Bitcoin and Co are rising despite the SEC delay: financial expert remains optimistic

Bitcoin and Co are rising despite the SEC delay: financial expert remains optimistic

According to a report by www.deraktionaer.de, the crypto market reacted with losses to the positive US inflation data on Tuesday. However, it got back into forward gear with a little delay on Wednesday, with Bitcoin and Co further expanding their lead on Thursday night. This happened despite the US Securities and Exchange Commission (SEC) once again postponing a decision on the approval of a Bitcoin spot ETF. Although this decision is now not expected until 2024, there is growing confidence in the crypto market that such products will soon get the green light. As a result, the new delay has not stopped Bitcoin's price recovery, as it has set a new 18-month high and is currently trading more than five percent higher on a 24-hour basis.

The hopes that the US Federal Reserve will manage without further interest rate increases in the future in view of the declining inflation pressure have, with a little delay, also caused prices to rise on the crypto market. This has resulted in the market capitalization of the overall crypto market increasing by around five percent to $1.44 trillion over a 24-hour period. In addition, there is speculation that not only Bitcoin, but also many altcoins are currently showing better performance. Some top coins such as Solana, Cardano or Dogecoin perform even better than the digital reserve currency.

Given these developments, it is likely that the crypto market recovery will continue, especially as real interest rates peak and further progress is seen in the approval of ETFs in the US market. This should lead to positive sentiment and rising prices in the cryptocurrency industry.