Crypto and traditional markets saw mixed performance this week.
While the tech-heavy Nasdaq remained relatively stable, the broad S&P 500 Index saw a gain of 1.1%, and the small-cap Russell 2000 Index outperformed with an increase of over 3%.
In the crypto space, both BTC and ETH held steady, with BTC advancing by 1.9% to reach $30,445, while ETH is trading 1% lower at $1,850. Altcoins, however, displayed greater volatility. Bitcoin Cash (BCH), as seen in previous weeks, emerged as the top performer, rallying by a remarkable 64% week-over-week.
Year-to-date, BCH has surged by over 200%.
BCH was one of the fortunate coins selected for inclusion on the EDX market, a new crypto exchange introduced by Citadel Securities, Fidelity Digital Assets, and Charles Schwab. The other cryptocurrencies chosen for EDX are bitcoin, ethereum, and Litecoin. What these coins have in common is their likely classification as commodities rather than securities by regulators in the US.
Despite the EDX announcement, it remains somewhat puzzling as to why BCH has outperformed to such a significant extent. Year-to-date, both BCH and LTC were trailing behind BTC and ETH. However, following the announcement, BCH started to surpass BTC and ETH in performance by more than +100%, while LTC continues to lag. Whether this development will be sustainable is yet to be determined.
In other news, Fidelity Investments has joined Blackrock in their efforts to launch the first Bitcoin spot ETF in the US. This news has generated considerable excitement in the market, particularly regarding Blackrock, as they have previously had only one ETF application rejected by the SEC.
However, it remains uncertain whether they will ultimately receive SEC approval. It is assumed that Blackrock would not file for the ETF without being reasonably certain of approval, but the SEC’s argument against previous attempts for a Bitcoin spot ETF remains unchanged. They contend that there is a lack of transparency in the BTC markets and the potential for manipulation.
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