The State Of The Market: It was an exciting week for the industry with ETF decisions and a BitMEX glitch, but the market managed to remain somewhat stable. Over the last 7 days, the Crypto market went to a high of $221 Billion and a low of $203 Billion. It is now back to $215 Billion. Bitcoin (BTC) saw gains this week, going from $6,450 to $6,700. With the increase in price, Bitcoin dominance has also increased from 51.3% to 53.7%. Ethereum, on the other hand, has gone down from $300 to $275.
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The SEC has rejected a series of Bitcoin ETFs once again. This time, it includes two ETFs filed by ProShares that would track bitcoin futures contracts, another from GraniteShares, and five leveraged and inverse ETFs from Direxion. A total of 9 ETFs proposals were rejected. Once again, the SEC expressed concerns about manipulation and less oversight on the Bitcoin market. However, the CBOE Bitcoin ETF is still pending, with a decision set to come around September 30 (read more).
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After Thailand’s crypto-friendly regulations, their next move is to create a digital currency. However, the digital token is not for the general public to use. It will be used by banks to transact with each other. Thailand’s Central Bank has partnered with 8 participating banks to test out its central bank digital currency (CBDC) initiative called ‘Project Inthanon.’ The bank will use R3’s distributed ledger technology (DLT) platform Corda to build a proof-of-concept prototype (read more).
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A glitch in the BitMEX system hurtled Bitcoin prices from $6,500 to $8,000 within a few minutes. The fact that trades were not initiated during this time suggests that the bug had something to do with visuals but cryptocurrency investors are slightly irked as constant inexplicable events on cryptocurrency exchanges could lessen the likelihood of a Bitcoin ETF being approved by the SEC. Popular YouTube technical analyst, Don Alt asked BitMex to “please, stop teasing” and complained that the fact that the entire market rallied $40 on this bug adds another reason “why we should have alternatives.” While the visual glitch did not impact or execute trades, BitMEX is one of the largest cryptocurrency platforms and controls more than 40% market of the Bitcoin-USD market (read More).