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Cryptocurrency prices rose on Saturday, easing the risk of an imminent withdrawal after essentially lateral movements. As history has shown, long periods of side trading are often followed by mbadive sales of bitcoins and altcoins.
Flush of Green
The biggest crypto-currencies have all recorded gains early in the weekend. Bitcoin, the largest market capitalization of the market, has risen above $ 3,700 to set the tone for bulls. During the last audit, the price in bitcoin was valued at $ 3,744.11, after a 2.5% increase over Friday.
The price of Bitcoin broke on Monday but did not generate sustained offers throughout the week. As a result, he spent most of that period between $ 3,600 and $ 3,700. Bitcoin is facing significant long-term support at US $ 3,550; a break below this key level could be a killer for bulls.
The main digital currency remains a good barometer for the entire market. With a market dominance rate of 52.5%, bitcoin has a direct impact on the performance of altcoins and tokens. It's not surprising that coins other than bitcoin rose more than $ 2 billion on Saturday, according to CoinMarketCap.
The total market capitalization of all cryptocurrencies improved to $ 124.7 billion, up from $ 249.9 billion in the previous 24 hours.
The litecoin was the main gain among the main crypto, up 4.4% to 32.65 USD. The XRP rose 1.7% to $ 0.3313, Ethereum rose 2.5% to $ 125.01 and bitcoin liquidity increased 1.4% to $ 130.70.
Outside the top ten, the IOTA rose 4.1% to hit $ 0.3246. NEO rose 5% to $ 8.09.
Debate on Bitcoin ETFs continues
The US Securities and Exchange Commission (SEC) has a big decision to make in about five weeks: approve or reject the VanEck SolidX Bitcoin Trust. Unlike previous crypto-ETF applications, the VanEck-SolidX application offers a physical settlement bitcoin fund that addresses many of the SEC's concerns about investor protection and market manipulation.
Some investors hope that the approval of the VanEck – SolidX product by the SEC will give the market much needed momentum by the end of the first quarter. But the impact of approval / rejection could depend largely on market performance on the eve of the decision, scheduled for Feb. 27. As reported Hacked last month: has increased in anticipation of the announcement. "More here.
Analysts and market watchers are hearing that the SEC is unlikely to approve a bitcoin ETF this year. Brian Kelly, a contributor to CNBC, recently echoed this idea. The bitcoin futures market is not mature enough to allow the approval of an ETF. He did not specifically comment on the VanEck application, which was designed as an alternative to futures-related products by keeping a physical BTC repository as opposed to derivatives.
The SEC's Office of Inspections and Compliance Reviews (OCIE) has designated crypto as one of the six regulatory focal points for 2019. In a recently released report, OCIE said: offer and sell, negotiate and manage digital badets and, where the products are securities, review regulatory compliance. "
To learn more about this story, please read: As the race for the ETF warms, SEC identifies cryptocurrency as a top priority in 2019.
Disclaimer: The author is the owner of Bitcoin, Ethereum and other crypto-currencies. He holds investment positions in coins, but does not engage in short-term or day trading.
The selected image is a courtesy of Shutterstock.
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