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The
Bitcoin (BTC) bounce from last week and earlier this week has continued to level off.
However, it appears BTC optimism is still in the air and prices continue to climb, albeit more gradually, with the entire crypto market now worth over US$300 billion.
As per
Einstein Exchange, Bitcoin was trading at US$8250, up about a point from yesterday.
Ethereum (ETH) was also up about a point, whereas
B Cash (BCH) was down slightly along with
DASH.
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Blockchain Capital partner
Spencer Bogart compared Bitcoin to a “tinderbox”,
telling CNBC prices could grow further due to multiple “catalysts.”
Speaking to CNBC’s Fast Money, Bogart, who is regular commentator on the network and on cryptocurrency social media, adopted a notably bullish tone compared to just weeks ago when Bitcoin was trading around US$6,000.
“Any number of catalysts could send bitcoin exploding higher,” he forecast, adding, “Bitcoin is kind of a tinderbox right now, waiting for reasons to go higher.”
Bogart’s increasing optimism adds to a popular narrative in the cryptocurrency industry that has grown out of Bitcoin’s sudden price increase of over 30% this month, the majority of which occurred over the past ten days.
Like many commentators, Bogart highlighted potential regulatory approval of a Bitcoin Exchange Traded Fund (ETF), geopolitical, and macroeconomic “tensions” and continued interest in blockchain integration for payments from big business such as MasterCard in July.
Despite consensus building that the ETF approval will have to wait until September or even longer, Bogart said the status quo could not continue infinitely.
“The cat’s out of the bag,” he continued to CNBC reporters, “innovation is going elsewhere if the SEC [U.S. Securities and Exchange Commission] doesn’t get on board soon.”