The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Digital coins inch up
On Monday, Bitcoin managed to gain, pushing past $4,100, while other crypto assets jumped too in Asia.
Over the weekend, the American Securities and Exchange Commission told it won’t uncover its verdict until next month on whether to update the Securities Act to have Bitcoin exchange-traded funds list allowed. Last Friday, the SEC told it would have its decision on two Bitcoin ETF applications postponed to May 16 and May 19.
As for the first application, it was filed with NYSE Arca by Bitwise Asset Management, the crypto index fund platform. The second application was filed with Cboe BZX Exchange by VanEck, the investment management company as well as SolidX, the blockchain startup.
The SEC actually finds it a rational thing to designate a longer timeframe within which to take action on the offered rule update so that it has enough time to consider the proposed rule update, as the SEC revealed in its statement.
In January this year, Bitwise applied for a Bitcoin ETF, while SolidX and VanEck did it in January too.
ETFs happen to be securities tracking a pack of assets, which are proportionately represented in the fund’s stocks. Many experts consider them to be an important move towards the wider adoption of digital coins.
Notwithstanding uncertainty as for Bitcoin ETFs, the bullish sentiment dominated the crypto market. As a result, the most popular crypto asset, Bitcoin gained by up to 0.97% hitting $4,126.6.
Additionally, Ethereum soared by 0.99% trading at $142.99, while Litecoin surged by 0.89% reaching $60.967. In addition to this, XRP headed south by about 0.19% ending up with $0.31021.
In general, the bullish sentiment sent the cryptocurrency market capitalization up to $143 billion.
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