Cryptocurrency market update: Hope for a Bitcoin ETF handed a blow, Bitcoin, Ethereum and Ripple slash gains

Cryptocurrency enthusiasts have been forced to deal with the fact that a Bitcoin exchange-traded fund will take longer than expected to get approved. This follows the news that the United States Securities and Exchange Commission (SEC) has rejected the proposal for a BTC ETF filed by Bitwise Asset Management and NYSE Arca. The rejection also comes after multiple delays.

The SEC in its statement on Wednesday says that Bitwise failed to demonstrate its ability to deal with fraud and market manipulative acts and practices outlined in the Exchange Act. The Managing Director of Bitwise Matt Hougan responded positively to the rejection saying:

“We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF.

We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.”

Bitcoin market update

Bitcoin made an eye-catching move from the support I discussed earlier on Wednesday at $8,100. The compelling move was strong enough to pierce through both $8,400 and $8,600 resistance levels. The buyers’ intent to push the fireworks move higher above $8,700 occurred as planned. However, the momentum hit a snag at $8,712 giving way for a retraction move. Bitcoin is teetering at $8,570 in the midst of a building bearish momentum focused on slashing the accrued gains.

Ethereum and Ripple market update

The two largest altcoins in the crypto market were not sidelined during Bitcoin’s majestic move. Ethereum was elevated to highs above $180 after several days of consolidation around $180. Although the focus was on $200, Ethereum formed a high at $196.23. A correction from the high is underway while Ether exchanges at $193.22.

On the other hand, Ripple is trading under $0.28 key level. The digital asset reacted relatively to Bitcoin’s brief surge but failed to breach $0.29 barrier. The ongoing retreat is seeking support at $0.2750. Other key support areas likely to come in handy are $0.27, $0.25 and $0.24.