Crypto Market Rises to $210 Billion, Tokens Like ICON See Large GainsThe Bitcoin price has increased to $6,550 over the past 24 hours, as the crypto market recorded a solid recovery. Tokens like ICON demonstrated 10 to 30 percent gains.
Theta Token, Gas, CyberMiles, Nano, Lisk, PIVX, and ICON are the best performers of August 24, with Theta Token recording a massive 44 percent increase in value against both the US dollar and Bitcoin.
Corrective Rally and Stability
Almost immediately after the US Securities and Exchange Commission (SEC) disapproved eight Bitcoin exchange-traded funds (ETFs) on August 23, the Bitcoin price decreased from $6,550 to $6,280. But, the market recovered relatively quickly over the last 24 hours, rebounding from $6,280 to $6,550.
CCN reported yesterday that the ETFs which were denied by the SEC were publicly tradable instruments based on the value of derivatives and futures contracts provided by the Chicago Board Options Exchange (Cboe) and CME futures markets.
Previously, CFTC chairman Christopher Giancarlo stated that the Bitcoin futures market is not sufficiently large to become the base price of a large tradable instrument. On August 23, the SEC echoed the sentiment of chairman Giancarlo, stating that the threat of manipulation still exists in the futures market and until the market itself grows to a substantial level, it will not be possible for the SEC to allow an ETF based on the market.
Earlier today, Bakkt, the digital asset exchange created by Microsoft, Facebook, and the New York Stock Exchange, stated that price discovery is a concept which the cryptocurrency sector will have to continuously explore to meet the demands of the SEC and the broader financial market.
https://www.ccn.com/crypto-market-rises-to-210-billion-tokens-like-icon-see-large-gains/
