Positive sentiment takes over the market as Bitcoin nears $61,000 level. Is this recovery situational or here to stay?
TL;DR
- Solana ETF impeded as SEC keeps labeling SOL a security.
- Justin Sun scores a significant court win against the SEC. TRX surges 7% in the last 24 hours.
- Bitcoin ETFs record August’s milestone in netflows as BTC taps $61,000 level.
Solana ETF Halted as SEC Reconsiders Its Security Status
Solana remains under the “security” label imposed by the U.S. Securities and Exchange Commission (SEC), which likely led to the removal of VanEck and 21Shares’ 19b-4 forms from the Chicago Board Options Exchange (CBOE).According to BeInCrypto, the SEC approached prospective issuers and expressed concerns over SOL’s potential security classification. This led to the SEC and CBOE pulling out the 19b-4 filings from the Federal Register.
Solana (SOL) did not follow the negative updates. According to CoinMarketCap, the coin followed the market sentiment by growing 3.37% in the last 24 hours.
Judge Ramos denied SEC’s August 19 motion seeking a pre-trial conference and permission to submit additional responses in the lawsuit. This decision represents a setback for the SEC, which had hoped to address these procedural disputes before a potential trial.
As a reminder, the SEC accuses Justin Sun of selling unregistered securities through Tron and BitTorrent tokens.
TRON (TRX) has immediately reflected the positive update on the chart. The coin has surged 10% in the last 2 days, nearing its ATH of $0.146.
SOL/USDT 1D chart. Source: WhiteBIT TradingView
Tron vs SEC Turns Tables
On the other side of the SEC enforcement, the Tron Foundation and its founder, Justin Sun, have scored a significant legal win against the watchdog.Judge Ramos denied SEC’s August 19 motion seeking a pre-trial conference and permission to submit additional responses in the lawsuit. This decision represents a setback for the SEC, which had hoped to address these procedural disputes before a potential trial.
As a reminder, the SEC accuses Justin Sun of selling unregistered securities through Tron and BitTorrent tokens.
TRON (TRX) has immediately reflected the positive update on the chart. The coin has surged 10% in the last 2 days, nearing its ATH of $0.146.
TRX/USDT 1D chart. Source: WhiteBIT TradingView
Bitcoin Bullrun Is Expected
Bitcoin (BTC) tapped $61,000 early Tuesday as Bitcoin exchange-traded funds (ETFs) recorded their second-highest inflow activity this month.According to data from SoSoValue, Bitcoin ETFs’ inflows counted up to $61 million in net inflows, with BlackRock’s IBIT in the lead at $92 million inflows.
Bitcoin ETF market data. Source: SoSoValue
Top cryptocurrencies followed the sentiment, as XRP and TRX jumped over 7% in the last 24 hours.
Crucially, traders are expecting solid market movements near Friday when Fed chair Jerome Powell is scheduled to speak at the Jackson Hole Symposium.
A representative of Abra Prime, an asset manager, said in an exclusive comment to CoinDesk, “We can expect horizontal price action this week before Jackson Hole, with BTC ranging between $56K - $62K with most volume around $58K - $60K.”
Paul Osadchuk
Author
