SEC Deems BTC ETF Applications Inadequate, CME Applies to Launch ETHBTC Futures

Market Update BTC is flat since yesterday at $30.5k as investors were whipsawed from initial gains to a sharp headline-driven sell-off, which has now been retraced. According to CryptoSlate’s data, BTC suddenly crashed by 3.53% on the 1-hour candle to $29,946. This sudden collapse coincided with a Wall Street Journal article that reported shortcomings in the spot Bitcoin ETF applications recently filed by BlackRock and Fidelity. $ETH is up 4.9% today, reversing its relative downtrend vs. $BTC throughout June. This comes as CME announced it would be applying to launch ETHBTC-denominated Futures (more below). Bitcoin Cash ($BCH) was the highest-performing large-cap digital asset this month, showing monthly gains of 91.7% and 32.7% in the past 24 hours to reach a yearly high today of $323.13. Recent outperformance has mainly come within the last ten days after $BCH was listed on EDX Markets, a recently debuted exchange with investor participation from traditional institutional investors such as Citadel and Fidelity. Litecoin ($LTC), another asset listed with EDX, has gained 28.5% in the last day, coinciding with the $LTC hash rate falling just short of all-time highs, and in anticipation of Litecoins next halving, expected to occur on 8/5/23.    Bitcoin took a sharp dive of