Bitcoin Hits5-Week High
Despite the US SEC postponing yet again its decision on several Bitcoin exchange-traded funds (ETFs), Bitcoin price continued to climb defiantly over the weekend, recording fresh highs as it traded over $4,100 in a 24-hour period.
According to its official statement, the decision on Bitwise will not be earlier than 16 May 2019, and for the VanEck proposal, five days later on 21 May 2019:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”
Jake Chervinsky, a member of the securities litigation team at Kobre & Kim, who has been commentating on the SEC’s stance regarding the ETF applications, warns that the delays are likely to be until their maximum possible terms, as has been the case up to now.
The SEC has extended its deadlines to approve or deny the Bitwise and VanEck bitcoin ETF proposals to May 16 and May 21, 2019. The SEC can, and almost certainly will, delay both ETF proposals two more times.
The SEC's *final* deadlines will be October 13 and October 18, 2019.
— Jake Chervinsky (@jchervinsky) March 29, 2019
Market commentators were largely surprised by the move, as technicals had suggested another pullback, after several tests of $4,000 fail in the past few weeks. Nevertheless, there was a slight downside to the positivism, as Bitcoin dominance dipped just below 50%, with alternative cryptocurrencies showing even more strong gains, with Ethereum, Dash, Monero and Tezos all moving well. Total market capitalization has hovered above $145 billion.
Bulls are fighting Bitcoin resistance once more in the new quarter and how the next few days unfolds will be telling in these critical levels, with a pivotal point at USD 4,400.
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