Why CBOE’s Withdrawal of the Bitcoin (BTC) ETF Did Not Shock the Crypto Markets as Expected

When news hit the crypto-verse that the CBOE exchange had withdrawn its application for a rule change at the SEC to consider a Bitcoin ETF, many traders had held their breath expecting the value of BTC to fall a few hundred points and even possibly retest $3,200. The news only resulted in BTC dropping from $3,600 to around $3,567: a decline of 0.91%. The King of Crypto is currently trading at $3,600 indicating that the news had little effect on BTC.

Looking at the total market capitalization, we find that it fell from $120.6 Billion to $119.1 Billion due to the news. This is a drop of 1.24%. The total market capitalization is currently back to $120.346 Billion indicating that the news did not do much damage.

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