

Spotlight

  • Ethereum (ETH) Being Held in Self Custody at Highest Level in History, According to Analytics Firm Santiment
    March 29, 2023
  • Top Trader Says Shiba Inu (SHIB), Dogecoin (DOGE) and One Additional Memecoin Will Run Hard on Next Bitcoin Bounce
    March 29, 2023
  • Do Kwon To Be Held in Montenegro for 30 Days As Authorities Investigate Forged Passports: Report
    March 29, 2023
  • SEC Chair Gary Gensler To Face Congress Over Strategy on Digital Assets
    March 29, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl