Bitcoin breaks $8,000 and still increases every hour. The whole market, altcoins are also green and solid growth. This is the best new today for crypto enthusiastic. I think that the Bull Market has come. What do you think?
I would still like to throw a wind of caution into this. yes things look much better right now, but it could just be one massive bull trap brewing, they have happened before.
Right now the main impetus/ narrative for the run seems to be the ETF hype yet the sec has just yesterday rejected the winklvos application, and while the CBOE one ma be completely different here, the rejection yesterday does not really give the best precedent. In my opinion the chance of the ETF being accepted is very slim and the best bet here is probably another delay to September. If anyone has read the SEC statement on the rejection ( it is 96 pages mind you) then you will find that the argument that they made makes the chances of them accepting the new ETF application very low.
the primary reason they have quoted here in market manipulation of spot markets, as well as the fact that thelargest spot exchanges accounting for nearly 70% of the total volume are not only outside their jurisdiction but are also operating without any government oversight.
The CBOE application while having their NAV being based on their own futures market ( low volumes here) rather than SPOT exchanges would still be circumspect here.
