SEC’s decision regarding the Bitcoin ETF
SEC’s decision regarding the Bitcoin ETF
After an optimistic growth that cryptos have been experiencing on several occasions in the last few weeks, a massive drop has hit the crypto market following the Bitcoin ETF delay from the SEC.
Bitcoin leads a new value drop
A recent price surge that was seen at the end of July has been canceled by Bitcoin’s (BTC) gradual drop over the course of the last few weeks. After another relatively solid growth which led Bitcoin slightly above $7,000 yesterday, the leading crypto dropped significantly over the course of only a few hours. Currently, Bitcoin is back to only being worth $6,353.61 as per CoinMarketCap.
Of course, as usual, other cryptos continue to follow BTC’s lead, and all of them within the top 10 (with the exception of the ninth one, Tether) have also experienced significant drops. This situation represents the new low for many coins in the last several weeks.
The reason behind such a large drop is the recent announcement by the US SEC, which was expected to soon state its decision regarding the Bitcoin ETF request. After announcing a new delay of the decision, nearly all cryptos entered red almost immediately.
According to the new plan, the SEC’s decision regarding the Bitcoin ETF won’t be announced until the end of September of this year.
Altcoins experience a price drop as well
As mentioned previously, a lot of other cryptos also suffered significant drops, with Ethereum (ETH) losing around 7% of its value in the first 24 hours, following the announcement. At the time of writing, ETH’s price is at $361.65 per coin, which is also a new low for this coin. Over the course of the last month, Ethereum’s value went down by 23% in total.
Other biggest altcoins per market cap are all going down, with the percentage of their drop varying from 4% to as much as 13%. IOTA has seen a drop of 9% already, while Ripple has gone down by more than 11%. Litecoin’s loss is similar to that of IOTA, with the coin losing around 8.5%.
SEC’s decision regarding the Bitcoin ETF
Reviewed by mir khaleq ali
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Reviewed by mir khaleq ali
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16:44
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