Bitcoin Price In Free Fall After SEC's ETF Delay

Bitcoin Price In Free Fall After SEC's ETF Delay

Bitcoin Price In Free Fall After SEC's ETF Delay

Joseph Young, an editor at NewsBTC and a long-time crypto analyst, doubled-down on Kelly's sentiment, referring to a Tweet he made on July 24th before this most recent debacle went down.

On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind.

One BTC is now fetching $6,321.39, on a average, per CoinMarketCap.

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Should the SEC give the trading of SolidX Bitcoin shares the nod, it's regarded as a notable step forward in mainstream acceptance of cryptocurrencies, although there's still clearly a lot of road ahead.

The United States Securities and Exchange Commission (SEC) has chose to delay the decision to approve a Bitcoin ETF until September 30, 2018.

A broad sell-off in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. This is the company's third attempt to get a bitcoin ETF through the SEC's door, and the group has consistently shown that it is either completely unaware of what to do, or simply isn't interested.

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As aforementioned, altcoins followed the foremost digital asset, with cryptos like XRP and Bitcoin Cash (BCH) actually outperforming Bitcoin by upwards of 1%. At this level, Bitcoin's total circulation was worth US$112bn.

There was a sigh of relief when bitcoin did not immediately react to the announcement by the SEC to delay their decision on approving the CBOE ETF proposal but, this was short-leaved, since a couple of hours later the price plunged by around 7%.

Morehead also noted that current perceptions of a listless Bitcoin market are largely based on perspective and reminded viewers that Bitcoin prices are up "82 percent year-on-year, so it's still doing very, very well". After reports of financial titans BlackRock and VanEck pursuing approval for Bitcoin ETFs, fresh optimism poured into the crypto space. The US regulatory agency - regarded as one of the most important regulatory bodies all over the world - will deny, approve, or again delay the decision on the ETF come September 30. He argued that though ETFs can help pump the price momentarily, a campaign for mass adoption would've had a long-lasting effect on the cryptocurrency.

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While not explicitly stated, the attitude held by BKCM's CEO may imply that he sees more in store for this market in the near future. "I think the SEC has been very cautious with an ETF".

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