It seems to be the end for the recovery rally in crypto markets, with major cryptocurrencies, like Bitcoin and Ethereum erasing almost all their gains made during the previous week, with some assets even falling for monthly lows.
This is given due to the lack of fundamental support, or at least it remains as one of the major factors to what’s currently going on, affecting price action on major cryptocurrencies in the last few months.
All hope that was given by news, creating momentum and supporting altcoin from time to time turned only to be dead cat bounces. Currently, all major altcoins have been affecting, just as Bitcoin which lose nearly 10% since Thursday. In the meantime news of Bitwise have reached out to SEC, waiting for approval of Bitcoin ETF to be traded in NYSE Arca, providing at least, cushioning effect.
According to social media, the cryptocurrency Asset Management firm has filed an initial registration statement to US SEC for ETF to be traded in NYSE Arca, hopefully having the requested approved.
Now, it remains to be seen what would happen if there’s any impact on SEC’s standing over the approval of Bitcoin ETF’s.