Bitcoin SV (BSV), Bitcoin Cash (BCH) Pops as BTC ETF Hopes Rise
Bitcoin SV and Bitcoin Cash prices were among the top-performing currencies on Monday as a sense of hope returned in the crypto market. BSV jumped by more than 13% to $38.27 while Bitcoin Cash jumped to $228.64. Other top-performing cryptocurrencies were Solana and Stacks.
The main catalyst for the rally was the ongoing hopes that the Securities and Exchange Commission (SEC) will approve a Bitcoin ETF. These hopes were amplified by the decision by the SEC to move on without appealing the Grayscale lawsuit.
BCH and BSV prices jumped after a false report by Cointelegraph suggested that the SEC had expected iShares Bitcoin Trust. That report pushed Bitcoin to almost $30,000 and then it retreated shortly afterwards.
Bitcoin Cash and Bitcoin SV also jumped as a sense of optimism continued in the market. Move was exemplified by the strong performance of American equities. The Nasdaq 100 index jumped by more than 1.10% while the S&P 500 and Dow Jones jumped by over 1%. Historically, cryptocurrencies tend to do well when stocks are rising.
Still, the risk for BSV and BCH is that it is still too early to determine whether the SEC will approve Bitcoin ETF. If it does, these coins will rise because it will raise the possibility of companies filing for their separate ETFs.
The other risk for these cryptocurrencies is that inflation expectations have been rising in the past few weeks. The implication is that the Fed will maintain a hawksh tone in the coming months.
