Bitcoin: down at $40,000; more losses ahead?
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin conquers $4,000
On Thursday, key crypto assets managed to make some gains in Asia having lost ground for two days.
As a matter of fact, an actively discussed Bitcoin exchange-traded fund currently scrutinized by US Securities and Exchange Commission gained some adverse feedback.
Eventually, Bitcoin managed to break past the $4,000 mark, thus recording a one-week maximum. The number one digital coin jumped by 1.21% hitting $4,045. As for other digital currencies, they tacked on too. Besides this, Ethereum surged by 1.10% concluding the trading session at $139.08. As for XRP, it rallied by approximately 1.19% showing an outcome of $0.31678, while Litecoin headed north by about 1.95% being worth $60.113.
The SEC had obtained generally negative feedback on a proposed rule change for the Bitcoin ETF by investment company VanEck as well as financial services company SolidX. In fact, 6 out of 7 remarks the SEC received made the watchdog refrain from approving the proposal.
One remark had to do with Bitcoin’s lack of value as an asset, its wild volatility as well as market manipulation. Another comment made the watchdog take a watch and wait stance.
Previously, Jay Clayton, SEC chairman told that there might be a case where a Bitcoin ETF could have their rules satisfied. However, it’s unknown how the SEC’s approach to the issue will change after getting those remarks.
In addition to this, Switzerland officially approved a move to adapt the current provisions on procedural instruments of judicial as well as administrative authorities just to make them applicable to digital coins.
The given move is highly expected to protect crypto enthusiasts from illegal activities, including money laundering and extortion.
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