Bitcoin held most of Monday’s 13% surge as traders took in stride another delay by U.S. regulators to approve a Bitcoin exchange-traded fund.
The most-liquid cryptocurrency was little changed at $8,000 as of 2:12 p.m. Tuesday in New York. The token traded in its narrowest range in more than two weeks, while the Bloomberg Galaxy Crypto Index edged up by 2%.
Speculation that Cboe Global Markets Inc.’s proposal may win a green light had filtered through crypto internet sites in previous days as Bitcoin rallied to within 2.5% of its one-year intraday high of $8,594. The digital asset has more than doubled during 2019.
“A lot of questions are still out there that the staff has. I tell everyone ’Don’t hold your breath,”’ said SEC Commissioner Hester Peirce on the sidelines of a conference in New York on Tuesday. “ If I had my way, we would have already had one and maybe we would have had more.”
The SEC on Monday asked for additional comments on Cboe’s plan to list an ETF from VanEck Associates Corp. and SolidX Partners Inc. The delay does not “indicate that the Commission has reached any conclusions with respect to any of the issues involved,” the regulator said.
“The approval of an ETF would obviously be a huge thing for the crypto community,” said Dáire Ferguson, chief executive officer of Irish online currency platform AvaTrade Ltd. “There is optimism in the market due to the recent bull run, and that optimism seems to spill over the SEC delays and negate any negative views of hopeful investors. The general feeling is that progress is made every day, little by little.”