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

Friday, August 24: crypto markets have seen notable progress at present, with all however one of many high 40 cryptocurrencies by market cap solidly within the inexperienced, in accordance to information from Coin360.

Market visualization from Coin360

Bitcoin (BTC) has seen strong progress, having surpassed the $6,600 value level, beginning the day simply over $6,400. The main cryptocurrency is up round three p.c over the previous 24 hours, buying and selling at $6,624 at press time.

August 22 Bitcoin plunged from above $6,700 to beneath the $6,400 value level, following information of latest anti-crypto insurance policies in China, as properly as one other sequence of utility denials for a number of Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Trade Fee (SEC).

In accordance to CoinMarketCap, Bitcoin and VeChain (VET) are the one two cryptocurrencies amongst high 20 cash by market cap which have seen some positive factors over the previous 7 days, with Bitcoin up simply 1.43 p.c.

Bitcoin 7-day price chart

Bitcoin 7-day value chart. Supply: Cointelegraph Bitcoin Worth Index

The highest altcoin Ethereum (ETH) is up about 2.7 p.c at present, buying and selling at $280 at press time. Following a markable downward pattern over the week, the second cryptocurrency by market cap has suffered a heavy-hitting 41 p.c loss over the previous 30 days.

Ethereum 30-day price chart

Ethereum 30-day value chart. Supply: Cointelegraph Ethereum Worth Index

Complete market cap is barely up at present, largely holding above the $210 billion mark over the previous 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

Complete market capitalization of all cryptocurrencies, 7-day chart. Supply: CoinMarketCap

Among the many high 10 cash, EOS (EOS) and Monero (XMR) have seen probably the most important progress over the previous 24 hours, up four.7 and three.9 p.c respectively.  

In the present day’s strong upswing within the crypto markets comes following an announcement from the U.S. SEC that the Fee will overview its August 22 choice to reject 9 purposes for itemizing Bitcoin ETFs.

Earlier at present, CNBC’s crypto market analyst Brian Kelly predicted that the primary Bitcoin ETFs will begin working in February 2019. In accordance to Kelly, the world is getting “incrementally nearer” to the primary Bitcoin ETF approval, pointing on the bullish “sentiment change,” regardless of the current utility rejections.

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