The Bitcoin price (BTC/USD) has remained relatively stable following the big boost it received towards the end of last week.
The original cryptocurrency saw a big surge on Friday afternoon, with its price rising to a near-three week high of $3,695.61, according to data from digital currency tracker Coinmarketcap. The digital coin finished that session at $3.666.78, well above its opening level of $3,401.38.
While it didn’t manage to extend its advance beyond its Friday high, Bitcoin was able to defend these gains during the weekend sessions, with its price holding comfortably above the $3,600 mark. The coin finished the Sunday session at $3,690.
BTC remains stable on Monday, although its price has seen a slight dip from yesterday’s close. At the time of writing, the Bitcoin price was hovering around the $3,660 mark.
The coin’s sudden spike followed comments by a SEC commissioner, who opined that the US markets regulator would eventually approve a crypto-backed exchange-traded fund.
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so,” Robert J. Jackson Jr., commissioner at the Securities and Exchange Commission said in an interview last week with news outlet Roll Call.
Also last week, J.P. Morgan analyst Nikolaos Panigirtzoglou, who in December authored a report highlighting the waning interest of major firms in cryptocurrencies, suggested that financial institutions might rediscover crypto’s appeal.
“The stability that we are seeing right now in the cryptocurrency market is setting the stage for more participation by institutional investors in the future,” Panigirtzoglou said, as quoted by CNBC. “The cryptocurrency market was a new market. It went through a bubble phase [and] the burst.”
However, he also noted that regulation remained a major obstacle.
In today’s trading, the Bitcoin price stood at $3,656.12, as of 10:06 GMT. The digital coin has been largely unchanged over the past 24 hours.