Bitcoin, Ethereum and All of the Alt-coins Took a Deep Dive

Bitcoin, Ethereum and All of the Alt-coins Took a Deep Dive

Bitcoin and Ethereum Deep Dive and All of the Alt-coins Took a Deep Dive

$BTCUSD, $ETHUSD

Bitcoin prices collapsed Wednesday after the SEC delayed its decision on the proposed Bitcoin-related ETFs submitted by VanEck and SolidX.

Bitcoin (BTC) and other cryptocurrencies deep dived Wednesday, with many digital currencies losing more than 10% of their value.

Bitcoin was down 8.5% as of 10:05a  EDT, while Ethereum lost more than 10% and XRP tumbled 16%. EOS was the biggest loser of the Top 10 traded cryptocurrencies, falling 17.89%, according to CoinMarketCap.

The decliners it seems are a reaction that the US Securities and Exchange Commission (SEC) is delaying its decision on a proposed Bitcoin ETF. The Commission originally said it would announce its decision by 10 August. Now, it says, 30 September is the date.

In early July he SEC rejected a proposed Bitcoin ETF from the Winkelvoss twins, on fears of price manipulation in a 3-1 vote.

The proposed ETF, from investment firm VanEck, is different in that it is backed by cryptocurrencies, rather than futures. The proposed ETF has been rejected 2X before by the SEC

The world’s biggest digital currency has lost $14-B in value since the news broke late Tuesday in New York, trading from above 7,100 to an overnight low of 6,133.08.

Currently, Bitcoin is trading at   the market is open

The SEC’s delay is a blow for the digital-asset community that had hoped a ruling in favor before the mid-August deadline, 45 days after the latest submission to regulators. Participants will now have another 7 weeks to wait.

Plagued by exchange hacks and regulatory concerns, digital assets have been in a continual fall for the most of Y 2018, falling to $221-B Wednesday, its lowest mark since 7 November 2017, that is $600-B off its all time highs in December of Y 2017.

Altcoins bore the brunt of Wednesday’s day’s selloff, with all showing significant losses Wednesday.

  1. Ether ETHUSD, -0.28% is down 7.1% to 357.23
  2. Bitcoin Cash BCHUSD, -0.24% is trading lower by 12% at 592.20
  3. Litecoin LTCUSD, +0.24% is down 8.8% at 63.33
  4. Ripple’s XRP XRPUSD, +0.36%is trading at 33c, down 14.2%.

Bitcoin futures closed lower Wednesday

The Cboe Global Markets Inc.’s August contract XBTQ8, -0.36%  finished Wednesday down 7.9% at 6,307.50 and the CME Group Inc.’s August contract BTCQ8, -0.63% finished down 9.4% at 6,330 on the day.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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