Traders expect bitcoin, the largest digital currency by market value, to remain range-bound over the near-term. Among the myriad issues facing bitcoin and other cryptocurrencies is adoption. As in when cryptos will become more widely accepted and used for mainstream activities, such as basic payments and money transfers, on a larger scale.
“Bitcoin looks to remain steady and many believe that through October, Bitcoin will hold around the $6,500.00 mark at which it currently sits,” according to CryptoDaily. “As Bitcoin sits and waits in anticipation for a Bitcoin ETF to launch, many can’t see Bitcoin moving past this figure until some big changes are made in Bitcoin regulation and of course, in the ETF decision making process. Therefore, the outlook for Bitcoin in October is stale. Looking beyond October however could present more exciting opportunities, as the SEC no doubt near a final decision on a number of their Bitcoin ETF applications.”
U.S. regulators have yet to approve bitcoin ETFs and market observers believe if that even happens, it will be next year.
For more information on the cryptocurrency market, visit the Bitcoin category.
