Skip to main content

Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs

Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs

Friday, August 24: crypto markets have seen notable growth today, with all but one of the top 40 cryptocurrencies by market cap solidly in the green, according to data from Coin360.
Market visualization from Coin360

Market visualization from Coin360
Bitcoin (BTC) has seen solid growth, having surpassed the $6,600 price point, starting the day just over $6,400. The leading cryptocurrency is up around 3 percent over the past 24 hours, trading at $6,624 at press time.
August 22 Bitcoin plunged from above $6,700 to under the $6,400 price point, following news of new anti-crypto policies in China, as well as another series of application denials for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
According to CoinMarketCap, Bitcoin and VeChain (VET) are the only two cryptocurrencies among top 20 coins by market cap that have seen some gains over the past 7 days, with Bitcoin up just 1.43 percent.
Bitcoin 7-day price chart
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
The top altcoin Ethereum (ETH) is up about 2.7 percent today, trading at $280 at press time. Following a markable downward trend over the week, the second cryptocurrency by market cap has suffered a heavy-hitting 41 percent loss over the past 30 days.
Ethereum 30-day price chart
Ethereum 30-day price chart. Source: Cointelegraph Ethereum Price Index
Total market cap is slightly up today, mostly holding above the $210 billion mark over the past 24 hours. After dropping to as low as $203 billion August 22, the capitalization of all cryptocurrencies has grown to $214.7 billion by press time.
Total market capitalization of all cryptocurrencies, 7-day chart
Total market capitalization of all cryptocurrencies, 7-day chart. Source: CoinMarketCap
Among the top 10 coins, EOS (EOS) and Monero (XMR) have seen the most significant growth over the past 24 hours, up 4.7 and 3.9 percent respectively.  
Today’s solid upswing in the crypto markets comes following an announcement from the U.S. SEC that the Commission will review its August 22 decision to reject nine applications for listing Bitcoin ETFs.
Earlier today, CNBC's crypto market analyst Brian Kelly predicted that the first Bitcoin ETFs will start operating in February 2019. According to Kelly, the world is getting “incrementally closer” to the first Bitcoin ETF approval, pointing at the bullish “sentiment change,” despite the recent application rejections.
Source:https://cointelegraph.com/news/new-york-district-judge-rules-that-cftc-can-permanently-ban-crypto-firm

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

There Is No ‘Bitcoin’: What the SEC Doesn’t Get About Cryptocurrency

Edan Yago is the founder of  CementDAO , an effort to bring together stablecoins into a unified ecosystem.  He previously was the CEO and co-founder of software firm Epiphyte and helped set up the industry associations DATA and the Stablecoin Foundation.  The views expressed here are his own. —————————- The U.S. Securities and Exchange Commission (SEC) has been gone to significant lengths in an attempt to understand the crypto asset space. This effort is to be applauded. However, the SEC has failed to come to terms with one fundamental aspect of crypto assets and systems. Namely, properly constructed crypto systems do not involve “persons” or “entities” and do not represent a form of property. For this reason, they do not have any analogue in the traditional financial world, nor can they fall under financial regulation. In the traditional financial world, assets are a claim on a specific property. For example, a commodity, shares in a company or a debt o...
5 comments
Read more

Ex-Russian Economics Minister Claims Crypto as the Right Model for Money Supply

Russia’s former Minister of Economics and Trade, Herman Gref, has spoken out in favour of cryptocurrencies and their transformational nature as a future threat to the financial sector’s status quo. Gref, who was Russian Economics minister between 2000 and 2007 is CEO and Chairman of the Executive Board of the largest Russian bank Sberbank. In a recent forum, he suggested that over time centralised money supply models would give way to new innovations. However, Gref did suggest that such change would take time and certainly wasn’t imminent, although he felt that blockchain adoption was a much nearer prospect.  Cryptocurrency adoption would, in his view, take another decade before it could offer a challenge to current banking systems , commenting that, as yet“… it’s not likely that any state is ready to part with the centralised money supply model.” Talking of DLT the ex-minister suggested that the significance of the new technology is starting to find its way into fina...
1 comment
Read more

Fidelity Confirms Crypto Rumors, Recognizes Potential Of Bitcoin

Fidelity’s Crypto Platform In “Final Testing” The broader crypto industry was shocked on  mid-October , when Fidelity Investments, a Boston-based investment giant with tens of thousands of clients, and similarly impressive assets under management, revealed that it would be launching a pro-Bitcoin crypto platform. This platform, now known as Fidelity Digital Assets Services (FDAS), headed by Tom Jessop, was marketed as a way for Fidelity’s 13,000 institutional clients to gain access to top-of-the-line cryptocurrency custody and trade execution. While many were caught off guard by this announcement, Jessop explained in an  interview  with Laura Shin, a leading crypto journalist, that Fidelity’s Bitcoin ambitions started in 2014, when the company began to research and even test the flagship cryptocurrency. Rumor has it that Fidelity also set up a semi-mining farm, likely in a bid to understand blockchain technology more in-depth. And eventually, after years of exper...
3 comments
Read more