Crypto Markets Trade Sideways After TON Rejection By The SEC

The latest crypto news show that the markets are in an unstable position following the Telegram Open Network (TON) and its rejection by the US Securities and Exchange Commission (SEC). The crypto markets trade sideways and seem to be held by a negative pressure that is constant over the past couple of days.

At press time, even 8 out of the 20 cryptocurrencies are seeing gains. The Binance Coin news indicate that BNB is surging by nearly 2.8% and Chainlink (LINK) is seeing the biggest losses in the top 20 – dropping by more than 6.1%. As the crypto markets trade sideways, Bitcoin is also taking a hit. Even though BTC is stable in its safe zone around $8,300, the momentum is red and the cryptocurrency managed to lose some of its value.

This is maybe the fourth day of literally no bigger action on the markets. After hitting $8,800 on October 11, BTC has been hovering around the $8,300 threshold for some time now. At press time, the Bitcoin price news show that the leading cryptocurrency is down by around 0.4% on the day. On a seven day period, Bitcoin is still up by around 2.8% which is a good sign for its market share rate which has also been relatively stable.

The fact that the crypto markets trade sideways has many Bitcoin bulls predicting that the upcoming Bitcoin block reward halving in May 2020 will be the most crucial event for the cryptocurrency – possibly leading to all-tie highs and breaking prices. According to the CEO at the Chinese mining giant Bitmain, the BTC halving may not lead to a bull market.

On October 8, we saw the American asset manager VanEck publishing its research and providing a number of reasons why Bitcoin improves its investment portfolio upside, emphasizing the coin’s unique monetary value, scarcity and independence from the traditional markets.

The ETH news feature Ethereum and its possibility to soon drop to new levels and that the pressure on the cryptocurrency is big. As a leading altcoin, ETH is down by 1.6% on the day and is trading at $182. The developments in the company recently introduced by its co-founder, Vitalik Buterin, are the only proof that the cryptocurrency could soon recover and reach new yearly highs.