Cryptos Drop As SEC Hints On Bitcoin ETF Applications Disappoint

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Cryptocurrencies dropped more than half a percent in the past 24 hours amidst reports that the SEC found the recent Bitcoin ETF filings inadequate. According to the Wall Street Journal, the regulator has reportedly told the Nasdaq and Cboe that recent filings from BlackRock, Fidelity and others were not clear and comprehensive. The news eclipsed widespread relief at the easing in inflation in the U.S. as well as Euro Area.

Earlier, readings from the U.S. showed annual core PCE index falling to 4.6 percent. The same was seen steady at 4.7 percent. The corresponding month-on-month reading dropped as expected to 0.3 percent, from 0.4 percent in the previous month.

In response, the Dollar Index shed 0.47 percent in the past 24 hours, falling to 102.86. The CME FedWatch tool, an indicator of rate hike expectations, showed the probability of a quarter-point rate hike falling to 86.8 percent, from 89.3 percent a day earlier.

Amidst the divergence in sentiment generated by the latest developments, overall crypto market capitalization decreased to $1.17 trillion, from $1.18 trillion a day earlier.

Bitcoin dropped to a low of $29,600.28. It is currently trading at $30198.48, having erased 1.4 percent in the past 24 hours.

Ethereum decreased 0.45 percent in the past 24 hours to trade at $1852.73. The 24-hour trading range was between $1,912.63 and $1831.28.

Litecoin (LTC) entered the top 10 league with a more than 12 percent overnight rally, as Litecoin mining difficulty hit fresh highs. Tron (TRX) has been relegated to the 11th rank.

4th ranked BNB (BNB) is the highest-ranking crypto to trade with losses on a year-to-date basis, having shed close to 4 percent in 2023. Dogecoin follows with losses of 10 percent in 2023.

Crypto-friendly financial services company Revolut has reportedly informed its U.S. customers that it was planning to delist Cardano (ADA), Polygon (MATIC) and Solana (SOL). Purchase of these cryptocurrencies has been stopped with immediate effect but customers would be able to hold and sell these cryptocurrencies till mid-September.

Meanwhile Bloomberg has reported that South Korea has passed its inaugural standalone crypto bill which is aimed at boosting investor protection.

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