Brian Kelly: Bitcoin is not falling due to SEC ETF position
"Investors make the mistake of selling cryptographic currency because of the delay with the decision on bitcoin-ETF," - said CNBC analyst Brian Kelly.
In his opinion, the coin value is not declining due to the actions of the U.S. Securities and Exchange Commission (SEC). Bitcoin lost 12% of its value August 8 and 9, Kelly said.
Prices began to fall after it became known that the SEC meeting on the application of VanEck and SolidX to open Bitcoin-ETF from August 10 to September 30. Cryptoanalyst Brian Kelly believes that the decline was not caused mainly by the reaction to the regulator. According to him, the date shift was expected.
"A small spoiler: The SEC will likely announce a further postponement on Sept. 30 as the market is not ready and the Commission has not received all its answers," he said, adding that approval of the Bitcoin-ETF is unlikely before the end of the year.
According to Brian Kelly, the market situation could have been affected by a major over-the-counter transaction. The analyst also spoke about the dynamics of Ethereum Classic (ETC/USD). This coin, unlike most popular cryptovoltaic currencies, shows positive dynamics. In a month it has grown by 30% - this is associated with a listing on Coinbase and Robinhood. Why is it important on August 8 and 9, popular cryptovolves lost 10 to 25% of their value. Postponement of the Bitcoin-ETF decision in any case affected the market sentiment. The day before it was reported that by the end of September the Commission has to make a decision on nine more applications for the creation of exchange bitcoin funds. The earliest date for two of them is August 23.
Ripple (XRP) is one of the largest cryptographic currencies on the market by capitalization. Most XRP investors are concerned about whether XRP will grow this year after more than a 10-fold drop from the peak of the year.
Most cryptovoltaic experts agree that a token will not only be able to return to the level of the beginning of the year about $4, but also to reach new peaks, - writes Smartereum.
XRP is a cryptovolta, moving most successfully towards the mainstream and everyday use. For example, recently Ripple users were able to pay for goods and services with Wirex Visa cards.
Just a few hours after the start of support for the crypt-currency, millions of dollars were transferred to the cards in XRP, which are now used for daily payments.
Ripple is building more and more partnerships with the world's leading financial companies. Token is increasingly recognized in the banking and financial industries.
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Ripple hopes to become the preferred payment processing system to replace the SWIFT payment system. Currently XRP is supported by more than 200 thousand online stores around the world.
Many experts from such editions as fxstreet, express.co.uk, investpr believe that Ripple (XRP) can end this year near the $10 mark and it is quite achievable. It will be several times higher than the maximum levels at the beginning of the year and 30 times higher than the current price.
Analysts agree that given the popularity of the network, the well-built platform, global investment interests and penetration into the media and mainstream, XRP will inevitably grow in the short, medium and long term.
In the long term ten years the cost of XRP may rise to a range of $200-$300. And it is in the interest of the company itself, if the price keeps growing, which will make XRP less volatile.
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