Fatfish Internet Group CEO Kin-Wai Lau has discusses the key drivers behind recent Bitcoin rally. He also has noted that cryptocurrency markets will soon be “ready for the market to generally accept an ETF.”
31 July, AtoZ Markets – Fatfish Internet Group CEO Kin-Wai Lau has expressed his views regarding one of the most popular topics in the crypto community now – Bitcoin exchange-traded fund (ETF). He believes that global markets will be “ready to accept” Bitcoin ETF in a couple of months.
Fatfish Internet Group CEO discusses drivers behind recent Bitcoin Rally
Mr. Lau has also stated that he believes in the current Bitcoin price rally, adding:
“It’s a very strong wave; it’s driven by institutional demand, it’s driven by adoption. [There’s] lots of interest this time around — trading volume is several times higher than during the lows.”
The leading cryptocurrency continues to hold above $8,000 after shortly dropping to around $7,700 at the end of last week. In spite of the rejection of the second Winklevoss brothers’ ETF application by the US SEC, the prices of Bitcoin have climbed above $8,100 some time afterward. This has contributed to the users’ belief in the increasing stability of Bitcoin’s markets.
Mr. Lau has highlighted that the Bitcoin price bounce is “generally very positive for early adopters and people who have an interest in the sector.”
Global Markets Might “Accept” Bitcoin ETF Soon
In the meantime, the US regulator SEC has postponed its decision concerning the Direxion Bitcoin ETF application until the middle of September.
The news regarding the delay emerges from an official document that has been published by the US Government Publishing Office on July 24. An announcement from the US SEC has noted that it was “appropriate” to delay its decision. The decision, according to the statement, only affects Direxion’s offering.
Mr. Lau has stated that he believes there will be a potential shift in the regulatory environment in the near future. He has been quoted as saying:
“I think we’re not far away; I think probably just a couple of months away from being ready for the market to generally accept an ETF.”
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