Home Cryptocurrency Cryptocurrencies experience massive pump because of SEC promise

Cryptocurrencies experience massive pump because of SEC promise

Cryptocurrencies

The prices of most Cryptocurrencies experienced a minor boost on Friday the 24th of August after SEC promised to review the recently rejected Bitcoin ETFs. The growth was totally needed as the price as not been encouraging for investors these past couple of weeks.

Cryptocurrencies

More than 40 of the top cryptocurrencies by market capitalization experienced an increase in price. Even though, Bitcoin started today with a price of $6,400 the top currency experienced an increase of just above 3 percent and closed at $6,700 today. That’s definitely an impressive leap from the leading Cryptocurrency.

We have to keep in mind that Bitcoin plunged from $6,700 just 2 days ago, because of the new anti-crypto policies in China and the several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). It’s impressive to see the Bitcoin and other Cryptocurrencies see a little leap to where it was 2 days after taking a dip.

Even though other Cryptocurrencies haven’t really recovered fully yet, Bitcoin and VeChain (VET) are the only two cryptocurrencies among top 20 coins by market cap to have experience a little growth in the past 7 days. With Bitcoin gaining just 1.43 percent.

Furthermore, one of the popular altcoin Ethereum (ETH) is up about 2.7 percent today. Closing at $280 at the time of writing this report. Ethereum has also been hit really hard these past 30 days, losing 41 percent of its worth. Nonetheless, the total market cap slightly went up today. From $203 billion 24 hours ago to over $210 billion as at press time.

Coins like EOS (EOS) and Monero (XMR) experienced significant growth as well these past 24 hours, up 4.7 and 3.9 percent respectively. All thanks to the announcement from the U.S. SEC that the Commission will review its August 22 decision to reject nine applications for listing Bitcoin ETFs.

Just hours ago, Brian Kelly, who is CNBC’s crypto market analyst predicted that the first Bitcoin ETFs will start operating in February 2019. He also stressed that the world is getting “incrementally closer” to the first Bitcoin ETF approval.

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