Bitcoin’s price has reached a new high for 2019. The cryptocurrency officially passed the $6,000 mark and was currently trending close to $6,300 late on Wednesday.
Bitcoin’s total market percentage is also at its highest since December 2017 when value for the popular cryptocurrency reached nearly $20,000. Altcoin prices have dipped as Bitcoin trends upward.
The crypto analysis platform known as Trading Room affirmed altcoin prices would most likely continue to bleed until Bitcoin’s price surges cool off.
Bitcoin’s upswing past $6,000 came about the same time the founder of Morgan Creek Capital Management made a bold prediction for the future. In an interview with Bloxlive.tv, Mark Yusko said the cryptocurrency could eventually reach $400,000 because Bitcoin remains a better store of value than gold.
According to Yusko, the latest hack on Binance signified Bitcoin does have value. He also expressed how it was good to see how the cryptocurrency was able to push through price resistances and keep trending upward.
Bitcoin was also a topic of discussion at the recent Securities Enforcement Forum in Palo Alto, California. Rather than discussing price points, SEC Commissioner Hester Pierce expressed concern regulators were moving too slowly and would hurt the crypto and blockchain ecosystem.
In her remarks, Pierce changed course and admitted she was wrong about how the SEC would tackle innovation. She explained her initial thought that the SEC would be too heavy-handed with regulations, but now believes the regulator’s lack of action is hurting the industry in a whole other manner.
While Pierce said the U.S. securities market is the “envy of the world,” she thinks some of the SEC’s tools, like the Howey test, are out of date in light of the current day.
She did praise the regulator for its openness with communicating with startups but mentioned how some companies were still hesitant to jump into crypto and blockchain because government agencies are not too responsive to some important questions.