The market has in the last couple of hours turned green. Market bulls are awake again. The market leader, Bitcoin, has begun rallying again pulling with it altcoins. The return to a bullish trend comes after a drastic drop that saw Bitcoin hit lows of $7,400.
While finding bullish momentum was expected to be hard, prices getting above $8,000 will aid the cause. For speculators and Bitcoin ETF advocates, there is some good news for them and it could just help boost their confidence in near future approval.
The SEC chairman has been speaking about a potential approval and for the first time, one can tell there is intent from the commission to approve a Bitcoin ETF.
The SEC Is Working Behind The Scenes To Come Up With New Measures Before Approving A Bitcoin ETF.
SEC chairman Jay Clayton in an interview with CNBC discussed Bitcoin ETFs. In the interview, he stated that the commission was working hard behind the scenes to approve Bitcoin ETFs in the near future. While he believes the commission is working hard and that they were making progress, there is still a long way to go.
Before the SEC can approve any ETF, the ETF has to meet the custody requirement of the U.S. market. Bitcoin is yet to pass this requirement due to its vulnerability to crime and price manipulation.
Due to Bitcoin’s different nature from stocks and bond market, the SEC has to re-adjust and come up with new measures to keep up with the asset. This has so far proven challenging but its good to know the commission is working hard to make a Bitcoin ETF possible in the near future.
Bitcoin (BTC) Price Update
At the time of press, Bitcoin has climbed to around $7,995 and with trading volume back above $20 billion, it looks set to test the $8,000 position. With this achieved, the next key resistance will be around $8,250, possibly holding on the $8,000 support.
The asset has proven to have strong support at $7,800 after a pullback. Bitcoin’s movement in the last couple of hours is only a little over 3% rise, with higher bullish volume, this should go even higher.
