The crypto-markets are in the green for another day and its exciting as well as very welcoming. Many traders and HODLers had more or less wondered if the downward spiral that was catalyzed by the SEC postponement of an ETF decision, was ever going to end. The lowest point came when the total market capitalization stood at $189 Billion on the 14th of August. It has since rebounded by a cool $25 Billion since then (13.2%) and at the moment of writing this. Bitcoin (BTC) is currently trading at $6,531 and up 10% from its recent low of $5,900 on the same 14th of August.
Our favorite alternative coins are also in the green with XRP leading the pack by doing 10% in 24 hours and currently trading at $0.347. Many XRP fans were worried that total capitulation by HODLers was in the offing if the downward trend was not broken by a market recovery and/or news that Ripple has partnered with Bittrex, Bitso and Coins.ph. Ethereum is also recovering and currently trading at $311 after touching ominous levels of $256 on the 14th of August.
Do we really need an ETF?
It is therefore with the organic recovery of our favorite digital assets that we can conclude that Bitcoin (BTC) and the crypto-markets do not need a Bitcoin (BTC) ETF to be great. The crypto-verse was great even before Wallstreet showed an interest in the markets. The communities of the corresponding coins and blockchain projects made the ecosystem thrive through the usual discussions of blockchain technology and what each coin or token was going to solve for the society.
Double Edged Sword that Bakkt
Caitlin Long, a 22 year Veteran at Wallstreet and active in Bitcoin since 2012, believes that the Bakkt company about to be launched in November is a double edged sword for the crypto-verse and general financial system. She stated that:
This is a major step in the mainstreaming of Bitcoin and cryptocurrencies. But it’s also a double-edged sword, because it’s likely the beginning of Wall Street creating financial claims to Bitcoin out of thin air (and not backed by actual Bitcoins), which could offset some of Bitcoin’s algorithmically-enforced scarcity.
In conclusion, the crypto community has always held its own in the crypto markets. Whenever there was a decline, it would soon correct itself for the crypto-community was confident enough to believe in Bitcoin and other digital assets. Now, with Wallstreet walking in with ETFs and Bakkt, the crypto community has once again fallen victim to the old ways of thinking that the big financial firms will make the industry great. As a matter of fact, Bitcoin was created by Satoshi Nakamoto to bypass the control of the financial institutions. Therefore, they are not a necessity in making BTC and the crypto markets great.