Bitcoin
and other cryptocurrencies were mixed Wednesday as traders took stock of the recent rally, and appeared to be waiting for more catalysts ahead of expected regulatory approval of exchange-traded funds that hold Bitcoin.
Bitcoin
has traded up 0.9% over the past 24 hours to $43,070. The biggest cryptocurrency has largely traded in a range of between $41,000 and $44,000 since early December but has more than doubled this year so far.
The Bitcoin rally has been fueled by expectations that the Securities and Exchange Commission (SEC) likely will grant approval to ETFs that propose buying crypto tokens on the spot market. The first set of approvals are expected as early as January. The SEC has held talks this month with the asset managers hoping to launch Bitcoin ETFs.
“Crypto is a very cyclical industry and it feeds off market momentum. Factor in ETFs, Bitcoin’s halving, a presidential election, crypto legislation and U.S. dollar inflation, you have yourself a very explosive 2024 ,” said Brandon Zemp, head of blockchain consultancy BlockHash.
Ethereum,
the second largest cryptocurrency, was up 3.7% at $2,327. Among smaller cryptocurrencies,
Cardano
was broadly flat but
Solana
was down 4.1%.
Dogecoin
was up 0.3%.
Write to Adam Clark at [email protected]
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