Bitcoin needs a blessing from the SEC, says analyst

Two Person Holding BitcoinBitcoin prices extended losses from Tuesday, trading back toward the recent inflection point of $6,500.

In early Wednesday trading a single bitcoin, BTCUSD, -0.48%  the world’s largest cryptocurrency, was changing hands at $6,515.45, down 1.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange.

The total value of all cryptocurrencies remains above $200 billion at $217.1 billion, according to data from CoinMarketCap.

Seasonal patterns had many crypto proponents geared up for a fruitful final quarter, but to-date gains have been lacking and analyst Naeem Aslam said it may take an endorsement from lawmakers to get a year-end rally under way. “Bitcoin needs some sort of a blessing and only that can revitalize the rally for the currency,” wrote Aslam, chief market analyst at Think Markets U.K.

And where would that blessing come from? “I think that the SEC [Securities and Exchange Commission] seeking a public opinion about the Bitcoin ETF [exchange-traded fund] is a positive sign, the department perhaps wants to respect the public opinion and most importantly wants to see the accurate landscape,” he continued.

Source: Market Watch

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