Bitcoin prices moved higher on Monday, edging the cryptocurrency toward crucial resistance at $4,200.
In afternoon trade, bitcoin,
the world’s largest digital currency, was changing hands at $4,139.37, up 0.5% since Sunday’s level at 5 p.m. The cryptocurrency has yet to breach $4,200 in 2019.
What are the experts saying
On Friday, the Securities and Exchange Commission delayed its ruling on two bitcoin-related exchange-traded fund proposals, one by Bitwise Asset Management and a joint bid from VanEck and SolidX. Anthony Pompliano, founder and partner at Morgan Creek Digital, said bullish investors shouldn’t be discouraged by regulatory delay.
“The SEC is one of the most conservative organizations involved in bitcoin and crypto today. They have done a great job actively targeting scammers and fraudsters, while allowing innovation to play out,” he wrote.
“Once they are comfortable with the market dynamics, there should be a major inflection point in sentiment among large corporations, true institutional capital allocators, and the mass audience of retail investors that traditionally focus on financial markets.”
Altcoins and futures
Smaller digital currencies, colloquially known as altcoins, were mostly higher on Monday. Ether,
was up 0.2% to $141.17, Litecoin
was up 0.2% at $60.45, Bitcoin Cash
fell 0.4% to $167.10 and XRP
added 0.9% to 31 cents.
Bitcoin futures were showing solid gains in Monday trade. The Cboe April contract
rose 1.5% to $4,135 and the CME April contract
gained 1.4% at $4,130.
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