For the price of bitcoin, the summer was anything but smooth.
Markets boomed on news of ‘the Brexit’, tapered off through the long-awaited halving and tumbled on the news yet another exchange had been hacked. Since then, the price has fluctuated between $550 and $600, returning to the “relative” calm observed earlier in the year.
But given bitcoin’s historical volatility, analysts are already beginning to question what may trigger bitcoin’s next big price swing.
As we head into the fall and winter months, a diverse set of theories are beginning to emerge about conditions that could either boost the price, or see it return to its 2015 lows.
Among the potential triggers cited by analysts, the emergence of a bitcoin exchange-traded fund (ETF), an investment vehicle that general holds a basket of stocks or commodities, was perhaps the most often discussed.
Many market observers have been watching the status of two proposed ETFs with great interest, but for a while, there wasn’t any reason to hope for developments. However, excitement for a potential market first has grown in recent weeks following the July announcement of the SolidX Bitcoin Trust and amid new filings by the Winklevoss Bitcoin Trust.
The approval of either could represent