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Another NASA space telescope has shut down and halted science observations, the AP reports. Less than a week after the Hubble Space Telescope went offline, the Chandra X-ray Observatory did the same thing. NASA said Friday that Chandra automatically went into so-called safe mode Wednesday, possibly because of a gyroscope…
Stocks are slumping for a second straight day as the market endures its most volatile stretch since February, the AP reports. The Dow Jones industrials fell 545 points, or 2.1%, to 25,052.83 and the benchmark S&P 500 dropped 57 points, or 2.1%, to 2,728.37….
The U.K.’s main opposition Labour Party opened the door on Tuesday to a second referendum that could reverse Brexit if talks with the European Union collapse.
WSJ.com: What’s News Europe
The cryptocurrency markets have produced a significant rally today – with just three of the top fifty crypto markets by capitalization posting losses for the last 24 hours of trade action as of this writing. The most notable gainer has been XRP – gaining over 50% in the last day to overtake ETH as the second largest cryptocurrency by market capitalization.
BTC Break Above Resistance at $ 6,500 USD
BTC has broken above the $ 6,500 resistance area, following roughly two weeks of sideways price action between approximately $ 6,000 and $ 6,500.
As of this writing, BTC is trading for approximately $ 6,700 after appearing to establish roughly $ 6,800 as local resistance when looking at intraday price action. BTC has gained roughly 4% in the last 24 hours.
Looking at the stochastic RSI on the weekly charts shows that momentum is coiling into an increasingly tightening mid-level range – suggesting that the markets may be primed for a strong move in either direction.
Bitcoin Core has a total capitalization of $ 115.7 billion and a market dominance 52%.
BCH Tests $ 500 Area
Bitcoin Cash gained roughly 12% in the last 24 hours – bouncing from approximately $ 430 to currently be trading for $ 483.
BCH also gained nearly 7% over BTC today – rallying from 0.067 BTC to 0.0735 BTC, before retracing to the current price area of 0.072 BTC.
The BCH/BTC rally appears to coincide with a bounce of the upper-side of the descending trend line that has guided price action since May. BCH currently has a market cap of $ 8.34 billion and a dominance of 3.75%.
Dramatic XRP Rally Elevates Ripple to Second Largest Crypto by Market Cap
XRP posted the largest gains of the top cryptocurrency markets – rallying by 100% before violently retracing to post daily gains of approximately 50% as of this writing. The markets quickly bounced from roughly $ 0.4 to $ 0.8, before retrace to the current $ 0.6 price area.
XRP posted similarly impressive gains over BTC also – rallying 90% from 0.000062 BTC to test 0.000117, before retracing to the current price are of 0.0000875 BTC.
The dramatic XRP rally drove Ripple to overtake Ethereum to rank as the second largest cryptocurrency by capitalization for the third time in the last 18 months. Ripple currently has a market capitalization of $ 23.5 billion and a dominance of roughly 10.5%.
ETH Bumped Down to Third-Largest Crypto
Despite a slight slide Ethereum’s ranking by market cap, ETH also produced bullish price action today – gaining by over 10% in the 24 hours from $ 210 to currently be trading above $ 230 after breaking the descending trend line that has guided USD price action since May.
Looking at the ETH/BTC chart, it appears that Ethereum has broken out of the descending channel in which it has traded since mid-July – gaining almost 5% in the last day to currently be trading for approximately 0.036 BTC.
Ethereum has a market capitalization of $ 23.3 billion and a dominance of roughly 10.5%.
Stellar and Cardano Also Post Double-Digit Gains for Today
XLM and ADA were the second and third strongest performing of the top ten crypto markets by capitalization today.
Stellar’s current price of $ 0.255 comprises a daily gain of 18.5%, however, similar to XRP, the markets XLM market produced a parabolic spike of 30% on the intraday charts before retracing to current price levels. Stellar is also trading for 0.00003835 BTC and has a market cap of $ 4.72 billion – making it the sixth-ranked cryptocurrency by capitalization.
ADA gained 13% today – rallying from $ 0.076 to the current price area of roughly $ 0.086. Cardano is also trading for 0.00001300 BTC and is the ninth largest cryptocurrency with a market cap of roughly $ 2.19 billion.
Do you think XRP can hold its position as the second largest cryptocurrency market by capitalization? Or do you expect that ETH will quickly reclaim such? Tell us your thoughts in the comments section below!
Images courtesy of Shutterstock
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The post Markets Update: XRP Briefly Dethrones ETH as Second Largest Crypto appeared first on Bitcoin News.
The White House said it is working to arrange a second meeting between President Trump and Kim Jong Un after the North Korean leader sent a letter requesting one.
WSJ.com: What’s News Asia
One day after the U.S. Securities and Exchange Commission (SEC) rejected proposed rule changes for nine bitcoin ETFs, the Commission initiated a review of all related decisions. Three rejection orders made on August 22 are now stayed pending the review by the SEC Chairman and the Commissioners.
SEC Initiates Review of Nine Bitcoin ETFs
After rejecting the proposed rule changes for nine bitcoin ETFs, the SEC sent out notices stating that it will review the delegated actions on all of them. All August 22 rejection orders are now stayed.
This is the first time the SEC initiated a review of its staff decisions on bitcoin ETFs. In contrast, when the proposed rule change for the Winklevoss bitcoin ETF was rejected in March, it took Bats BZX exchange to file a petition for the Commission to review the decision.
News.Bitcoin.com reached out to the SEC for comments. According to Rule 431(c) of the SEC’s Rules of Practice:
The Commission may, on its own initiative, order review of any action made pursuant to delegated authority at any time, provided, however, that where there are one or more parties to the matter, such review shall not be ordered more than ten days after the action. The vote of one member of the Commission, conveyed to the Secretary, shall be sufficient to bring a matter before the Commission for review.
Commissioner Peirce’s Comments
While the Commission did not confirm which Commissioner(s) called for the review, Commissioner Hester Peirce has been vocal on social media about the review taking place.
She has since tweeted, “Yesterday’s staff orders disapproving SRO rules related to a number of bitcoin ETFs are stayed pending Commission review,” elaborating:
The Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here.
In March last year, when the SEC rejected the proposed rule change by Bats BZX exchange, Peirce was not yet at the Commission. In a recent interview with CNBC, she said that she had been at the Commission for only six months and was not part of the original decision made on said bitcoin ETF.
Following the March rejection, Bats BZX exchange filed a petition for a review with the SEC; the final decision was made over a year later. Peirce was part of the final review and she voted for the approval of the bitcoin ETF while three of her colleagues voted against.
Furthermore, she said during the interview that the Commission overstepped its bounds by rejecting bitcoin ETFs based on the underlying market.
Three Review Orders
On August 23, the SEC sent out three letters. One was sent to Cboe Global Markets regarding two Graniteshares bitcoin ETFs. Two were sent to NYSE Group regarding five Direxion bitcoin ETFs and two Proshares bitcoin ETFs. All nine were rejected on August 22, as news.Bitcoin.com reported.
The three letters similarly read:
This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action. In accordance with Rule 431(e), the August 22 order is stayed until the Commission orders otherwise.
What do you think of the SEC’s action? Do you think the SEC will approve any of the nine bitcoin ETFs after the review? Let us know in the comments section below.
Images via Shutterstock and Hester Peirce.
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