Major cryptocurrencies experienced mixed trading on Sunday evening following a crucial meeting between BlackRock Inc (NYSE:BLK), Nasdaq representatives, and the Securities and Exchange Commission (SEC).
The meeting aimed to discuss the proposed rule regarding the listing of a spot Bitcoin exchange-traded fund (ETF).
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | -0.55% | $37,482 |
| Ethereum (CRYPTO: ETH) | -0.38% | $2,061 |
| Dogecoin (CRYPTO: DOGE) | +0.60% | $0.078 |
What Happened: BlackRock presented an in-depth plan showcasing its capability to employ either an in-kind or in-cash redemption model for its iShares Bitcoin Trust.
Additionally, SEC officials held a meeting with representatives from Grayscale to deliberate the listing of a Bitcoin ETF.
BlackRock is part of a group of firms that have submitted spot crypto ETF applications to the SEC, awaiting a response. This group includes organizations such as Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Bitwise.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Terra Classic | +30.18% | $0.0001011 |
| Terra | +19.76% | $0.79 |
| Axie Inifinty | +10.72% | $6.99 |
The global crypto market cap currently stands at $1.42 trillion, reflecting an increase of 0.01% in the past 24 hours.
Stock futures dipped on Sunday evening, signaling a potential pause in the equity market’s recent upward trend. S&P 500 and Nasdaq 100 futures slipped by 0.2% each.
Despite the potential setback, Wall Street has experienced four consecutive weeks of gains, with stocks rallying since the 10-year Treasury yield retreated from its brief peak of 5% in late October.
Notably, this rally has occurred despite concerns raised by some U.S. retailers about weakening consumer spending. As a result, traders will closely monitor the start of the holiday shopping season following Black Friday, in order to gauge the potential impact on the economy.
If weak spending data emerges, it could suggest that the Federal Reserve’s rate hikes are beginning to impact the broader economy. Monday will see the release of new home sales data and the latest Dallas Fed Manufacturing Survey. Consumer confidence and inflation readings will follow later in the week.
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