Bitcoin, Ether, top 10 cryptos fall; SEC accepts Valkyrie’s spot bitcoin ETF for review – Crypto News – Crypto News
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Bitcoin, Ether, top 10 cryptos fall; SEC accepts Valkyrie’s spot bitcoin ETF for review – Crypto News

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Bitcoin and Ether fell during Tuesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Bitcoin and Ether both fell below key price levels earlier but returned above as investors remained optimistic after the US Securities and Exchange Commission (SEC) accepted the second Bitcoin exchange-traded fund (ETF) application for review, from asset manager Valkyrie.

See related articles: Weekly Market Wrap: Bitcoin rises past US$31,000, cryptos rally after Ripple’s win against US SEC

Bitcoin, Ether, top 10 cryptos drop

Bitcoin slipped during the Asia trading day to US$30,067 as of 4:30 pm in Hong Kong, after it dipped to US$29,685 in the early morning.

Ether inched down 0.47% during afternoon trading in Asia, to change hands at US$1,904. Mirroring Bitcoin’s price movement, Ether also fell to US$1,875 earlier today before recovering to US$1,900.

Solana’s Sol token was the day’s biggest loser, falling 5.9% in the past 24 hours to US$25.96, followed by Dogecoin that declined 3.06% to US$0.06909.

Within a week, the SEC accepted a second spot Bitcoin ETF application for review, from asset management giant Valkyrie. The news comes after the SEC on July 13 BlackRock’s accepted asset manager application for a spot bitcoin etf review. This signals the SEC’s intent to seriously consider ETF applications.

“Positive news regarding Bitcoin ETFs could significantly boost investor sentiment,” Jonas Betz, crypto market analyst and founder of consultancy firm betz cryptotold Forecast,

“The approval of a Bitcoin ETF would be a major step toward mainstream acceptance of Bitcoin, signaling regulatory confidence and potentially paving the way for significant institutional investment. News like this could trigger a bullish market reaction, pushing Bitcoin’s price above US$31,000.”

The total crypto market capitalization over the past 24 hours fell 1.36% to US$1.2 trillion while market volume increased 39.87% to US$36.31 billion, according to CoinMarketCap data.

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