Bitcoin returns above key level, Ether inches up, XRP leads top 10 cryptos in gains
Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin and Ether both returned above key levels. But market sentiment remained lackluster despite the U.S. Securities and Exchange Commission (SEC) accepting the second Bitcoin exchange-traded fund (ETF) application for review earlier this week.
See related article: Weekly Market Wrap: Bitcoin rises past US$31,000, cryptos rally after Ripple’s win against U.S. SEC
Bitcoin, Ether return above key levels, top 10 cryptos mixed
Bitcoin rose 0.75% during afternoon trading in Asia to US$30,008 as of 4:30 p.m. in Hong Kong, after it dipped to a daily low of US$29,693 in the early morning.
Ether inched up 0.57% during afternoon trading in Asia to US$1,909, struggling to stay above the US$1,900 support level.
The XRP token was the day’s biggest gainer, rising 5.52% to US$0.7849. The coin is up 65.3% on the weekly chart, as traders remain upbeat after the ruling that the sale of XRP did not constitute a security.
“This victory marked a significant milestone as the first-ever win for a cryptocurrency company in a case brought by the SEC,” Simon Schaber, the chief commercial officer of Spool DAO, told Forkast.
“Like the rest of this industry, the SEC is in new territory and is therefore creating new guidance and proposing new laws as it goes, which is why we’re unlikely to see the end of this by 2024.”
Market sentiment appeared to lack conviction, despite positive news like the SEC accepting a second spot Bitcoin ETF application for review, from asset management giant Valkyrie.
The SEC agreed the same for the application by BlackRock on July 13, which along with several other Bitcoin ETF applications set off a bullish run in crypto for the past month. BlackRock is the world’s largest asset manager with US$9.4 trillion in assets. Tennessee-based Valkyrie had more than US$1 billion in assets under management in 2022.
The total crypto market capitalization over the past 24 hours rose 0.46% to US$1.2 trillion while market volume decreased 11% to US$32.28 billion, according to CoinMarketCap data.
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Bitcoin returns above key level, Ether inches up, XRP leads top 10 cryptos in gains
Bitcoin and Ether rose during Wednesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin and Ether both returned above key levels. But market sentiment remained lackluster despite the U.S. Securities and Exchange Commission (SEC) accepting the second Bitcoin exchange-traded fund (ETF) application for review earlier this week.
See related article: Weekly Market Wrap: Bitcoin rises past US$31,000, cryptos rally after Ripple’s win against U.S. SEC
Bitcoin, Ether return above key levels, top 10 cryptos mixed
Bitcoin rose 0.75% during afternoon trading in Asia to US$30,008 as of 4:30 p.m. in Hong Kong, after it dipped to a daily low of US$29,693 in the early morning.
Ether inched up 0.57% during afternoon trading in Asia to US$1,909, struggling to stay above the US$1,900 support level.
The XRP token was the day’s biggest gainer, rising 5.52% to US$0.7849. The coin is up 65.3% on the weekly chart, as traders remain upbeat after the ruling that the sale of XRP did not constitute a security.
“This victory marked a significant milestone as the first-ever win for a cryptocurrency company in a case brought by the SEC,” Simon Schaber, the chief commercial officer of Spool DAO, told Forkast.
“Like the rest of this industry, the SEC is in new territory and is therefore creating new guidance and proposing new laws as it goes, which is why we’re unlikely to see the end of this by 2024.”
Market sentiment appeared to lack conviction, despite positive news like the SEC accepting a second spot Bitcoin ETF application for review, from asset management giant Valkyrie.
The SEC agreed the same for the application by BlackRock on July 13, which along with several other Bitcoin ETF applications set off a bullish run in crypto for the past month. BlackRock is the world’s largest asset manager with US$9.4 trillion in assets. Tennessee-based Valkyrie had more than US$1 billion in assets under management in 2022.
The total crypto market capitalization over the past 24 hours rose 0.46% to US$1.2 trillion while market volume decreased 11% to US$32.28 billion, according to CoinMarketCap data.
Read More