Bitcoin and Ether trade flat as buzz around Bitcoin ETFs and Ripple court ruling fades

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Bitcoin edged higher in Thursday morning trading in Asia, along with most of the other top 10 non-stable cryptocurrencies, but the token lost much of its support at the US$30,000 line. Investors said buying enthusiasm for Bitcoin has faded after recent gains in exchange-traded fund (ETF) applications and a favorable Ripples court ruling in the case brought by the Securities and Exchange Commission. Exchange Commission. Ether stepped back.

Bitcoin Flat Lines

Bitcoin was up 0.44% to hit US$29,919.68 as of 6:30 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency fluctuated around the $30,000 support price earlier in the morning, but is now down 1.45% over the past seven days.

The crypto has been relatively stable after a stream of good news, Nick Ruck, chief operating officer of Singapore-based blockchain infrastructure platform ContentFi Labs, said in email comments. Bitcoin ETF news has been priced in and the market is waiting to see the financial products in action.

The world’s largest asset manager, BlackRock and several other US financial institutions began filing applications for Spot Bitcoin ETFs from mid-June, helping to move the Bitcoin price north of US$31,500. at some point last week.

Ruck added that the US court ruling last week in favor of Ripple Labs and its XRP token also contributed to the price rise, but the case is not the end of the regulatory war since the SEC can make appeal the case to a higher court.

This case also did not determine whether XRP and other tokens are securities, but instead added more regulatory confusion about how and when a token can be considered a security in some cases but not in others. Ruck said.

Adrian Wang, managing director of Hong Kong-based digital asset manager Metalpha, agreed that optimism around XRP and ETFs seemed to have run out of steam. He added in emailed comments that XRP only won a partial victory as the district court ruled that institutional sales of the tokens violated federal securities laws.

Nonetheless, Ripple was the biggest gainer among the top 10 non-stable cryptocurrencies on Thursday morning. The token jumped 8.02% to US$0.8275 and added to a weekly rise of 75.85%.

Other gainers included Cardano, which added 5.81% to US$0.3224 and is up 12.04% for the week. Solana rose 4.67% to US$26.53 for a weekly gain of 20.62%.

On Wednesday, Solana Labs, the blockchain infrastructure developer behind the token of the same name, showed off a new developer tool named Solang that it claims will make smart contracts on the blockchain more accessible.

Ether was the biggest loser on early exchanges in Asia, with the second-largest cryptocurrency by market capitalization slipping 0.37% to US$1,892.30. However, it is still up 1.17% last week and has gained 57% since the start of the year.

Total crypto market capitalization edged up 0.01% in the past 24 hours to US$1.2 trillion as trading volume fell 3.50% to US$31.11 billion .

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