Bitcoin reached an all-time high, with the price exceeding $1,300 this morning. It is obvious that there’s an upward trend since our last update, when the price was around $1,200. For a while, it seemed that the price might stabilise around $1,220 or $1,230 but it kept growing, before finally reaching the new benchmark today.
There’s more positive news, as it was announced that the Securities and Exchange Commission of the US will reconsider its decision to deny Bitcoin ETF listing. When the Commission announced its original decision a month ago, the Bitcoin price suffered a decrease, but it soon bounced back.
The Commission used the word “unregulated” when describing Bitcoin, which raised some concerns among investors, but experts hope that the Commission members might have a change of heart and eventually alter its March decision.
Price at $1,300, Gearing Towards $1,400
It has been a great week for Bitcoin owners. The price rose by about $100 in just one week. There were days when it remained stable, but on some of the days in the previous week it grew by $20 or even $30. There was only one drop between the 22nd and the 23rd when in a brief period of time the price went from around $1,260 to $1,230, but it quickly rose back. In the past 24 hours we saw an increase of about $30.
There are hourly fluctuations but the general trend seems quite positive. It wouldn’t be too surprising if we see the price grow to $1,400 in the next couple of days, as we have seen that price growth of several percentage points within only 24 hours is not something too unusual. The trade volume exceeded $230 million in the last 24 hours, which is a good indicator.
The market cap exceeds $20.7 billion, and is steadily growing towards $21 billion. If we have a closer look at the technical indicators it seems that it is still smart to buy at least until the price reaches $1,400 and definitely until it reaches $1,350. It has been suggested that there might be a bit of resistance at $1,350 and there will definitely be increased resistance if it reaches $1,400 soon.
The SEC Will Reconsider Its Position on Bitcoin ETF
The fact that it took the Securities and Exchange Commission less than two months to decide that it might need to re-evaluate its decision to prevent the tracking of Bitcoin trading. The Winklevoss twins (Cameron and Tyler) have been strangling for more than 3 years to persuade the Commission to permit the Bitcoin ETF.
If the SEC reaches a different decision next time Bitcoin investors will get an increased degree of security which might have a positive effect on the Bitcoin price. The exchanges that list the EFT are hopeful that the SEC will see sense and accept their appeals.
A sense of security is something Bitcoin investors definitely need, especially if the long awaited tax reforms that have been announced by the new US administration prove to be successful. If Trump keeps his pledge it might have a positive effect on the US dollar and its position in regards to other currencies, including Bitcoin. As a result, the Bitcoin value against the dollar might suffer a decrease.