BTC - Bitcoin Ethereum Dogecoin Trade Mixed As Early Spot ETF Flows Fail To Meet Market Expectations: Analyst Predicts Pre-Halving Rally Before King Crypto Skyrockets To $300K | Benzinga
Major cryptocurrencies on Wednesday traded mixed with the bullish momentum showing signs of waning. This shift in momentum can be attributed to the early exchange-traded funds (ETF) flows, which have failed to meet the high market expectations.
What Happened: Bitcoin’s surge has come to a halt, as the cryptocurrency now trades 10% lower from its recent highs near $49,000. This pullback occurred following the launch of 11 spot ETFs and their subsequent trading in the U.S. last Thursday.
In another major development, a federal judge in Manhattan engaged in a rigorous questioning of Coinbase and the U.S. securities regulator, probing their conflicting perspectives on the classification of digital assets as securities, Reuters reported.
Coinbase has petitioned the court to dismiss the Securities and Exchange Commission’s (SEC) lawsuit, which alleges that the largest U.S. crypto exchange is violating its regulations.
During the hearing, Judge Katherine Polk Failla deliberated on the legal precedent that determines securities and scrutinized the characteristics of various crypto tokens traded on Coinbase and other platforms, which the regulator has identified as investment contracts.
Following the over four-hour hearing, Failla refrained from delivering a verdict from the bench, indicating that she was still evaluating certain aspects of the case.
Top Gainer (24 Hour)
Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
dydx (CRYPTO: ETHDYDX) +3.62% $3.05
Render (CRYPTO: RNDR) +2.87% $4.18
Astar (CRYPTO: ASTR) +1.81% $0.16
The global cryptocurrency market cap now stands at $1.70 trillion, showing a 1.04% increase in the past 24 hours.