The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets generally go up
On Wednesday, crypto assets managed to tack on due to the fact that the US Securities and Exchange Commission suddenly ceased accepting public comments on Bitcoin ETF proposals. However, the given watchdog didn’t uncover an official verdict or timeline of when such assets would be launched.
As a matter of fact, on the Bitifinex exchange, Bitcoin headed north by up to 1.8% coming up with a reading of about $6,569.2.
As for Ethereum, this digital coin inched up by nearly 5.9% ending up with $221.79. Meanwhile, Litecoin headed north by up to 3.4% trading at $55.665. Additionally, XRP soared by 5% demonstrating $0.53954.
Citing the very likelihood of manipulative and fraudulent practices and acts and the fact that Bitcoin futures appear to be insignificant in size, on August 22, the US Securities and Exchange Commission SEC rejected nine Bitcoin ETF applications from multiple exchanges.
The watchdog told that it didn’t obtain any evidence from the exchanges that Bitcoin futures markets can be regarded as markets of huge size. The given failure is fatal due to the fact that the exchanges haven’t managed to establish that other means to avert manipulative and fraudulent acts as well as practices will be sufficient enough. As follows from this, surveillance-sharing with a regulated market of considerable size related to Bitcoin is must-have.
Nevertheless, on August 23 the watchdog suddenly backtracked on its verdict, telling that its officials made up their mind to re-evaluate their actions and would get down to soliciting public opinion on the subject.
Besides this, the volatility of Bitcoin has dived to its lowest value for two years. In 2017, the crypto asset managed to rally more than 1,300% hitting a record maximum of nearly $20,000 in December. However, this year it has dived by 70%, before stabilizing in September.
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