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.
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.