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CryptoWatch: Bitcoin has gone 173 days without hitting an all-time high — its longest stretch in 2 years

Bitcoin prices rose Thursday, but the cryptocurrency hung beneath $eight,000, highlighting a fallow length for the asset that has traversed its longest stretch with out marking a contemporary file in two years.

According to Charlie Bilello, director of study at Pension Partners, 173 days have passed with out bitcoin achieving an all-time top, which it remaining achieved in mid-December. Since then it has tumbled by way of about 60%. As the chart beneath indicates, that marks the longest stretch with out a contemporary file since the 1,176-day length that ended within the past due summer season of 2016.

Still, some market participants have taken center in greater regulation and institutional passion within the nascent digital-asset market, with Coinbase on Wednesday pronouncing its plans to purchase securities dealer Keystone Capital, a move that would position the cryptotrading platform underneath more direct oversight by way of the Securities and Exchange Commission as a broker-dealer.

In the spot market, a unmarried bitcoin BTCUSD, -0.05% was once trading upper at $7,651.98, up about 1.7%, when put next with Wednesday’s ultimate degree on the Kraken platform as of five p.m. Eastern.

Meanwhile, Jan van Eck, CEO of investment company VanEck, mentioned on CNBC the company’s plans to sign up for with SolidX in a third try to release the primary bitcoin-focused exchange-traded fund.

Van Eck defined that the VanEck SolidX Bitcoin Trust would be set up to personal physical bitcoins moderately than being pegged to the futures markets as an earlier version was once. He was once hopeful that adjustments which were made to address a litany of regulatory concerns about bitcoin ETFs will now move muster with the SEC.

In trading on bitcoin futures markets, the Cboe June contract XBTM8, -0.42%  finished the day up 2.2% at $7,692.50, while the CME June contract BTCM8, -0.45% additionally settled about 2.2% upper at $7,705.

Mark DeCambre is MarketWatch's markets editor. He is based in New York. Follow him on Twitter @mdecambre.

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