CRYPTOCURRENCIES ARE RECOVERING

On Tuesday, the US Securities and Exchange Commission (SEC) postponed its decision regarding a highly anticipated application for a bitcoin based Exchange Traded Fund (ETF) filed by investment firm VanEck through the Chicago Board Options Exchange (CBOE). The notice would give the regulator until September 30 to decide on whether it will approve or disapprove the proposed rule change.

Immediately after this notice, cryptocurrencies went on a downward trend as the total coin market cap shed about USD 35 billion in just 24 hours. It reached an all time low so far for this year as it dipped slightly below USD 220 billion.

The market is currently consolidating losses as the total market cap is recovering and it is about USD 232 billion at 21:50 (UTC).

Image source: coinmarketcap.com

As it can be seen above, most coins followed the same pattern

Bitcoin declined below the USD 6,250 support. However, the $6,200 and $6,100 support area acted as a very strong support. The price is currently recovering and it just rose above the $6,500 zone.

Almost all coins tested a crucial support level. Ethereum tested the USD 350, which was the main support in the first quarter of this year. Additionally, Ripple tested the USD 0.32 support, BCH had a strong support at USD 550, and EOS reached a low level of USD 5.48.

But now, all this coins are recovering and looking greener at 22:40(UTC), Aug 9.

However, 5 of the top 100 cryptocurrencies by market cap lost values within the past 24 hours. They are; ODEM (ODE), GXChain (GXS), MOAC, Populous (PPT), and Huobi Token (HT).

Some people including economist and early Bitcoin investor Tuur Demeester, urges caution and warns the market that a bitcoin ETF may not be approved in the US until next year.