Bitcoin below US$26,000, most other top 10 cryptos extend losses
Bitcoin fell below US$26,000 in Friday afternoon trade in Asia, along with all other top 10 cryptocurrencies, except Toncoin and Tron. The Wednesday rally in crypto prices was short-lived after the U.S. Securities and Exchange Commission’s (SEC’s) announcement on Thursday that it will delay seven spot Bitcoin exchange traded fund (ETF) applications until October.
See related article: Uniswap securities violation charges dismissed by US court
Mounting pressure on SEC to approve an ETF?
Bitcoin lost 4.69% to US$25,977 in 24 hours to 4 p.m. in Hong Kong, but inched up 0.04% on the week following a Wednesday rally in prices on the back of a favorable U.S. court ruling for Grayscale Investments in its Bitcoin ETF case against the SEC.
Bitcoin prices fell along with other cryptocurrencies after the SEC said on Thursday it will delay seven spot Bitcoin exchange traded fund applications until October. Some of the world’s largest asset managers including BlackRock, are waiting for SEC’s approval for their ETF applications.
“With high-profile applicants, such as Blackrock, the pressure is building for the SEC to approve an ETF. We believe several Bitcoin ETFs would be approved at once, which could still bring Bitcoin prices materially higher into year-end,” said Markus Thielen, head of research & strategy at digital asset service platform Matrixport, in an emailed note.
“While we estimated that the market was pricing in a 60% chance that Grayscale would receive the approval to convert their Bitcoin Trust into an ETF, those chances now appear even greater, at around 75%, and slowly edging closer to 100%,” Thielen added.
According to Gracy Chen, managing director of crypto exchange Bitget, investors are maintaining a positive outlook on Bitcoin’s medium-term prospects ahead of Bitcoin halving – expected in April next year – and ETF approvals. “Grayscale’s victory against SEC has also instilled confidence that regulators listen to market players,” Chen told Forkast in an email.
“The last few weeks’ events have shown that investors need to quickly understand and digest the constant news flow and make decisions decisively. Buy and hold might no longer be the appropriate strategy for investors who want to generate the highest returns. Instead, investors must have one finger at the pulse of the crypto market and understand bottom-up analysis,” Thielen of Matrixport added.
Ether, world’s second largest cryptocurrency, fell 3.49% to US$1,645.63, bringing its weekly losses to 0.29%, according to CoinMarketCap data.
Most other top 10 non-stablecoin cryptos posted losses, with Solana’s SOL leading the losers. It declined 4.77% to US$19.79, bringing its weekly losses to 3.77%. On Monday, Clockwork — a Solana-based automation network for smart contracts — shut down, with founder Nick Garfield said he saw “limited commercial upside” in the project.
“Altcoin prices will correlate with Bitcoin, but there are no strong indicators for significant growth in the near term. Moreover, specific issues in projects like Solana could further hinder their growth,” Chen of Bitget said.
TonCoin and Tron were the only gainers among top 10 cryptos. Toncoin, the native token of proof-of-stake blockchain TON, rose 2.07% to US$1.72% in the past 24 hours and 21.85% on the week. Tron gained 1.38% to US$0.07716 in 24 hours, and posted a weekly gain of 0.79%.
Total crypto market capitalization dropped 3.65% to US$1.05 trillion, while market volume rose 32.18% to US$38.08 billion.
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Bitcoin below US$26,000, most other top 10 cryptos extend losses
Bitcoin fell below US$26,000 in Friday afternoon trade in Asia, along with all other top 10 cryptocurrencies, except Toncoin and Tron. The Wednesday rally in crypto prices was short-lived after the U.S. Securities and Exchange Commission’s (SEC’s) announcement on Thursday that it will delay seven spot Bitcoin exchange traded fund (ETF) applications until October.
See related article: Uniswap securities violation charges dismissed by US court
Mounting pressure on SEC to approve an ETF?
Bitcoin lost 4.69% to US$25,977 in 24 hours to 4 p.m. in Hong Kong, but inched up 0.04% on the week following a Wednesday rally in prices on the back of a favorable U.S. court ruling for Grayscale Investments in its Bitcoin ETF case against the SEC.
Bitcoin prices fell along with other cryptocurrencies after the SEC said on Thursday it will delay seven spot Bitcoin exchange traded fund applications until October. Some of the world’s largest asset managers including BlackRock, are waiting for SEC’s approval for their ETF applications.
“With high-profile applicants, such as Blackrock, the pressure is building for the SEC to approve an ETF. We believe several Bitcoin ETFs would be approved at once, which could still bring Bitcoin prices materially higher into year-end,” said Markus Thielen, head of research & strategy at digital asset service platform Matrixport, in an emailed note.
“While we estimated that the market was pricing in a 60% chance that Grayscale would receive the approval to convert their Bitcoin Trust into an ETF, those chances now appear even greater, at around 75%, and slowly edging closer to 100%,” Thielen added.
According to Gracy Chen, managing director of crypto exchange Bitget, investors are maintaining a positive outlook on Bitcoin’s medium-term prospects ahead of Bitcoin halving – expected in April next year – and ETF approvals. “Grayscale’s victory against SEC has also instilled confidence that regulators listen to market players,” Chen told Forkast in an email.
“The last few weeks’ events have shown that investors need to quickly understand and digest the constant news flow and make decisions decisively. Buy and hold might no longer be the appropriate strategy for investors who want to generate the highest returns. Instead, investors must have one finger at the pulse of the crypto market and understand bottom-up analysis,” Thielen of Matrixport added.
Ether, world’s second largest cryptocurrency, fell 3.49% to US$1,645.63, bringing its weekly losses to 0.29%, according to CoinMarketCap data.
Most other top 10 non-stablecoin cryptos posted losses, with Solana’s SOL leading the losers. It declined 4.77% to US$19.79, bringing its weekly losses to 3.77%. On Monday, Clockwork — a Solana-based automation network for smart contracts — shut down, with founder Nick Garfield said he saw “limited commercial upside” in the project.
“Altcoin prices will correlate with Bitcoin, but there are no strong indicators for significant growth in the near term. Moreover, specific issues in projects like Solana could further hinder their growth,” Chen of Bitget said.
TonCoin and Tron were the only gainers among top 10 cryptos. Toncoin, the native token of proof-of-stake blockchain TON, rose 2.07% to US$1.72% in the past 24 hours and 21.85% on the week. Tron gained 1.38% to US$0.07716 in 24 hours, and posted a weekly gain of 0.79%.
Total crypto market capitalization dropped 3.65% to US$1.05 trillion, while market volume rose 32.18% to US$38.08 billion.
Read More