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Crypto Market Recap: Bitcoin, Ether, and the SEC’s ETF Decision

Crypto Market Recap: Bitcoin, Ether, and the SEC’s ETF Decision

During Thursday’s trading operations, Bitcoin was observed trading at a value exceeding $26,300 in the Asian markets. This comes after it momentarily surpassed the $26,800 mark on Wednesday evening. Concurrently, Ether regained some of its value, reaching the $1,600 resistance level before slightly dipping below it. 

The performance of other top 10 non-stablecoin cryptocurrencies was varied, with Toncoin from the Open Network (TON) emerging as the top performer.

The Crypto Market was Unstable During Thursday’s Trading

Bitcoin experienced a slight increase of 0.56% over the past 24 hours, reaching a value of $26,503.64 in Hong Kong. Despite this increase, it recorded a weekly loss of 2.87%, per CoinMarketCap data. On Wednesday night, Bitcoin surpassed the $26,800 mark for the first time in a week. However, it quickly fell back to around $26,300.

In the last 24 hours, Ether, similar to Bitcoin, saw a slight increase of 0.31%, reaching $1,597.56. However, it has experienced a weekly decline of 1.55%. On Wednesday evening, Ether reached a seven-day high when it hit $1,631.91.

Crypto Market Recap: Bitcoin, Ether, and the SEC’s ETF Decision

The performance of other top 10 non-stablecoin cryptocurrencies varied in the past 24 hours. Toncoin, TON’s native token, led the gainers with a 2.21% increase, reaching $2.17. Despite this increase, it recorded a weekly loss of 9.96%. On the other hand, Polkadot’s DOT token led the decliners, decreasing by 0.56% to $3.99 and marking a weekly loss of 3.63%.

Over the last 24 hours, the total market capitalization of cryptocurrencies saw a slight increase of 0.35%, reaching $1.05 trillion. Concurrently, the trading volume experienced a significant rise of 20.25%, amounting to $27.26 billion.

In regulatory news, the U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Bitcoin exchange-traded fund (ETF) application submitted by Ark Investment Management, led by Cathie Woods, and the Swiss digital asset brokerage 21Shares.

Originally, the SEC was set to decide by November 11. However, this date has now been moved to January 10. This is not the first time the agency has delayed its decision on ETF applications.

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