Bitcoin hits $11,000 for the first time this year and it’s just getting started

Bitcoin

There seems to be no let down for the rachet-up in the bullish gains garnered by Bitcoin.

For the first time this year, the world’s largest cryptocurrency, Bitcoin has reached $11,000 mark, the highest price in 2019 after a major period of bearish trajectory.

As at the time of writing this story, Bitcoin prices averaged around $11,390 across major exchanges around the world. In the last 24 hours, the leading digital coin has risen by 4.5% in the last 24 hours, 34% in the last four weeks and over 200% in the last six months with a yearly percentage increase of over 70%.

There are several reasons postulated for this bullish run. While Facebook’s Libra cryptocurrency has drawn more attention to the cryptocurrency community, there are are other soundbites festering the positive sentiments behind the recent gains.

Earlier today, the U.S. Securities and Exchange Commission, SEC, has called for public inputs into its review of a Bitcoin ETF under its review for approval.

According to CoinDesk, the SEC has kicked of the public comment period for a proposed exchange-traded fund (ETF) backed by bitcoin and Treasury bills.

The medium reported that the Commission has published a rule change proposal Tuesday which would allow Wilshire Phoenix Funds to list shares of the ETF on the NYSE Arca exchange, announcing the beginning of a 21-day public comment period. The document must still be published in the Federal Register before this clock formally starts, though the regulator is already accepting input.

The SEC has a maximum of 90 days to issue its decision on the matter. The digital currency markets would look forward to the SEC’s decision on the ETF application because of several cancellations to previous applications.

Other altcoins such as LiteCoin, Ethereum and Ripple have tracked Bitcoin’s bullish run and there are indications that cryptocurrency market cap could reach all time high should Bitcoin breaks major price milestones.

One of the Winklevoss twins recently tweeted that Bitcoin could reach $20,000 should not break the $10K price threshold. By clocking $11K, his price mark might not be outrageous.

However, it is important to note that Bitcoin is still very much a volatile asset class, but the market behind it has proven to price in various negative sentiments with price adjustments from time to time.

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