Cryptocurrency market overview: CBOE decision failed to move the needle

  • CBOE withdrew the application with the SEC.
  • The market reaction has been muted so far.

The cryptocurrency market is nursing losses with Bitcoin and all major altcoins staying in the red zone. The capitalization of digital assets in circulation drifted lower to $119.5B from $120B this time on Wednesday.

Meanwhile, CBOE withdrew filed with the SEC request for changes that would allow it to launch Bitcoin ETF. The statement is published on the website of the regulator. The Commission does not explain the reason behind the decision; However, experts believe that CBOE expected an adverse decision 

“They haven’t given a reason yet, but withdrawal implies that they expected denial & didn’t want another SEC order setting a bad precedent for the future, ”Jake Chervinskiy wrote in Twitter.

The market reaction to the announcement has been somewhat muted as major coins are still oscillating within the recent ranges.

Bitcoin is changing hands at $3,543, down nearly 1% since this time on Wednesday. The first digital coin stays in a tight range since the beginning of the week. 

Ripple’s XRP cracked below $0.3200 to trade at $0.3160 by press time. The second largest coin with a market value of $12.9B has lost 1% in recent 24 hours moving in sync with the rest of the market.

Ethereum is down 2%, changing hands at $116.59 at the time of writing. The coin with the market capitalization of $12.1B is one of the biggest losers out of top-10 coins. 

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