BTC, ETH, and Crypto Market Experience Strong Recovery, CYBER Doubles in Value
Bitcoin and major cryptocurrencies have seen significant gains over the past 12 hours, following Grayscale's legal victory against the SEC.
Cryptocurrency market fluctuations as of 07:58 AM on August 30, 2023. Source: Coin360
Similar to Ripple's legal advantage in its lawsuit with the SEC, which caused XRP and many altcoins deemed securities to skyrocket, the cryptocurrency market has shown a positive response in recent hours following the SEC's loss to another crypto company, Grayscale.
- Details: Grayscale's successful appeal against SEC's Bitcoin ETF proposal
As reported by Coin68, a U.S. appellate court on the evening of August 29 has ordered the SEC to reconsider Grayscale's proposal to convert the GBTC trust into a Bitcoin spot ETF. The court found that the SEC had failed to provide a valid reason for rejecting Grayscale's proposal.
Upon the news, Bitcoin (BTC) surged over 6% from $26,000 - a price range where the world's largest cryptocurrency had been sideways for several days - to reach $27,700. After further consolidation, BTC continued its rise to $28,142, its highest level since the dump on August 17.
Bitcoin is currently stabilizing around $27,700.
1-hour chart of BTC/USDT pair on Binance at 07:58 AM on August 30, 2023
Similarly, Ethereum (ETH) also recovered $100 in value, rebounding from $1,645 to $1,745 late on August 29.
1-hour chart of ETH/USDT pair on Binance at 07:58 AM on August 30, 2023
BNB, which has faced significant pressure recently due to global legal scrutiny on Binance and a $200 million liquidation order on the Venus protocol, also saw a return to $234 at times. However, unlike BTC and ETH, BNB is gradually adjusting to lower price levels in the hours following.
1-hour chart of BNB/USDT pair on Binance at 07:58 AM on August 30, 2023
Among the top gainers at present are several altcoins that have garnered attention recently, such as Arkham (ARKM), Tomochain (TOMO), Sei Network (SEI), Pendle Finance (PENDLE), ThorChain (RUNE),...
Top performing altcoins on Binance at 08:00 AM on August 30, 2023
However, the most impressive performance comes from CyberConnect (CYBER), which doubled in value during this market recovery phase, rising from $3.9 to $8. CyberConnect, a newly listed project on Binance in mid-August, reached a peak of $17.8.
1-hour chart of CYBER/USDT pair on Binance at 07:58 AM on August 30, 2023
According to CoinMarketCap statistics, the total cryptocurrency market capitalization has recovered $100 billion during this surge.
In the past 12 hours, derivative liquidations amounted to nearly $150 million, lower compared to the $1 billion during the dump in mid-August, with short orders accounting for 78%.
Crypto liquidation statistics in the last 12 hours, screenshot from Coinglass at 08:00 AM on August 30, 2023
This weekend, the market may face new volatility waves as the first deadline approaches for SEC to approve the Bitcoin ETF proposals of major Wall Street firms.
