Cryptocurrency market update: Bitcoin ETF is apparent, Ethereum and Ripple recover slightly

  • A Bitcoin ETF is a possibility but a lot needs to be done before approval.
  • The SEC must make sure Bitcoin price on the unregulated exchanges is not manipulated.
  • Bitcoin hovers above $10,300 while Ethereum and Ripple struggle to hold onto the intraday gains.

The discussion surrounding the much-anticipated Bitcoin exchange-traded fund (ETF) had taken a breather until the Chairman of the United States Securities and Exchange Commission (SEC) Jay Clayton interview with CNBC’s Bob Pisani. Clayton told Pisani that a Bitcoin ETF is possible, however, there is still “work left to be done.” He also clarified that the questions asked by the regulator were not at all trivial.

The SEC’s Chairman added:

“Given that they trade on largely unregulated exchanges [...] how can we be sure that those prices aren’t subject to significant manipulation? Now progress is being made, but people needed to answer those hard questions for us to be comfortable that this was the appropriate type of product.”

While the market hopes for the day the first Bitcoin ETF will receive a go-ahead, Bitcoin is trading at $10,312. BTC/USD is stilled pressed down by increasing selling activity. Besides, there has been a correction from the intraday high of $10,387. This clearly shows that selling pressure is on the rise although the volatility is relatively low.

MoreBitcoin technical analysis: BTC/USD making one step forward and two gigantic steps back

Ethereum and Ripple update

As for the two leading altcoins, the trend is slightly bullish. Ethereum holding ground above $180 even though it has corrected lower from the intraday high of $184.51. It is valued at $182 at the time of press after gaining 0.83% in value on the day.

More: Ethereum price analysis: ETH/USD recovery gaining traction

On the other hand, Ripple is also bullish at $0.2618. The cryptoasset extended the action from an opening price of $0.2588 to an intraday high of $0.2630. The battle as of now is to hold onto the 1% gains accrued today. Moreover, sustaining the current bullish trend could help boost XRP above $0.27 and hopefully gain enough momentum to assault $0.28 resistance.

MoreRipple market update: XRP/USD struggling with trendline resistance under $0.27

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