The cryptocurrency markets experienced an upswing following an announcement from the United States Securities and Exchange Commission that they will review their August 22 decision to reject nine applications from listing Bitcoin (BTC) ETFs. The upswing resulted in a wave of green with digital currencies experiencing massive gains in the last 24 hours.
On August 22, the U.S SEC rejected 9 proposals for new bitcoin exchange-traded funds (ETFs), but the news did not affect the markets as was expected. Moreover, the SEC announced that they will review their decision on ETF rejections. This positive news seems to have given some hope to many traders as the markets experienced a wave of green in a matter of hours.
According to coinmarketcap, the cryptocurrency markets have experienced a notable growth in the last 24 hours, with all but one of the top 40 digital coins by market capitalization solidly in the green. Currently, bitcoin is trading at $6,550 up 1.6% on a 24-hour basis, having bottomed out at $5,859 on August 14. The coin continues to create higher lows along the rising trend line. The bullish crossover between the 50-candle and 100-candle moving averages (MA) also favors further gains in BTC.
Additionally, Ethereum gained 2.7%, trading at $280 at press time. The coin has been on a constant struggle to bounce from the recent lows. However, if the current bulls manage to break out and sustain above the 50-day SMA, the coin’s price may increase further and reach new levels.
Brian Kelly of CNBC’s Fast Money predicted that the approval of a bitcoin ETF will likely come in February 2019. Brian pointed the agency’s qualms over inadequate resistance to fraudulent and manipulative acts and practices in an insufficient size BTC derivatives market and the largely unregulated underlying spot market.
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