The Cryptocurrency Market Shrugs at the SEC Bitcoin ETF Postponement as XRP Leads the Market with a…

The State of the Market: Yesterday the U.S. Securities and Exchange Commission (SEC) released a statement announcing the postponement of the VanEck Solid-X Bitcoin ETF decision as they “required more input” on how the product will address concerns of manipulation, liquidity and other issues. The SEC made their announcement six days early and it appears that the postponement was already priced in as the cryptocurrency market unexpectedly rallied after the announcement. In other news, XRP continues to lead the market forward and yesterday the altcoin surpassed Ethereum in market capitalization. Currently the cryptocurrency market capitalization stands at $226 billion.

1. The gains recorded across the entire crypto markets have shocked many who expected the prices to tumble following the recent announcement from SEC. The markets have already gained over $15 Billion to hit $217.7 Billion. The American financial watchdog has announced that it would not be making a ruling on the previously filed CBOE sponsored Bitcoin ETF on the previously scheduled date. The crypto enthusiasts have reportedly switched their attention to the upcoming launch of Bakkt. The platform aims at pushing for mainstream adoption of cryptocurrencies. The firm is already working to address the regulatory concerns. (Read More.)

2. Ripple and XRP have been making headlines recently, thanks to the developments the firm has undertaken. These developments have seen XRP price skyrocket to new levels. The major development is the upcoming launch of xRapid, an innovative platform which aims at enabling banks to make remittances. Data shows that the global remittances industry has hit $600 billion. The firm’s global payments network, RippleNet, has already been adopted in over 40 countries, recording inflows of over $2 billion. (Read More.)

3. The US Securities and Exchange Commission (SEC) reportedly announced yesterday that it had begun its proceedings to decide whether to disapprove or approve a proposed bitcoin exchange-traded fund (ETF). The SEC published an “order instituting proceedings to determine whether to approve or disapprove a proposed rule change” filed by Cboe BZX Exchange, Inc. If approved, Cboe would have the green light to list a bitcoin ETF pitched earlier this year by money management firm VanEck and crypto startup SolidX. Moreover, as part of the process, SEC wants more input from the public, according to the agency, more than 1,400 comments have already been submitted. (Read More.)

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