What is the beginning of the next bull market?

What is the beginning of the next bull market?

This week, on The Market Report Cointelegraph’s resident expert discussed whether Bitcoin reaching $31,000 was a sign of the next bull market.

Cointelegraph YouTube Subscribe

Join us on Social Networks

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses the latest change to the BlackRock spot Bitcoin exchange-traded fund (ETF) filing, which adds Coinbase as a “surveillance-sharing partner.” Some analysts have signaled that the filings by BlackRock, Fidelity and others are responsible for the recent Bitcoin (BTC) rally toward $31,000, but according to Pechman, they’re only partially correct because it doesn’t indicate the United States Securities and Exchange Commission (SEC) will accept any of the ETF filings.

Pechman says that a court ruling may be necessary in the event of an SEC refusal. The SEC may be asked to explain its rule in relation to existing spot ETFs, such as oil and gold, while a judge decides if it has been applied to Bitcoin.

[embedded content]

Pechman thinks the recent Bitcoin rally was justified. Pechman believes that the recent Bitcoin rally was justified.

Pechman, a cryptocurrency expert, believes that Bitcoin’s $30,000 price support is still at risk because of macroeconomic uncertainty, a weak stock market and the strict regulatory environment towards cryptocurrencies.

Pechman then explains the next topic of the show, which is how Genesis Global Trading, a subsidiary of Digital Currency Group (DCG), has severely affected the Earn program at Gemini crypto exchange and why the Winklevoss Brothers were aware of the risks.

Investors believe that $25 billion worth of crypto are at risk, regardless of the actions taken by DCG CEO Barry Silbert. Pechman points out that DCG is the owner of Grayscale which owns Grayscale Bitcoin Trust, a tradeable investment fund with a value of $19 billion, and an Ether instrument worth $6 billion.

Listen to the complete episode of The Market Report for Pechman’s opinion about the chances of a Grayscale Fund liquidation, and if the bull market is here. The show is exclusively available on the new Cointelegraph Markets & Research Youtube channel.