- Bitcoin and Ethereum both traded down marginally over the past 24 hours.
- Altcoins traded higher this week, with Solana the big winner.
- A decision on Ark’s spot Bitcoin ETF could come this evening, analysts said.
Happy Friday!
Bitcoin and the broader crypto market have been relatively stable this week. A spot Bitcoin exchange-traded fund decision awaits tonight, which is expected to signal a delay.
Let’s dig in!
Delays ahead
The US Securities and Exchange Commission is expected to give a decision on Ark Invest’s spot Bitcoin ETF today, according to Bloomberg Intelligence’s James Seyffart. Expect a delay.
“The next SEC deadline for ETFs is Ark Invest on August 13,” Seyffart tweeted on Thursday evening. “That’s a Sunday so we should see a decision by tomorrow. My bet is after market close tomorrow. We are fully expecting a delay.”
The regulator has several decision deadlines left so a delay today isn’t the end of the world for hopefuls. The first decision was expected around the end of June, after an initial filing in May.
However, the asset manager re-filed to include a surveillance sharing agreement with Coinbase — in line with other rivals vying for the first spot Bitcoin ETF.
Sunday represents the second deadline, the first since the amendments and the introduction of BlackRock to the race.
The next deadline will be November 11 and the final deadline is January 10, according to filing data and estimates collected by Bloomberg.
Crypto market movers
Investors seemingly shrugged off PayPal’s stablecoin announcement and US inflation data on Thursday.
Bank of America said the payment giant’s stablecoin is unlikely to see significant adoption in the near term.
Elsewhere, US inflation data met estimates on Thursday, encouraging traders that the US Federal Reserve will pause interest rate hikes at its meeting next month.
Altcoins slipped a little over the past day, but remain higher over the week.
Smaller market cap tokens have enjoyed somewhat of a renaissance over the past month, analysis suggests “altcoin season” might be coming.
- Bitcoin is down 0.3% over the past day, and up 0.6% over the past seven days.
- Ethereum was flat over the past day, up 0.66% since last Friday.
- Polygon’s MATIC dipped 1.4% over the past day, still up 2.3% since last week.
- Solana’s SOL was the big gainer this week, tacking on over 7%.
- Ripple’s XRP slipped nearly 5% over the last week.
What we’re reading
- Base frenzy fuels Coinbase revenue outlook amid rising fees and shrinking market share – DL News
- SEC’s Ripple appeal has big consequences for Coinbase and Binance cases – DL News
Adam Morgan McCarthy is a London-based markets correspondent for DL News. To contact him with story tips, reach out at adam@dlnews.com.
