After the SEC, which has increased its pressure on cryptocurrencies recently, said that there were inadequacies in spot Bitcoin ETF applications, there was a general decline in BTC and altcoins.
After insider sources announced that the SEC would not accept ETF applications as it is, Bitcoin fell from its pre-announcement level of $31,000 to below $30,000. However, for the last hour, there has been a recovery in BTC price and it has risen to $ 30,650 again.
On the altcoin side, the effects of the recovery seem to be greater.
Litecoin and Bitcoin Cash, in particular, have been leading the way in bullishness for the past 1 hour among major market cap altcoins. LTC has gained over 12% in the last hour, while BCH has gained 9.45%.
The rise in Litecoin is thought to be due to the halving event, which is approximately 34 days away. In addition, Bitcoin Cash and Litecoin are among the 4 cryptocurrencies to be listed by EDX Markets, an institutional cryptocurrency exchange backed by Wall Street companies, and this may have contributed to the rise.
On the other hand, we see that cryptocurrencies, which are in trouble with the SEC's characterization as securities, experience relatively more measured rises compared to others. XRP has risen by 1.53% in the last hour, while BNB has risen by 1.57%.
*Not investment advice.