Bitcoin, the flagship cryptocurrency, has been able to maintain its $6,500 level so far this week, amid a market sell-off that saw most stocks plummet, with the Dow Jones Industrial Average dropping over 400 points before recovering slightly.
The wider market sell-off was reportedly fueled by concerns regarding a potential China-US trade war and by the European Union (EU) formally rejecting Italy’s budget. While the Dow went down by about 0.5%, bitcoin is up about 0.77% in the last 24 hours as it’s at $6,500.
This as Bakkt, the platform that’s set to be launched by the Intercontinental Exchange (ICE), owner of the New York Stock Exchange (NYSE), revealed it was going to launch its daily bitcoin futures contracts on December 12. These will be physically delivered, which means traders will receive BTC when the contracts end.
On top of this, anonymous sources at the Chicago Board Options Exchange (CBOE), a leading exchange that has listed bitcoin futures contracts, revealed that “approval confidence” for a bitcoin ETF is “high,” as VanEck and SolidX have resolved all issued the US Securities and Exchange Commission (SEC) claimed could lead to a rejection.
The market has been looking forward to a bitcoin ETF. Back in August, when the SEC rejected bitcoin ETF proposals from ProShares, Direxion, and GraniteShares, bitcoin tumbled by about 3.5%. Some analysts believe that if a bitcoin ETF is accepted, the cryptocurrency will break out of its current range.
A break out could see the cryptocurrency move past its 200-day moving average, which is currently at about $7,200. According to MarketWatch, the well-known bitcoin bull Tom Lee, managing partner at Fundstrat Global Advisors, has stated a move about that mark has historically seen BTC rise in the next six months 80% of the time.
On the other hand, Lee reportedly stated, BTC has seen its price drop 50% of the times it was trading below its 200-day moving average. If the cryptocurrency doesn’t surge because of the aforementioned reasons, the space has still been filled with innovation.
The San Francisco-based payment solution provider Square, which recently added bitcoin to its Cash app, recently made its cryptocurrency cold storage technology fully open-source. Moreover, HTC recently started accepting pre-orders for its Exodus 1 blockchain phone, which is set to be shipped in December.
Among the top cryptocurrencies, XRP has risen the most in the last 24 hours. It’s currently up 4.6% and is trading at $0.467. Decred has also seen its price surge recently, after it was announced it was added to leading cryptocurrency exchange Binance.
Other top altcoins like Ethereum’s ether, EOS, and bitcoin cash are all up by between 1% and 0.37%. Zcash has risen 1.68% to $124, while Tron’s TRX rose 2.2% to $0.024. NEO and monero gained 0.48% and 0.35% in the last 24 hours, respectively.
Litecoin and ethereum classic have all seen slight declines of 0.25% and 0.3%. Stellar Lumens (XLM) is the top altcoin that dropped the most in said period, as it dropped 1.27% to $0.24, according to CryptoCompare data.