Cryptos Muted Amidst Anxious Wait For ETF Nod

Cryptocurrencies traded in a subdued manner, amidst an agonizing wait for clearer clues on the SEC’s decision on Bitcoin Spot ETFs.

Recent meetings between the SEC, Nasdaq and BlackRock have heightened the optimism about an ETF nod by the SEC. BlackRock tweaking its spot Bitcoin ETF filing to allow cash redemptions also lifted expectations that the approval process was in fairly advanced stages.

Markets overwhelmingly expect the SEC approval for a Bitcoin ETF to be a major bullish catalyst for the digital assets sector, triggering positive momentum as well as a growing institutional interest.

Amidst the lingering expectations, overall crypto market capitalization is currently steady at $1.61 trillion.

Bitcoin (BTC) slipped 0.6 percent in the past 24 hours, reducing weekly gains to 4.1 percent and year-to-date gains to 159 percent. Bitcoin’s prices oscillated between $43,183.94 and $41,826.34 in the past 24 hours. Bitcoin’s crypto market dominance however decreased to 52.12 percent, from 52.19 percent a day earlier. The most popular cryptocurrency is currently changing hands at $42,869.84.

Ethereum, the leading alternate coin also witnessed sell-off, with losses exceeding 1.1 percent in the past 24 hours. Ether ranged between $2,243.15 and $2,139.72 in the past 24 hours amidst market share edging lower to 16.56 percent, from 16.67 percent, a day earlier. Ether’s current price of $2,213.51 implies weekly gains of 1.5 percent and year-to-date gains of close to 85 percent.

BNB (BNB) has gained 2.8 percent in the past 24 hours, 2.2 percent in the past week and 4.3 percent in 2023. The cryptocurrency is currently trading at $256.91.

5th ranked Solana (SOL) rallied 3.7 percent in the past 24 hours, 17 percent in the past week and close to 679 percent till date in 2023. The brilliant rally also helped Solana edge up in the overall crypto rankings, relegating XRP (XRP) to the sixth rank overall.

XRP (XRP) edged up 0.3 percent in the past 24 hours, 1.3 percent in the past week and 80 percent on a year-to-date basis.

8th ranked Cardano (ADA) slipped 1.2 percent in the past 24 hours but is holding on to weekly gains of 2 percent and year-to-date gains of more than 140 percent.

9th ranked Avalanche (AVAX) surged 5 percent in the past 24 hours, lifting weekly gains to 17 percent and year-to-date gains to 293 percent.

10th ranked Dogecoin’s (DOGE) overnight decline of 2.4 percent and weekly loss of 2.6 percent dragged down year-to-date gains to 28 percent.

38th ranked Stacks (STX) topped overnight gains with a surge of more than 18 percent. STX has gained more than 60 percent in the past week and 585 percent in 2023.

31st ranked NEAR Protocol (NEAR) also added 17.6 percent in the past 24 hours, lifting weekly gains to 32 percent and year-to-date gains to 125 percent.

78th ranked Mina (MINA) and 92nd ranked Blur (BLUR) also gained more than 10 percent in the past 24 hours.

60th ranked Bonk (BONK) is the greatest laggard with an overnight decline of close to 13 percent. nevertheless, the first dog-themed coin on the Solana blockchain has added 81 percent in the past week and more than 9000 percent in 2023.

50th ranked SATS (1000SATS), 100th ranked Gnosis (GNO) and 63rd ranked ORDI (ORDI), all declined more than 7 percent in the past 24 hours.

Stablecoins currently account for a little over 8 percent of the overall crypto market. Top three stablecoins together add up to 7.5 percent of the overall crypto market. Tether (USDT), ranked third overall, tops with a market share of 5.7 percent and market cap of $90.9 billion, followed by 7th ranked USD Coin (USDC) that has a market cap of $24.8 billion and market dominance of 1.5 percent. 17th ranked Dai (DAI) commands a market capitalization of $5.3 billion and a market dominance of 0.3 percent.

51st ranked Helium (HNT) recorded brilliant performance in the past week. HNT, a cryptocurrency associated with Web 3, IoT, distributed computing and enterprise solutions surged more than 91 percent in the past week. 74th ranked WOO Network (WOO) followed with weekly gains of more than 85 percent.

FTX Token (FTT), ranked 57th overall which slipped 34 percent in the past week turned out to be the biggest laggard among the top 100 cryptocurrencies.

Meanwhile, the International Organization of Securities Commissions (IOSCO), an international body that brings together the world’s securities regulators and recognized as the global standard setter for the securities sector on Tuesday finalized its policy recommendations for Decentralized Finance. The recommendations encompass DeFi arrangements and structures, common standards of regulatory outcomes, identification and management of key risks, disclosures, enforcement of applicable laws, as well as cross-border cooperation. The recommendations are complementary to the Policy Recommendations for Crypto and Digital Assets (CDA) Markets issued in November 2023.

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