The beating in the cryptocurrency arena continues.
Bitcoin, the grandfather of all cryptocurreny, plunged 10% in trading on Tuesday. It headlined what was a red day across the entire sector.
The drop in price was attributed to the decision by the SEC to delay the decision regarding an application to set up a Bitcoin ETF submitted by VanEck and SolidX.
Leading up to this, the market was looking for a decision.
Wall Street has repeatedly tried to get the SEC to agree to let institutions get involved in the cryptocurrency sector, but, so far, have been twarted. The Commission is steadfast with the view although one commissioner did break ranks recently.
Tuesday's trading saw a price drop of $1.000 or a lot of $14 billion in market cap. The losses continued into Wednesday.
The decision by the SEC means there will be another 7 weeks before they take the application up again. They set a day of Sept 30 to look at it again.
This goes against the digital community which was hoping for a favorable ruling by mid-August. This obviously will not happen.
Bitcoin is leading the charge down. Since the all-time highs earlier in the year, cryptocurrency lost roughly $600 billion. The market cap is now around $225 billion.
Alt-coins might be in worse shape than Bitcoin. In spite of the loss, the percentage that Bitcoin makes of the total market cap jumped to 49%. This is about a 10% increase in 2018.
Many expect that if Bitcoin cannot take the $8,000 level quickly, the trend will further push it down. There are forecasts of new lows for the year.
The volatile asset appears unable to gain any sustained upward momentum.
The next 7 weeks could be more of the same.
We reached a critical situation now and what do you think?
Should we withdraw our cryptocurrency approximately or be a safe position?
Because it looks like very dangerous and harmful for all.
Yep! Bitcoin cash ate it huge too! I was amazed. Steem headed below a dollar if we dont see an upturn.
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Its true that BTC is down.. But according to some analysts the bearish trend is now over and crypto will soon see turn bullish... Also some of the major players are manipulating the price by creating FUDs in the market and then buying heavily at low prices.. Let us see where it is headed
What I observed that bitcoin is down by approx 10% but other are up to 20-30% down that’s the effect of bitcoin the grand father of crypto @finprep
why BTC going to down? @finprep
The SEC is just another organization that plays to the whims of Wall Street. In all probabilty, they're the ones leading the short in the market to push the price as low as it can go before they buy in and pour billions into the market.
Bitcoin can reach $8000?@finprep what did you think about this situation?