The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin rebounds from $4k
Having hit $4,000 for the first time for six weeks on expectations that the US Securities and Exchange Commission will soon approve investment vehicles, which would broaden Bitcoin’s appeal, the number one crypto assets rebounded on Wednesday.
On Wednesday, the SEC confirmed that it has obtained a formal request to officially approve a Bitcoin exchange-traded fund created by VanEck/SolidX.
The exchange applying for the listing, the Chicago Board Options Exchange had dared to withdraw its application for a rule update on the ETF. After that at the end of January, it had it resubmitted.
The very essence of the recent notice is that the SEC requires making a decision on whether or not to permit the ETF to start within 90 days. In fact, a preliminary decision is forecast within 45 days. By the way, the previous week nearly the same ETF proposal prepared by Bitwise Asset Management was revealed by the SEC.
Market experts are hoping that the fresh proposals are capable of satisfying the worried expressed by the SEC in 2018, when it neglected a number of ETF proposals.
As a matter of fact, Bitcoin headed south by 0.4% coming up with a reading of $3,953.60 on the Investing.com Index.
Digital coins generally ascended, jumping to $135 billion, in contrast with an outcome of $133 billion recorded on Tuesday.
As for Ethereum, this crypto asset slumped by 0.5% being worth $147.24. Besides this, XRP tumbled by about 3.8% reaching $0.3283. Litecoin was worth $50.826, soaring by up to 4.1%.
Elon Musk backed crypto assets in an interview on advisory services company ARK Invest’s podcast. From his point of view, the structure of Bitcoin is awesome and he’s assured that that traditional fiat currencies are inferior to digital coins when it comes to transferring value.
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