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Bitcoin saw a double-digit rebound Wednesday after weeks of difficulty recovering over $ 4,000.
Brian Kelly, CEO of BKCM, said that even bitcoin may have been boosted by the "hash wars" on the bitcoin money finally coming to an end. That digital currency was divided into two competing versions at the beginning of November – "Bitcoin ABC" and "Bitcoin SV".
"You're seeing the cashcoin saga playing itself," Kelly said. "People were funding a lot of this by selling bitcoins, so an element of sellers has left the market."
While Kelly said that this week's positive titles did not necessarily determine the double-digit percentage, it was positive for the overall sentiment in cryptographic markets.
"People are starting to realize that this is a legitimate asset class," Kelly said.
Bitcoin got the support of a key figure at Wall Street this week. Jeff Sprecher, president of the New York Stock Exchange and CEO of ICE, said at the Consensus Invest conference Tuesday that despite the cryptocurrency titles falling, digital assets have a future in regulated markets.
Sprecher & # 39; s Intercontinental Exchange, the parent company of the New York Stock Exchange, is supporting a version of future bitcoins through a start-up called Bakkt that will go live in January. Nasdaq and VanEck are also planning to launch cryptocurrency products, which include bitcoin futures, in the first quarter of next year.
SEC president Jay Clayton told the consensus that there are some problems in the market that need to be resolved before he feels "at ease" to highlight a fund traded on the stock exchange, or ETF. But he did not rule out the possibility that the investment vehicle will be approved once the problems are solved.
