Bitcoin was trading above $26,300 on Thursday morning in Asia after briefly topping $26,800 on Wednesday night. Ether also regained some ground, breaking above the $1,600 resistance level before falling back just below it. Other top 10 non-stable cryptocurrencies traded mixed, with Open Network's Toncoin (TON) leading the gainers. US stock futures rose after Wall Street closed mixed on Wednesday. Investors are taking in a 16-year high in 10-year U.S. Treasury yields, as well as a possible debt-fueled government shutdown in October.
SEC delays another one-time decision on Bitcoin ETF
Bitcoin gained 0.56% to US$26,354.64 in the 24 hours to 07:40 am in Hong Kong, but still maintained a weekly loss of 2.87%, according to CoinMarketCap data. The world's largest cryptocurrency briefly rose above $26,800 on Wednesday night for the first time in the last seven days, but soon retreated to around $26,300.
The US Dollar Index (DXY), which measures the dollar against a basket of other major fiat currencies, hit a ten-month high of 106.84 Thursday.
A high DXY has been a bearish signal for both cryptocurrencies and the S&P 500, according to blockchain intelligence firm Santiment. saying Thursdays on X (formerly Twitter). However, Bitcoin "has held up well" despite the rise of the US dollar. That "may indicate that a breakout could occur once the DXY stabilizes," Santiment added.
Along with Bitcoin, Ether rose 0.31% to $1,597.56 in the last 24 hours, but is trading 1.55% lower for the week. The token also hit a seven-day high of $1,631.91 on Wednesday night.
Price movements in yesterday's cryptocurrency market were driven by macro markets, said Justin d'Anethan, head of Asia-Pacific business development at Belgium-based cryptocurrency market maker Keyrock.
"Overnight Asia time, US investors started the day full of optimism, attempting to reverse this week's pullback... only to de-risk again in the second half of the day and close in the red." d'Anethan said.
โWhile traditional markets suffered, cryptocurrencies actually outperformed, rising and then retreating, but only to return to a neutral position. โBTC and ETH are essentially flat or timidly higher on the session,โ dโAnethan added.
Other top 10 non-stable cryptocurrencies traded mixed over the past 24 hours. Toncoin, TON's native token, led the gainers with a 2.21% rise to $2.17, but was still down 9.96% for the week. Polkadot's DOT token led the losers, down 0.56% to $3.99 for a weekly loss of 3.63%.
On the regulatory front, the US Securities and Exchange Commission (SEC) on Tuesday delayed a decision on the Bitcoin exchange-traded fund (ETF) application made by Cathie Woods' Ark Investment Management and Swiss digital asset brokerage 21Shares.
The SEC was scheduled to make a decision on November 11, but has now pushed that date back to January 10. delayed his decision multiple times on ETF applications from not only Ark and 21Shares, but also BlackRock, WisdomTree, and Invesco Galaxy.
The delay came after four members of Congress urged the SEC will approve pending Bitcoin spot ETF applications. a Wednesday congressional hearingSEC Chairman Gary Gensler was questioned by several members of Congress about his agency's functions. aggressive posture about cryptoassets. But he stood firm on the claim that most cryptocurrencies, other than Bitcoin, should be classified as securities and regulated by the SEC.
Despite pressure from Congress, Markus Thielen, head of research and strategy at digital asset services platform Matrixport, wrote in an emailed comment that โGensler declined to disclose any details about the SEC's position on the application process (Bitcoin Spot ETF) and rather criticized industry practices. โThis caused Bitcoin prices to retrace their attempted recovery (yesterday).โ
On the topic of Gensler's speech, Keyrock's d'Anethan said, โIt seems that US regulators are coming under increasing pressure to take some action and I choose to see it as optimistic: it's a question of when they will relent, not if they will relent. "
The total cryptocurrency market capitalization increased by 0.35% in the last 24 hours to $1.05 trillion, while trading volume increased by 20.25% to $27.26 billion.
/cloudfront-us-east-2.images.arcpublishing.com/reuters/IRF26AWG25IYZEQFHUNG55PVME.jpg?w=75&resize=75,75&ssl=1 "Brazilโs central bank seeks tighter cryptocurrency regulation, brokerage oversight")
