Bitcoin, Ether and most of the top ten non-coin cryptocurrencies were lower in Asia on Friday morning. With a touch above US$26,000, Bitcoin followed Tuesday’s favorable US court ruling in Grayscale Investments’ ruling against the SEC in the Bitcoin ETF case. Equity futures in the US were little changed after Thursday’s mixed session. The Personal Consumption Expenditure (PCE) index rose as consumers continued to spend. Investors expect today’s August US payrolls report to shed more light on future interest rate policy.
CryptoAs the SEC delays further ETF decisions
As of 07:00 AM in Hong Kong, Bitcoin is down 4.42% in the last 24 hours to US$26,042.84. According to CoinMarketCap, the token is down 0.26% for the week Data.
Bitcoin prices fell along with other cryptocurrencies after the U.S. Securities and Exchange Commission announced on Thursday that it would Delay Seven place Bitcoin exchange exchange fund applications until October. BlackRock, WisdomTree and VanEck are among the world’s largest asset managers awaiting SEC approval for ETFs.
“The move is pretty obvious; the pump we got from Grayscale-SEC news is now dimmed,” said Benjamin Stani, director of business development at Matrixport, a Hong Kong-based digital asset broker, in a text message.
The market, Stany added, “hoped it would be there, post-greyscale.” [would be] Way forward and some analysts have pointed to the possibility of ETF approval before the end of the year – but it doesn’t seem likely anytime soon.
Ether is down 3.15% to US$1,648.76 in the last 24 hours for a weekly loss of 0.33%.
Ether market data shows that the token is on the way to form the so-called “death cross” – a bearish sign in the Ether options market. A cross that occurs when the short-term average falls below the long-term trend is generally a sign of further losses ahead. Currently, the short-term 50-day moving average is 1808.3 and the 200-day moving average is 1802.9. Trading view.
Most of the other top ten non-stable coin cryptos posted losses, with Solana SOL leading the losers. It fell 5.07% to US$19.81, its lowest level in six weeks. Monday, Clockwork – Solana-based automation network for smart contracts – shut down. Its founder, Nick Garfield, said he saw “limited commercial upside” in the project.
Meanwhile, there is a United States court He was fired A class action lawsuit has been filed against a group of five companies, including decentralized trading platform Uniswap Labs. Plaintiffs claim they were victims of a racket involving fraudulent tokens on the Uniswap cryptocurrency exchange and are entitled to compensation.
The court Purchased that the defendants are not responsible for those losses. “Due to the decentralized nature of the protocol, the identity of fraudulent token issuers is essentially anonymous and unknowable,” said presiding judge Kathryn Polk Failla.
Crypto analysts interpreted the ruling as a victory for decentralized finance, which has wider implications for the industry.
“I believe that the lawsuit against Uniswap Labs could be the first steps towards clarifying the legal and regulatory environment for DeFi applications, and that it could reduce investors’ worries about potential lawsuits and regulators and make it more predictable,” Samer wrote. Hasn, online broker XS.com market analyst.
“On the other hand, if this measure and other similar measures are taken in the future, it may limit investors’ confidence in these applications due to the inability to control and enforce the law,” Hasan added.
The total crypto market capitalization decreased by 3.46% to US$1.05 trillion, while the trading volume increased by 16.61% to US$37.31 billion.
(Updates to add quotes from Benjamin Stany)
