The crypto market traded lower as the SEC rejected another Bitcoin spot ETF.
The Securities and Exchange Commission (SEC) rejected another Grayscale Bitcoin ETF, which is likely why Bitcoin continued to drop.
The overall crypto market saw prices change by -1.89% in the last 24 hours, which is similar to what we saw the day before.
Trading volume over the last 24 hours was 25% higher than the recent 7-day average, which shows market participation has increased with the drop in prices.
Price volatility was 1.44%, meaning prices didn’t fluctuate much.
The two biggest coins: Bitcoin and Ethereum
Bitcoin is the biggest coin by market cap and its price changed by -0.30% over the last 24 hours.
The drop is likely related to the SEC rejecting another Grayscale Bitcoin spot ETF.
The second most valuable crypto, Ethereum, saw its price change by -0.95%. Ethereum’s market cap is 36.49% of Bitcoin’s total value.
Ether still holds above US$1,000. A break below opens the way to US$850. But if the price stays above current levels, we may see another test of US$1,200 soon.
Today’s biggest gainers and losers
Big gains happened for Amp (AMP) up 27.64%; Arweave (AR), which rose 16.34%; and Convex Finance (CVX) which was up 12.67%. (All figures are based on the last 24 hours of trading at time of writing.)
Amp (AMP) is an Ethereum token that collateralizes payments on the Flexa Network. If a BTC or ETH payment fails, the Amp collateral covers losses while the vendor receives compensation in fiat.
Arweave (AR) is a decentralised storage network that offers a platform for indefinite data storage. It uses its native AR cryptocurrency to pay “miners” to store the network’s information.
Convex Finance (CVX) is an influential decentralised finance (DeFi) protocol helping Curve liquidity providers boost rewards. Its sole use case is to accumulate as much total locked value (TVL) as possible, which helps it control a significant stake in Curve Finance.
The largest drops were for UNUS SED LEO (LEO), down 3.59%; Zcash (ZEC), which fell 3.03%; and BitTorrent-New (BTT), which was down 2.34%.
UNUS SED LEO (LEO) is a utility token for the iFinex ecosystem. It allows Bitfinex users to save money on trading fees.
Zcash (ZEC) is a decentralised cryptocurrency focused on privacy and anonymity. It uses the zero-knowledge succinct non-interactive argument of knowledge (zk-SNARK) proof technology that allows network nodes to verify transactions without revealing sensitive transaction information.
BitTorrent (BTT) is a peer-to-peer (P2P) file-sharing platform released in 2001. TRON (TRX), a blockchain platform, purchased BTT in 2018. It uses the BTT token to compensate providers and purchase resources such as bandwidth and storage.
Trying to get a handle on the markets? Cut through the noise with our overview of the best cryptos to buy right now, explore some strategies for how to trade crypto or see if there’s a better platform for you with our guide to the best crypto exchanges.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.