August 22: The crypto markets are seeing a second flush of green, with virtually all of the major cryptocurrencies seeing solid growth on the day, as Coin360 data shows.
Positive price momentum is a welcome respite from protracted bearish sentiment, although multiple crypto commentators are attributing the upswing to yesterday’s announcement by leveraged crypto trading platform BitMEX that it would be halting trading for scheduled maintenance.
The window has allegedly been exploited by bulls to force a spike, especially within the context of a forthcoming August 23 SEC decision on another Bitcoin exchange-traded-fund (ETF) application, that many expect will be negative.
Market visualization from Coin360
Bitcoin (BTC) is trading at around $6,644 at press time, up almost 4 percent on the day, according to Cointelegraph’s Bitcoin price index.
The top coin had been range bound around $6,400-6,500 for most of the week before sharply spiking by 5 percent within the space of just 45 minutes earlier today to peak around $6,790. While it