Cryptocurrency

Bitcoin set for best daily gain since July despite SEC’s disappointing remarks

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The Bitcoin bounced back to trade above $4,000 on Wednesday, taking a breather after its latest wave of losses, despite disappointing remarks from the head of the U.S. Securities and Exchange Commission.  

BTCUSD traded 8.60 percent higher at $4,117.6, as of 11:45 GMT, set for its biggest daily climb since July, noting that it touched a peak of 4,159.1, according to the Bitcoin price on Binance exchange.

While some traders believe the Bitcoin could start a bullish reversal from the current levels, many analysts expect the price to face strong resistance.  

So far, the Bitcoin has shaved nearly 80 percent since hitting a peak near $20,000 in December last year, raising uncertainty about the future of the whole cryptocurrency market.

U.S. SEC Chairman Jay Clayton said the security of cryptocurrencies is one of the key reasons behind approving any bitcoin ETF.  

“Safeguards do not exist currently in all of the exchange venues where digital currencies trade … we've seen some thefts around digital assets that make you scratch your head," said Clayton.

His remarks have lowered the chances of seeing a consent to the much-anticipated bitcoin ETF any time soon.

Yet, the New York exchange operator Nasdaq has confirmed plans to list bitcoin futures in the first quarter of 2019.

Despite the recent collapse in crypto pries, the American Investment Bank on Custodial Services claimed the latest price movement was "Healthy" for crypto ecosystem.

Any investments tied to the U.S. dollar, including digital currencies, have suffered from negative pressures, but the dollar is currently facing several negative influences and therefore 2019 and beyond are expected to be years of growth opportunities for cryptocurrency driven solutions, according to Forbes.

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