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Saturday the prices of the cryptocurrency have risen, alleviating the risk of an imminent withdrawal after days of mostly sideways moves. As history has shown, longer periods of side trading are often followed by showy selloff in bitcoin and altcoin.
Flush of Green
The major cryptocurrencies reported gains at the start of the weekend. Bitcoin, the largest by market capitalization, has risen above $ 3,700 in a show of momentum for the bulls. At the last check, the bitcoin price was valued at $ 3,744.11, after gaining 2.5% from Friday.
Monday the price of Bitcoin broke out, but failed to generate bids sustained throughout the week. As a result, he spent most of that period hovering between $ 3,600- $ 3,700. Bitcoin faces significant long-term support for $ 3,550; a break below this key level could be a killer for bulls.
The main digital currency continues to be a good barometer for the general market. With a market dominance rate of 52.5%, bitcoin has a direct impact on the performance of altcoin and token. Not surprisingly, non-bitcoin currencies rose more than $ 2 billion on Saturdays, according to CoinMarketCap.
The total capitalization of all cryptocurrencies improved to $ 124.7 billion, up sharply from the 24-hour low of $ 120.9 billion.
Litecoin was the best gainer among the main criptos, with an increase of 4.4% to $ 32.65. XRP added 1.7% to $ 0.3313, Ethereum rose 2.5% to $ 125.01 and bitcoin money rose 1.4% to $ 130 70.
Out of the top ten, IOTA grew 4.1% to $ 0.3246. NEO advanced 5% to trade at $ 8.09.
The debate on Bitcoin's ETF continues
The US Securities and Exchange Commission (SEC) has a big decision to make in about five weeks: approve or reject VanXck SolidX Bitcoin Trust. Unlike previous cryptographic ETF applications, the VanEck-SolidX application proposes a physically-defined bitcoin fund that addresses many of the SEC's current concerns about investor protection and market manipulation.
Some investors are clinging to the hope that SEC's approval of the VanEck-SolidX product will give the market a much needed boost by the end of the first quarter. But the impact of approval / rejection could largely depend on how the market is heading for the decision, now scheduled for 27 February. As Hacked reported last month: "Refusing to approve the ETF could affect the market if the price of Bitcoin is rising in anticipation of the announcement." More here.
The consensus among analysts and market observers is that the SEC will probably not approve any bitcoin ETFs this year. This opinion was recently taken up by bitcoin bull and CNBC collaborator Brian Kelly, who claims that the bitcoin futures market is not mature enough to allow the approval of an ETF. He made no specific comments on the VanEck application, which was designed as an alternative to futures-related products by holding a physical BTC deposit with respect to derivatives.
The Office for Compliance Inspection and Compliance (SEC) has appointed Crypto as one of the six regulatory focal points for 2019. In a recently published report, OCIE stated: "Given the significant growth and risks presented in this market, OCIE will continue to monitor the supply and sale, trade and management of digital goods, and where the products are securities, examine for regulatory compliance. "
For more information on this story, read: As Race for Bitcoin ETF Heats Up, SEC identifies cryptocurrency as a top priority in 2019.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
