Bitcoin stops when the decision of the ETF looms

Bitcoin regained its ground at the start of Tuesday, trading back above $ 7,000 as it seems to stop the recent selloff.

After registering the eighth session lost in the last nine Monday, bitcoin

BTCUSD, + 2.27%

changed hands last to $ 7,084.77, up 2.4% from Monday 5:00. Eastern Time on the Kraken Kryp exchange.

After a torrid start in August for digital currency holders, attendees shifted their focus to a potential decision on the VanEck and SolidX application for a fund traded in exchange with bitcoins.

The first date to be taken into consideration is 10 August, ie 45 days after the Securities and Exchange Commission has submitted a notification on the proposal and when the time when it would file an answer runs out. However, the SEC said it could push this 90-day response period "if it finds that a longer period is appropriate."

In both cases, the crypto community has it on its radar. "The decision of the ETF will be the next catalyst for the market," said Charles Hayter, co-founder of CryptoCompare. "There is a lot of uncertainty about the decision, but also a lot of hope."

Hayter added that the selloff found its feet around $ 7,000 and traders are now in a "wait and see" mode.

Despite the anticipation, some experts believe that a decision in favor of an ETF will not come until 2019. Brian Kelly, founder and CEO of BKCM LLC, an investment company focused on digital assets, told MarketWatch in July a decision in 2018 is unlikely

Read: These could be the 3 biggest hurdles to a bitcoin ETF

Rials and futures seem to rebound

Bitcoin futures are traded higher on Tuesday. The August contract of Cboe Global Markets Inc.

XBTQ8, + 2.53%

trades 2.4% more to $ 7.085 and the August contract of CME Group Inc.

BTCQ8, + 2.46%

increased by 2.1% to $ 7.065.

Altcoins, which are smaller currencies alternative to bitcoin, are mostly higher at the start of Tuesday's trading. Ether

ETHUSD, + 0.13%

is up by 1.5% to $ 409.46, Bitcoin Cash

BCHUSD, + 2.02%

exchanges 2.9%, to $ 708.80, Litecoin

LTCUSD, + 1.33%

rose 1.6% to $ 74.70 and the Ripple XRP

XRPUSD, -2.91%

is going against the trend, falling by 2.1% to 41 cents.

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