Ethereum [ETH]’s Vitalik Buterin shrugs off need for Bitcoin [BTC] ETFs, market is resilient

The last week was filled with speculation, despair, and relief for Bitcoin [BTC] investors. The market went on a rollercoaster ride on the coattails of ETF speculation. However, even as news of the Winklevoss Twins’ ETF proposal being rejected drove the price down, the market quickly showed resilience and regained past prices.

In the light of the volatile price movement for Bitcoin and Ethereum [ETH], Vitalik Buterin, the Co-Founder of Ethereum, commented on the need for these products. He said on Twitter:

He also spoke about the balance in the investor and adoption markets for these cryptocurrencies. He said:

“Agree, though I personally think the current level of adoption is imbalanced, ie. there’s relatively speaking too much investment and not enough usage.”

On the adoption side of things, Bitcoin saw an addition to TransferGo, an international remittances service provider. This allows it to reach a user base of about 650,000.

Bitcoin July price graph | Source: TradingView

Bitcoin July price graph | Source: TradingView

The price of Bitcoin saw a breakout this month after news of VanEck and SolidX proposing an ETF to the United States Securities and Exchanges Commission broke at the beginning of July. The price moved from $6400 to $6700 in the span of one day on 4th July, continuing to trade around the $6700 mark until 8th July.

However, from 10th July onwards, the market saw a low week, markedly presenting at $6300 on 10th July and $6100 on 12th July. Little did investors know, this would mark the bottom on the price graph for the new 2 weeks to come.

The coin broke out of the extended price suppression on 18th July, where it saw the $7000 resistance shattered. The value skyrocketed, from a price of $6700 to almost $7500 in the span of a few hours.

The coin did not stop it’s bullish run as it broke the $8000 mark on 24th July and traded to highs of above $8300 on the next day. However, after the news of the Winklevoss ETF being rejected broke out on 27th July, the price saw a low to $7932. Soon after, the coin rallied to $8200 on the same day. It is currently trading around the $8100 mark.

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