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The cryptocurrencies traded marginally lower on Monday, as Bitcoin, the main market leader, waited for its next major breakout. According to the technical rankings, the price of bitcoin is likely to continue to rise in the short term, even if the psychology of damaged investors could undermine such efforts.
Market Update
The total value of all outstanding cryptocurrencies reached $ 213.3 billion, according to CoinMarketCap. The market has changed little compared to 24 hours ago and is about 5 billion dollars less than the intraday peak.
Trade volumes continued to hover between $ 11 and $ 12 billion after briefly surpassing $ 16 billion on Saturday.
in the top-ten were traded on the downside, with losses ranging from 1.6% to 3.9%.
Bitcoin was traded within a range of $ 140 on Bitfinex, and then settled at $ 6.450. BTC has changed little for the day.
The bitcoin price is showing signs of stabilization after the modest recovery last week, which saw prices rebound from $ 5.80 to $ 6.600. In this way, BTC has surpassed the 50-day moving average and seems ready to test the 200-day MA, based on the four-hour charts.
At current values, bitcoin accounts for 52.2% of the total cryptocurrency market. Therefore, his next move will have important implications on altcoin and token.
Bitcoin ETF Talk
The cryptocurrency market is still wavering from the non-decision of the SEC on a highly publicized bitcoin exchange fund. As reported by Hacked about two weeks ago, the Securities and Exchange Commission delayed its decision until September 30th to weigh thousands of public comments on the matter. For many, the imminent decision of the agency could create or destroy the market – at least, in the short term.
The asset in question is the ETX VanXck SolidX Bitcoin supported by the CBOE. According to the application, VanEck and SolidX are proposing a fund supported by physical bitcoins with an insurance component to protect investors from operational risks associated with the procurement and holding of digital assets. Of course, investors are excited about the fund's potential and believe it solves many of the SEC's concerns about security and price manipulation.
However, the consensus among analysts is that approval is too premature at this stage. To begin with, the SEC has not yet fully understood the implications of a bitcoin ETF. In fact, only recently the agency felt that bitcoin was a non-security. According to analysts, the SEC will probably postpone its decision until next year, when the agency will further investigate the issue
. The establishment of the narrative of the ETF ignores the myriad of positive developments concerning the crypto-custody and the recently announced Bakkt initiative, which aims to bring cryptocurrencies to investors and traditional consumers
Bakkt, which was announced last month, it is a new startup funded by Intercontinental Exchange (ICE), Microsoft, Starbucks and Boston Consulting Group (BCG), among others.
Disclaimer: the author owns bitcoins, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
Featured image courtesy of Shutterstock.
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