The first quarter of 2018 had been pretty grievous with the bitcoin prices falling below $6,000 at one point and the overall crypto market size dropping by about 57 percent. However, today the market did experience some green with bitcoin currently being at $7,083, ethereum at $390 and Litecoin at $119, let’s take a look at upcoming crypto events 2018 that triggers crypto market again.
As we reported earlier, many analysts are considering it the death of bitcoin while people like Bill Barhydt, the CEO of Abra believes a bullish trend is coming soon that will be the result of institutional investors’ entry into the crypto market.
A bullish trend is certainly in order but there are certain events that would trigger the positive sentiments in the crypto market leading to the upward trend.
- Consensus: A highly anticipated Coindesk crypto event
To be held on May 14, this 3-day Consensus 2018 crypto events involves big names from cryptocurrency industry and also includes regulatory authorities that will discuss blockchain and cryptocurrencies. Last year this event triggered the bullish trend of June.
It has been believed that this highly anticipated event will do a repeat of history and bring the wave of roaring green in the market.
- SEC’s approval on crypto-based ETFs
One such event that requires our special attention is if SEC (Securities Exchange Commission) allows the trading of crypto ETFs. An exchange-traded fund (ETF) is basically an investment fund which is traded on stock exchanges just like stocks which are very attractive as investments because of their stock like features, low costs, and tax efficiency. Most ETFs track an index and operates with an arbitrage mechanism.
In January, SEC asked several crypto-based ETFs to withdraw their proposals citing how the funds holding massive crypto amounts can’t satisfy the 1940 Act which is basically investment advisors act that requires the security investment advisors to be registered with the SEC.
At the end of last month, Cboe (Chicago Board Options Exchange) that launched bitcoin futures made an appeal to the SEC to allow ETFs for cryptocurrencies.
Crypto ETF covers various difficult financial products which means it allows the investors to purchase groups of cryptocurrencies instead of having them make individual investments in different currencies. This means investors would be less exposed to the wide volatility in the crypto market.
Through ETFs, an investor can pursue additional currencies while holding the stake in the popular bitcoin at the same time. If SEC does approve crypto ETFs albeit of course by putting substantive measures on them, it will help building investors trust in them as well.
- Putting a hard cap on Ethereum (ETH)
Recently, ethereum co-founder Vitalik Buterin proposed in a post on Github to cap the ethereum supply at 120 million eth. No doubt, by limiting the supply of eth cryptocurrency, a potential price rise is in its future.
SEC has been always been pretty rough when it comes to ICO. With the increase in the scams and frauds in the ICO projects, this surely doesn’t come as a surprise. Regulatory authorities want to curb down the illicit and deceitful use of this crowdfunding method by bringing them under their regulatory provisions. This would only help the crypto community as it not only aids in eliminating the bad factors but will also bring the institutional investors into the market once they know where exactly the market stands with the authorities.
SEC has been issuing notices to the individual ICO projects, but ethereum being the most used and popular backing technology for ICOs, it won’t be long when it would be directly approached by the authorities.
By capping the ethereum supply, the entry into the ICO market can be made tough and restrictive that would also lead to increase in the prices of GAS that would further eliminate the opportunists looking for making quick bucks through ICO market.
All these crypto events currently hold a major significance in the cryptocurrency sector that will lead to an upward trend.
What are your views on the above-mentioned crypto events and their impact on the crypto market? Share your thoughts with us!
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