Daily Berminal Brief (8/24/18): In a Shocking Reversal the SEC Announces Plans to Review the…

Too Long; Didn't Read

The State of the Market: On August 22 the SEC made an earlier than scheduled announcement to deny 9 Bitcoin-ETF proposals from 3 applicants. The news of a rejection was expected and seemed price into Bitcoin price as the cryptocurrency did not correct sharply and managed to defend the $6,230 resistance quite well. Fast forward to August 23 and the SEC shocked everyone by stating that SEC Chairman Jay Clayton and the board of commissioners will reviews the orders of rejection issued by SEC staffers to ensure that the appropriate decision was made. Bitcoin and a handful of select altcoins have reacted positively to this new and Bitcoin appears ready to have a go at $7,000 over the short-term.