In this Weekend Watch article, we discuss how Bitcoin has recently slipped to an 11-week low while highlighting the surprising surge of TONCOIN. Keep up with the latest updates in the cryptocurrency market.
Bitcoin Price Plunges Despite Positive News from Grayscale’s Court Victory
Bitcoin’s price performance continues to be surprising, as it fell to a new multi-month low despite positive news from Grayscale’s court victory over the SEC. This unexpected drop comes after a US judge ruled in favor of Grayscale in its lawsuit against the US Securities and Exchange Commission. While this ruling didn’t guarantee the approval of a spot BTC ETF, it was still a significant win for the industry against the securities regulator.
Following the court victory, Bitcoin experienced a massive rally, with its price soaring by over $2,000 in just a few hours, reaching a multi-week peak above $28,000. However, the excitement was short-lived when the SEC decided to delay its decision on approving or rejecting all current spot Bitcoin ETF applications for another 45 days. This delay had an immediate effect on Bitcoin’s price, causing it to lose all the gains it made after Grayscale’s win and plummet to an 11-week low of about $25,350.
Despite a slight recovery in the past few hours, Bitcoin is still in the red and currently trading below $26,000. Its market cap is also on the verge of dropping below $500 billion, while its dominance over other altcoins stands at 48.2%.
TONCOIN Defies Market Sentiment
While most altcoins experienced losses in the past 24 hours, there was one exception – TONCOIN. This particular asset has been on a roll in the past week, and it continued its positive momentum during the last 24 hours, soaring by over 11% and trading close to $2.
On the other hand, the larger-cap altcoins such as ETH, BNB, XRP, ADA, DOGE, SOL, TRX, DOT, MATIC, LTC, and SHIB are all in the red, experiencing minor losses. As a result, the total crypto market cap has also declined to $1.040 trillion, dropping below the $1.1 trillion level it recently reached.
Despite the positive news from Grayscale’s court victory, Bitcoin’s price took a hit after the SEC delayed its decision on Bitcoin ETF applications. This caused a significant drop in Bitcoin’s value and pushed its market cap lower. However, TONCOIN defied the market sentiment and continued to surge in value. As the crypto market remains highly volatile, investors should stay updated on the latest developments and conduct thorough research before making any investment decisions.
Cryptocurrency Market Overview. Source: Quantify Crypto