Cryptocurrency Market Remains Flat Despite Bitcoin ETF Rejection. What's Next for Top Coins?

Latest Cryptocurrency News
Thu, 10/10/2019 - 18:47
Alex Dovbnya
The cryptocurrency markets remains in limbo with some top altcoins witnessing minor price losses
Cryptocurrency Market Remains Flat Despite Bitcoin ETF Rejection. What's Next for Top Coins?
Cover image via U.Today
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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."

However, Josh Rager thinks that the bulls will not give up the $8,500 level that easily, urging traders to watch the order book.   

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Ethereum 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.

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.

He previously forecasted that XRP could surge by up to 4,600 percent after forming a bullish MACD crossover. 

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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.

Chainlink price
image by coinstats.app


About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.