2023-10-21 09:02 |
Stacks (STX), Bitcoin Cash, (BCH), and Bitcoin SV (BSV) prices continued their recovery as a sense of optimism spread in the crypto industry. STX spiked to a high of $0.6750, the highest level since July 14th.
Similarly, Bitcoin Cash price spiked to a high of $242 on Friday, 47% above its lowest level in August. Bitcoin SV pumped to a high of $55, its highest point since June and 105% above its lowest point in August.
BSV, BCH, STX chart by TradingView
Spot Bitcoin ETF hopesThe three altcoins are surging as investors remain optimistic about the possibility that the Securities and Exchange Commission (SEC) will ultimately accept a spot Bitcoin ETF. In a statement this week, Gary Gensler confirmed that the agency was still studying the multiple ETF proposals.
Watch here: https://www.youtube.com/embed/TV2-UJWwMiE?feature=oembedMost analysts believe that the agency will ultimately agree to proposals by companies like Blackrock, Fidelity, Invesco, and Franklin Templeton. For one, these companies have decades of experience in the ETF industry.
Also, the SEC will want to avoid another legal blow if one or more of these funds decide to sue. The agency recently lost the Grayscale lawsuit and the one it brought against Ripple Labs and its executives.
Most importantly, these firms have placed guardrails to prevent market manipulation and ensure the security of the underlying assets.
Why BCH, STX, BSV are soaringTherefore, STX, BSV, and BCH prices have surged because of their relationship with Bitcoin. Stacks is a smart contract layer for Bitcoin’s ecosystem. It makes it possible for developers to build apps that are executed using Bitcoin.
BCH and BSV, on the other hand, are Bitcoin forks, that uses the same technology. Therefore, investors believe that if a Bitcoin ETF is accepted, companies will also file for these coin’s ETFs in the future. The challenge with this argument is that the three are thinly traded.
Analysts are also torn about the impact of the spot Bitcoin ETF on the price of BTC in the long term. In a tweet this week, Peter Schiff warned that Bitcoin price could jump before and then retreat after the ETF approval. This is known as buying the rumour and selling the news.
How many times can #Bitcoin rally on the same ETF rumor? Once a U.S. Bitcoin EFT is approved, or $GBTC is able to convert into an ETF, there will be no more "good" news for Bitcoin to rally on. After years of buying the rumor, everyone will finally be able to sell the news.
— Peter Schiff (@PeterSchiff) October 16, 2023We saw this happen perfectly after Ripple Labs won the lawsuit against the SEC. XRP and XLM prices pumped and then dumped. It has now dropped by more than 50% from its highest level this week.
The silver lining for Bitcoin, BCH, BSV, and STX is that Bitcoin halving will happen in April last year. Historically, BTC tends to rally ahead of the halving event.
The post Here’s why Stacks (STX), Bitcoin Cash, and Bitcoin SV are pumping appeared first on Invezz.
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