Crypto markets post strong quarter despite SEC scrutiny

Crypto markets post strong quarter despite SEC scrutiny

Crypto markets posted a strong quarter despite the news that the SEC may prompt some financial powerhouses to scrutinize their Bitcoin ETF filings.

Bitcoin fell below 1% to around $30,300 and has been trading relatively sideways since rising above the $30,000 mark on June 23. Ether's shares dipped 4% to $1,923.

The S&P 500 was up over 1% to close at its highest level since April 2022, thanks to a recent bullish trend that has been affecting the stock market for more than a decade.

Markets were whipsawed earlier in the day after it was reported that BlackRock and Fidelity could face hurdles with their recently filed spot Bitcoin ETF applications. The SEC has expressed concerns about exchanges' failure to provide details of crypto trading platforms that would aid in the identification of fraud in the underlying spot market, Reuters reported.

Fidelity, Van Eck, Invesco, WisdomTree, and Van Eck are among the applications that have been refiled by the CBOE. All the filings named Coinbase, a leading crypto exchange in the U.S., as a potential partner.

In the DeFi industry, Maker's MKR, trailing Aave, trailed by a 14% surge, which briefly rallied 9%. Curve's CRV and Optimism's OP were also up around 8%.

The overall value of decentralized exchange volumes fell to $15.9 billion from $15.9 billion last week.

In addition to Bitcoin and Ether, the top cryptocurrencies by market capitalization, excluding stablecoins, posted gains of at least 2%. The surge in Litecoin led to a 24% increase, followed by Bitcoin Cash with a 22% surge, and Solana with an 8% gain.