• Bitcoin (BTC) reclaimed $30,000 after dumping to a 10-day low.
• Litecoin (LTC) soared to 14-month high above $100.
• BitcoinSV is today’s best performer from the top 50 with an 18% surge.
Bitcoin Reclaims $30K
Yesterday, Bitcoin went on a short-lived roller-coaster and has since reclaimed $30,000 after dumping to a 10-day low. Despite initially losing only $200 and remaining above $31,000 for a few hours, it all changed after a WSJ report emerged claiming that the SEC deemed the recent BTC Spot ETF filings as “inadequate.” This drove Bitcoin back down to around $29,500 before closing at around its opening level of just over $30k.
Litecoin Soars Above $100
This week has also been marked by altcoins significantly outperforming Bitcoin as some have shot up – pushing BTC’s dominance over them down on a daily scale. One of these altcoins is Litecoin (LTC), which has soared to its highest price since July 2019 at around $105 due to its upcoming halving event in August this year.
Bitcoin SV Surges 18%
Today’s best performer from the top 50 is BitcoinSV with an impressive 18% surge – pushing it up into the 8th spot in terms of market capitalization among cryptocurrencies. It now sits at around 0.51 BTC per coin – still far below its all-time high of 4 BTC per coin set in April 2019 during the last bull run but much better than its bottom in December 2018 when it was traded for merely 0.02 BTC per coin!
SEC Deems Recent BTC ETF Filings Inadequate
The WSJ report that caused panic yesterday suggested that recent filings for bitcoin exchange traded funds (ETFs), such as those from BlackRock and Fidelity, were deemed inadequate by the US Securities and Exchange Commission (SEC). The SEC said that these companies had not provided enough evidence demonstrating that they could prevent fraud or manipulation within their proposed ETFs – something which many cryptocurrency industry experts have argued will be extremely difficult given the lack of regulatory oversight currently present within crypto markets.
It appears clear then that while there is still significant bullish sentiment surrounding Bitcoin and other cryptocurrencies right now, there is also still significant regulatory resistance towards them becoming mainstream investments anytime soon – something which may cause further volatility going forward!