Bitcoin, ether and the top ten non-stablecoin cryptocurrencies declined on Friday morning in Asia. At levels above $26,000, bitcoin has clawed back most of the gains generated by Tuesday’s favorable US court ruling for Grayscale Investments in its bitcoin ETF case against the SEC. Equity futures in the US were little changed after a mixed session on Thursday. The Personal Consumption Expenditure (PCE) index edged higher as consumers continued to spend. Investors expect the US payrolls report for August today to shed more light on upcoming interest rate policy.
cryptoDecline due to SEC delaying more ETF decisions
Bitcoin fell 4.42% to USD 26,042.84 in the last 24-hours as of 07:00 AM in Hong Kong. According to CoinMarketCap data, the coin declined by 0.26% this week.
The value of bitcoin fell along with other cryptocurrencies after the US Securities and Exchange Commission announced on Thursday it would delay seven spot bitcoin exchange-traded fund applications until October. Some of the world’s largest asset managers, including BlackRock, WisdomTree and VanEck, are waiting on the SEC for ETF approval.
“The move is very clear; “The boost we got from the Grayscale-SEC news has now faded,” Benjamin Stanney, director of business development at Hong Kong-based digital asset broker Matrixport, said in a text message.
Staney said, “The market was expecting that after grayscale, there [would be] And some analysts had forecast spot ETF approval before the end of the year — but it looks like it won’t happen that soon.
Ether fell 3.15% to USD 1,648.76 in the past 24-hours, with a weekly loss of 0.33%.
Ether market data shows that the coin is on its way to form a so-called “death cross” – a sign of a bearish outlook in the Ether options market. The cross, which occurs when the short-term average falls below the long-term trend, is usually a sign of further losses. Currently, the short-term 50-day average stands at 1808.3, while the 200-day average stands at 1802.9, according to TradingView.
Most other top ten non-stablecoin cryptos posted losses, with Solana’s SOL leading the losers. It fell 5.07% to USD 19.81, its lowest level in six weeks. On Monday, Clockwork — a Solana-based automation network for smart contracts — shut down, Its founder, Nick Garfield, said that he saw “limited commercial benefit” in the project.
Ultimately the reason we’re moving away now is simple opportunity cost.
We acknowledge that there appears to be limited commercial benefit in developing the protocol, and we have a growing personal interest in exploring new opportunities.
5/
— Nick (@time_composer) 27 August 2023
Meanwhile, a US court has dismissed a class action lawsuit filed against a group of five companies including the decentralized trading platform Uniswap Labs. The plaintiffs claim that they were victims of a scam involving the Token Scam on the Uniswap cryptocurrency exchange and are entitled to compensation.
The court ruled that the defendants were not responsible for those damages. “Due to the decentralized nature of the protocol, the identities of the scammed token issuers are basically anonymous and unknown,” said Presiding Judge Catherine Polk Faella.
Crypto commentators interpret the decision as a victory for decentralized finance with wide-ranging implications for the industry.
“I believe that what happened in the case against Uniswap Labs could be the first step in clarifying the legal and regulatory environment for DeFi applications and allaying investor concerns about sudden lawsuits and actions by regulators. and make them more predictable,” Sammer wrote. Hassan, market analyst at online brokerage XS.com.
“On the other hand, this measure and other similar potential measures, if taken in the future, may limit investor confidence in these applications due to the inability to regulate and enforce laws on them,” Hasan said. ”
The total crypto market capitalization fell by 3.46% to US$1.05 trillion, while trading volume increased by 16.61% to US$37.31 billion.
(Updated to add Benjamin Stany’s quote)
Source: forkast.news
