Market Update 8.27.18 – Markets React to SEC’s Stance on Bitcoin ETFs

| Publish date: 08/27/2018
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Markets React to SEC’s Stance on Bitcoin ETFs

Last week, the US Securities and Exchange commission shot down not just two proposals for Bitcoin based ETFs by ProShares, but also another 5 by submitted by Direxion and 2 by GraniteShares. Then, the very next day, the SEC announced that it was going to review all petitions once more.

However, the SEC’s stance has left the crypto community a tad embittered. Many took to Twitter over the weekend to express their angst, feeling that the effort to legitimize the cryptocurrency industry was an uphill battle.

Read the details of the story here.

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Fundstrat’s Tom Lee Makes New Crypto Prediction

Bitcoin evangelist, Fundstrat’s Tom Lee has made yet another prediction about BTC and the cryptocurrency market. According to his latest prediction, the year could end “explosively” higher for the cryptocurrency market.

Fundstrat’s Head of Research stated in CNBC’s Trading Nation show in an interview that he still believed that the Bitcoin could close the year at $25,000. He said that he based this belief on data that showed a correlation between the price of BTC and trends in the emerging markets. These trends are tracked by Blackrock’s iShares MSCI Emerging Markets ETFs, an index that tracks the performance of small to mid-sized companies in global emerging markets.

Read the rest of the details here.

The Week That Was

One of the biggest stories last week was the SEC’s rejection of 9 BTC base ETF applications, which the agency then said it would re-assess.

Another story that hit the spotlight was University of Pittsburg’s Center for Energy’s strategy manager Katrina Kelly’s article, which stated that the BTC mining energy consumption in 2017 was actually much less than what the banking sector used up.

Other news stories included Chinese and Indian authorities cracking down on crypto-related scams in their respective countries.

Overall, for the last week, the cryptocurrency market showed slight gains, with BTC’s price hovering at about $6,700 and the price of ETH around the $275 range. The total market capitalization still remained relatively low at $215 billion last week.

Find out all that happened last week here.

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Total Market Cap: August 27

Trading volumes in the cryptocurrency market are down to $9.30 billion since yesterday. The market’s value is currently $215.85 billion.

Bitcoin Price Analysis: August 27

Bitcoin’s price gained 0.51% since yesterday to its current rate of $6689.78. The token’s valuation is now $115.28 and the volume in trade is $3.17 billion.

Ethereum Price Analysis: August 27

Ethereum’s price inched up by 0.05% since yesterday to $273.93. ETH’s trading volume is $1.17 billion and its valuation is $28.11 billion.

State of the Top 10 Cryptocurrencies: August 27

Tether (USDT) is the only crypto in the top ten list that has shown a drop in its price. All the others have shown gains, however, marginal. The biggest gainers in trading so far today are IOTA, that surged back into the top ten list with an 11.65% gain, EOS, which jumped up by 5.88% and Stellar, which regained 1.97% of its price.

  • Bitcoin rose by 0.51% to its current price of $6689.78. Market valuation is $115.28 billion.
  • Ethereum rose by 0.05% to its current price of $273.93. Market valuation is $28.11 billion.
  • Ripple rose by 0.59% to its current price of $0.324776. Market valuation is $12.83 billion.
  • Bitcoin Cash rose by 0.53% to its current price of $523.06. Market valuation is $9.05 billion.
  • EOS rose by 5.88% to its current price of $5.18. Market valuation is $4.69 billion.
  • Stellar rose by 1.97% to its current price of $0.217677. Market valuation is $4.08 billion.
  • Litecoin rose by 1.07% to its current price of $57.21. Market valuation is $3.31 billion.
  • Tether fell by 0.99% to its current price of $0.992509. Market valuation is $2.77 billion.
  • Cardano rose by 1.68% to its current price of $0.093397. Market valuation is $2.42 billion.
  • IOTA rose by 11.65% to its current price of $0.584409. Market valuation is $1.62 billion.
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