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Can The Price Of Bitcoin Continue To Recover?

November 29, 2018

There is a significant increase in Bitcoin price and is still trading above $4,150 marks gaining 12.11 percent in the 24-hour period while shedding 8.11 percent in the seven-day period. However, the key factor is whether the most valuable digital coin could sustain the price since it was only last week that the virtual asset price hit a low of about $3,600. Incidentally, the latest increase in price came amidst the Securities and Exchange Commission (SEC) head issuing a statement that it is unlikely that an exchange-traded fund could be expected in the near-term.

Traders Repose Confidence

Following the Bitcoin cash hash war during the middle of the month, traders are fighting back to curb the big sell-off. Since it is taken as a lead for the overall cryptocurrency market, the impact of splitting into two different virtual assets cast its shadow on other digital coins too. This is also quite evident when five out of the other top nine cryptocurrencies price recorded a double-digit gain. The second and third placed XRP and ethereum advanced 10.22 percent and 11.3 percent respectively.

Interestingly, SEC chairman, Jay Clayton, has blamed the lack of investor protection for taking its own time in according approval for a Bitcoin ETF (Exchange Traded Fund). In short, he does not see any ETF coming up in the near-term. He believes that it could also be either stolen or manipulated on cryptocurrency exchanges, especially where there is not enough surveillance. He added, “What investors expect is that the trading in that commodity that’s underlying the ETF is trading that makes sense, is free from the risk or significant risk of manipulation.”

Safeguards Are Not There

The SEC chairman disclosed that there are no safeguards in several markets where investors trade in cryptocurrencies. An ETF request is pending before the regulator though there is not much hope. In any case, the agency has to take a call in late December. If the SEC approves the plan submitted by VanEck and SolidX, a blockchain platform, through the Chicago Board of Exchange, then it would result in investors acquiring the crypto without going through the clunky exchanges.

It is a well-known fact that the market has been looking for some positive signs from the SEC on the Bitcoin ETF since the start of 2018. This will only boost the involvement of institutions in the market. However, fears are increasing in recent months that institutions or conventional financial service providers might put on hold their ambition of launching ETF. This is mainly because regulators are yet to take a firm stand.

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