Bitcoin prices rose Thursday, but the cryptocurrency hung below $8,000, highlighting a fallow period for the asset that has traversed its longest stretch without marking a fresh record in two years.
According to Charlie Bilello, director of research at Pension Partners, 173 days have passed without bitcoin reaching an all-time high, which it last accomplished in mid-December. Since then it has tumbled by about 60%. As the chart below indicates, that marks the longest stretch without a fresh record since the 1,176-day period that ended in the late summer of 2016.
Still, some market participants have taken heart in increased regulation and institutional interest in the nascent digital-asset market, with Coinbase on Wednesday announcing its plans to purchase securities dealer Keystone Capital, a move that would place the cryptotrading platform under more direct oversight by the Securities and Exchange Commission as a broker-dealer.
In the spot market, a single bitcoin BTCUSD, -0.41% was trading higher at $7,651.98, up about 1.7%, compared with Wednesday’s closing level on the Kraken platform as of 5 p.m. Eastern.
Meanwhile, Jan van Eck, CEO of investment firm VanEck, discussed on CNBC the company’s plans to join with SolidX in a third attempt to launch the first bitcoin-focused exchange-traded fund.
Van Eck explained that the VanEck SolidX Bitcoin Trust would be set up to own physical bitcoins rather than being pegged to the futures markets as an earlier version was. He was hopeful that changes that have been made to address a litany of regulatory concerns about bitcoin ETFs will now pass muster with the SEC.
In trading on bitcoin futures markets, the Cboe June contract XBTM8, -0.23% finished the day up 2.2% at $7,692.50, while the CME June contract BTCM8, -0.52% also settled about 2.2% higher at $7,705.