Bitcoin has gone bullish since the apparent ‘delay’ of the Van-Eck/Solid X CBOE ETF.
Sources within the Institutional Investor community claim this ETF is one step away from approval. The SEC are shortly to grant the green light based on the Van-Eck/Solid X ETF based on it’s safety measures offered to investors, such as physically delivered Bitcoin, Custody and Insurance.
Bitcoin achieved $6840 overnight and a daily volume of $25.6 billion, a quarterly high and the highest amount of volume since the beginning of May 2018, when the overall Market Cap stood at over $400 billion.
However the biggest winner of the day was XRP (Ripple) with a magnificent rise from 44c to 80c, knocking Ethereum off the number 2 spot for the first time since January this year.
This is due to the imminent launch of Ripple’s xRapid solution which will enable faster settling of cross-border transactions, in addition to partnering with Wall Street institution, PNC, a top 10 US bank. This partnership will enable even greater adoption of XRP as it is used by PNC for cross-border payments.
Bitcoin has since corrected to $6,676 as of the time of writing and XRP down to 58c, which is usual given the lack of weekend activity, and the market remains optimisic and positive as a whole.
Are we seeing the start of a big bullish run? Time will tell!