- July 5, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses whether Bitcoin touching $31,000 is a sign that the next bull run is right around the corner.
In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses the latest change to the BlackRock spot Bitcoin exchange-traded fund (ETF) filing, which adds Coinbase as a “surveillance-sharing partner.“ Some analysts have signaled that the filings by BlackRock, Fidelity and others are responsible for the recent Bitcoin (BTC) rally toward $31,000, but according to Pechman, they’re only partially correct because it doesn’t indicate the United States Securities and Exchange Commission (SEC) will accept any of the ETF filings.
Pechman argues that in the case of a refusal by the SEC, a court decision may be needed. The SEC could be required to explain the rule for existing spot ETF markets, such as gold and oil, with the judge deciding if the same methodology has been applied to Bitcoin.
As for the recent Bitcoin rally, Pechman believes it was justified, but given the history of multiple consecutive rejections, and complaints regarding wash trading and price-making on Tether-based exchanges, one should not give it a 60% probability of approval.
Consequently, Pechman believes that the $30,000 support price for Bitcoin remains at risk due to macroeconomic uncertainties, namely the potential crisis and weak stock market performance, and the harsh regulatory environment towards cryptos.
On to the show’s next topic, Pechman explains how the Gemini exchange Earn program has been severely impacted by Genesis Trading, a DCG Company, and why the Winklevoss brothers knew exactly what the risks were.
But, regardless of DCG’s Barry Silbert acting in an antithetical and unfair manner, investors believe $25 billion in crypto is at risk. According to Pechman, DCG owns Grayscale, which happens to manage the Bitcoin Trust, a tradable investment fund worth $19 billion in Bitcoin, besides a similar instrument for Ether holding $6 billion.
Want to know what Pechman’s opinion is on the odds of Grayscale Fund liquidation and whether or not we’ve entered a bull market? Get those answers in the latest “The Market Report”, a show that runs exclusively on the new Cointelegraph Markets & Research YouTube channel.
