Bitcoin Approaches $6,500 as the SEC is set to Decide on Several Bitcoin-ETF Applications

The State of The Market — November 5, 2018BTC: $6,434.27 (+1.64%)ETH: $209.66 (+3.54%)XRP: $0.4888 (+6.12%)

The cryptocurrency market is flashing green today as all of the top 20 coins are posting gains. Bitcoin is working to overcome resistance at $6,500 and Ethereum has held above $200 after making a surprise run to $218 on Sunday. XRP also leaped above $0.45 and now approaches resistance at $0.50. Currently, the total market cap is $212.8 billion.

In other news, cybersecurity analysts at Japan Digital Design believe that they may have found the hacking group behind the $60 million hack of Japan’s Zaif cryptocurrency exchange and a consumer payments project backed by Barclays and Mastercard has integrated Ripple’s xRapid system to its payment infrastructure.

1) The SEC will soon make its next round of decisions on the numerous Bitcoin (BTC) and cryptocurrency related ETFs that have been submitted to the regulatory agency for approval. The designated public comment period for several submissions was set to end on November 5th, the beginning of this coming week. Thus far, the SEC has denied all nine Bitcoin ETF submissions from various parties including Direxion, Proshares, VanEx, and the CBoE. The crypto sphere and the wider institutional investing world anxiously await the pending decisions from the SEC. (Read More)

2) Analysts at Santiment believe that altcoins are “done waiting for ETH to bounce back, they’re paving their own bull run.” The data analytics platform primarily focuses on public blockchain activity and social media sentiment analysis. According to Santiment, over the last month “a number of ERC-20 projects completely [broke] their ETH price interdependence” which means many tokens are now marching to their own beat instead of moving in step with ETH price. For example, yesterday Basic Attention Token jumped 25% after Coinbase announced they will list token and this was after the altcoin rallied 25% a few weeks ago. Over the past few weeks,​ MKR and ZRX also surged on the release of positive news. All the while, ETH has remained locked in a range of $195 — $220. Santiment says there is still hope for ETH as “logically this price movement should eventually find its way to ETH as well.” (Read More)

3) Dilip Rao, the global head of infrastructure innovation for Ripple, revealed that the company is planning to open an office in Dubai. Rao discussed Ripple’s plans for expansion during the recent Global Islamic Economic Summit 2018. Ripple currently has offices in London, India, San Francisco, New York, Luxembourg, Sydney, and Singapore. He added that Ripple has so far signed about 200 institutions from different countries with many of them being from the Middle East. The list of clients reportedly includes Saudi Arabia’s Al-Rajhi Bank, as well as Kuwait Finance House.“Our focus initially is on cross-border payments because we think that’s where there is the most friction,” said Dilip Rao. (Read More)

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