Bitcoin’s market movement has been somewhat confined in recent days, with its value oscillating between $25,800 and $26,000. This occurrence took place after the widely followed digital currency passed the $28,000 mark, following a federal court’s order for the SEC to reexamine its denial of Grayscale Investments’ conversion of its GBTC product into an ETF. The digital currency’s momentum cooled-off as the SEC deferred key ETF decision-making supposed to happen on Friday, imbuing traders with a sense of disappointment and casting shadows on long-term recovery prospects.
“As various macroeconomic and regulatory stories keep investors on tenterhooks, the cryptoasset market teeters on a knife edge as we stride into September. With the pathway to lower rates ambiguous and bitcoin spot ETF approvals in a state of limbo, the market is left to the mercy of speculation on major cryptocurrencies’ motion trajectory,” eToro analyst Simon Peters commented.
Despite the broader market uncertainty, Stellar’s XLM was a notable outlier, realizing a 10% uplift on Monday.
According to a report by JPMorgan, the SEC could be coerced into giving the green light to spot bitcoin (BTC) ETF applications from multiple asset managers, a judgment spurred on by a federal court’s directive to the regulator to reassess its dismissal of Grayscale’s ETF conversion effort.
“The court ruling on the Grayscale vs. SEC matter underscored the arbitrary and random denial by the SEC. Essentially, the Commission failed to shed light on its differential handling of similar products; specifically, futures-based bitcoin ETFs,” wrote an analyst team led by Nikolaos Panigirtzoglou.
In other news, Mayur Kamat, the Global Product Lead at cryptocurrency exchange Binance, is parting ways with the organization. “We can confirm Mayur’s decision to step down and express our gratitude for his assistance in guiding Binance through rapid growth phases. We wish him all the best,” the spokesperson communicated.
Markus Thielen from Matrixport observed an unusual shift in ether’s volatility ratio, which has recently slipped below that of bitcoin – a divergence from the usual trend. This pertains to the relationship between ether and bitcoin’s 30-day realized volatility and the 20-day moving average of the ratio.
Source: Coindesk
