Bitcoin Stabilizes As ETF Enthusiasm Tapers Off: Report
TEHRAN (Tasnim) – Bitcoin and Ether fell during Monday afternoon trading in Hong Kong, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization.
Bitcoin traded at US$26,044 as of 4:30 p.m. in Hong Kong after falling to a two-month low of US$25,409 last Friday.
Ether slipped 0.65% during afternoon trading in Asia to US$1,672, after it fell 9.55% during the past week.
The world’s two largest cryptocurrencies have been struggling to rally due to a lack of uplifting market catalysts, Jonas Betz, crypto market analyst and founder of consultancy firm Betz Crypto, told Forkast.
“(In recent weeks), potential ETF approvals have boosted the cryptocurrency market, but in the absence of developments in that regard, as well as no other significant developments, investor sentiment remains slack. Furthermore, regulatory uncertainty, particularly around the (Securities and Exchange Commission) SEC’s stance on inflation, leads investors to be more cautious.”
The SEC has delayed a decision on approving the spot Bitcoin ETF application of Ark Investment Management on Aug. 11, following a 21-day public consultation. John Reed Stark, a former SEC attorney, tweeted last Friday that the chances of an ETF approval are “slim and none.”