On Tuesday, the broader market of cryptocurrencies clung to their new-found gains; with the digital heavyweight Bitcoin comfortably nestling above $31,000 mark; showing a modest 1.2% uptick in the last 24 hours. Ethereum’s native ethereum token hovered steadily around the $1960 mark without significant surge or slump.
Although major coins exhibited little change in the past 24 hours, their obtained gains from late June continue to hold. The decentralized finance (DeFi) protocol Compound’s COMP token outshined the rest, climbing close to 58% in the last 7 days; sparking the attention of many traders. The governance token of MakerDAO (MKR) also enjoyed a fair share of attention, reaping a 49% increase over the same time frame.
These positive waves in the cryptocurrency world remain baffling, especially in light of the recent ambiguity surrounding the spot Bitcoin exchange-traded fund (ETF) filing of asset management Titan BlackRock. Initial worries were sparked by a Wall Street Journal article, suggesting that SEC officers found the filings lacking in clarity and comprehensiveness.
In response to SEC’s demand, ETF providers including Fidelity, WisdomTree, VanEck, and Invesco renewed their applications, specifying Coinbase as the preferred crypto exchange for their operations, causing ripples of concern in the market. The delay in BlackRock’s resubmission, however, fuelled speculation if it is losing interest in a Bitcoin ETF.
Fortunately, it seems the storms have abated. Recent surfacing details confirmed that BlackRock resubmitted on June 29; although Nasdaq’s website failed to reflect that. The only novelty in the re-filing as Bloomberg’s Balchunas noted was the addition of Coinbase like the rest. This incident unveiled certain inadequacies in the operational systems of such exchanges that require robust rectification to evade future misunderstandings.
In conclusion, the solid performance of leading cryptocurrencies, especially amidst an environment of uncertain developments, implies a degree of resilience in the market that stalwarts may find comforting, but it also underscores the volatility of this ecosystem. The BlackRock-SEC incident reminds us that despite perceived progress, the cryptocurrency market is still maturing, with considerable room for improvement in process transparency and timeliness of information update.
Source: Cryptonews
