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Cryptocurrency Market Remains Flat Despite Bitcoin ETF Rejection. What's Next for Top Coins?
The cryptocurrency market has had a very boring day with top coins failing to make a decisive move. Bitcoin (BTC) is stuck in the $8,500 range while altcoins see minor red updates.
Bitcoin not unfazed by SEC
At the time of writing, BTC is changing hands at $8,531, dipping by a minuscule 0.16 percent over the last 24 hours. Surprisingly enough, the coin that started it all didn't even budge after Bitwise's ETF proposal got eventually rejected by the SEC. It appears that nobody expected the US regulator to finally green-light a Bitcoin ETF, and its rejection was already priced in.
Now, cryptocurrency trader Luke Martin says that Bitcoin potentially dropping back to the $8,300-$8,400 level could be "an attractive buying opportunity."
I think a pullback to the 8300-8430 zone would be an attractive dip area for buying.
— Luke Martin (@VentureCoinist) October 10, 2019
Would you buy that dip or do you think we find new lows? pic.twitter.com/OZdvoW4iEf
However, Josh Rager thinks that the bulls will not give up the $8,500 level that easily, urging traders to watch the order book.
$BTC - watch the order book
Lots of orders stacked below current price compared to sellers overhead for spot price Bitcoin
Meaning this area is currently being protected at $8500 - but things can always change pic.twitter.com/ecv8ybAWUE— Josh Rager ? (@Josh_Rager) October 10, 2019Michael Saylor Shares Top 60 List of Global Institutional Bitcoin HoldersScam Alert: Scammers Use Top Netflix Show 'Squid Game' to Perform Crypto RugpullBitcoin (BTC) 'Santa Rally' Might Be Dangerous, XRP Critical But Stable, Dogecoin (DOGE) Volume Hints at Bearish DropThere's Silver Lining for XRP Bulls Following 6% Plunge
Alex DovbnyaEthereum fails to pump on good news
Ethereum (ETH) is also trading flat with a mere 0.50 percent dip. Its price didn't react to the CFTC potentially approving Ethereum derivatives, which would allow exchanges such as CME Group and Bakkt to offer ETH-based Bitcoin futures.
With that being said, cryptocurrency investor and CNBC contributor Brian Kelly has already called it "very big news" for the industry.
VERY big news --->
— Brian Kelly (@BKBrianKelly) October 10, 2019
CFTC Chairman Confirms Ether Cryptocurrency Is a Commodity https://t.co/iUlWwwH2Hi via @CoinDesk
XRP takes a day off
XRP (XRP), after recently witnessing a major price uptick, had an expected respite on Oct. 10. However, as reported by U.Today, crypto trader "Galaxy" noticed that Ripple's native token was retesting the resistance level.
$XRP taking a small break and retesting the breakout level.
— Galaxy (@galaxyBTC) October 10, 2019
Bullish as long as 3000 holds and will increase position after a daily close above support. pic.twitter.com/xeex5E9FB1
He previously forecasted that XRP could surge by up to 4,600 percent after forming a bullish MACD crossover.
Chainlink sheds recent gains
Speaking of other top coins, Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), Cardano (ADA) are all down by more than three percent.
Meanwhile, Chainlink (LINK), which shot up to 13th spot yesterday, has experienced a brutal 7.63 percent drop. The oracle token is trading at $2.53.
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