- 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.
More: Bitcoin 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.
More: Ripple market update: XRP/USD struggling with trendline resistance under $0.27
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.