Markets See Red Following BTC ETF Rejections, News of Anti-Crypto Measures

[ceterissss]

Thursday, August 23: virtually all of the top 100 cryptocurrencies are in the red today, with average losses of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Yesterday evening’s news of the U.S. Securities and Exchange Commission’s (SEC) disapproval orders for 9 different Bitcoin exchange-traded fund (ETF) proposals from 3 applicants -- which intersected with emerging reports of toughened anti-crypto measures in China -- has apparently reversed yesterday’s short-lived market upswing.

Pointedly, multiple crypto commentators had attributed the markets’ evanescent green to bulls exploiting a maintenance window on leveraged crypto trading platform BitMEX to force a spike. Many had also argued that the negative announcements from the SEC had been widely expected, and were contributing to the alleged market action.

Bitcoin (BTC) is trading at around $6,452 at press time, down around 1 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking August 22 and continuing to circle the $6,700 mark for most of that day. Breaking news from the U.S. and China then saw Bitcoin take a steep price hit, although the coin has since recovered back to hold its week-long levels.

On the week, Bitcoin is up 0.8 percent, with its monthly losses at around 16.5 percent.



SOURCE :  https://cointelegraph.com/news/markets-see-red-following-btc-etf-rejections-news-of-anti-crypto-measures-in-china