Daily crypto: Markets are plummeting – bitcoin is traded at $6,500

Daily crypto: Markets are plummeting – bitcoin is traded at $6,500.

Image source: Shutterstock

Christian Ploog

christian.ploog@trijo.co

The market cap of all cryptocurrencies has fallen by around $28 billion in the last 24 hours. Many now believe that the decline is due to the fact that the SEC is postponing its decision regarding an application for a bitcoin ETF.

The crypto markets have plummeted during the last 24 hours. Both eos (-14,36%) and xrp (-14,29%) have dipped up to 15 percent each.

Ethereum (-9,61%) has also declined and is now trading at around $370. Also bitcoin (-7,68%) has dipped and is now trading at around $6,500.

In addition, the market cap of all cryptocurrencies has fallen by around $28 billion in the last 24 hours, according to Coinmarketcap.

Bitcoin ETF decision is delayed

Many investors and analysts have pointed out that the sharp decline is due to recent news that the U.S. Securities and Exchange Commission (SEC) is postponing its decision to approve a bitcoin ETF from the companies Vaneck and Solidx until the end of September.

An ETF is an abbreviation for “exchange traded fund”. In short, a bitcoin ETF would follow the bitcoin price, thus becoming a way for people to invest in bitcoin through traditional exchange platforms.

Fluctuations may be due to hype

At the end of July, the SEC announced that they postpone their decision regarding an application for another bitcoin ETF, that of the fund company Direxion, until 21 September. The reason why was that the authority wants to have enough time to go through the application properly before making a decision.

And now the ETF application from Vaneck and Solidx has also been delayed.

According to CCN, many influential traders with hundreds of thousands of followers in social media in Japan and South Korea have built up a hype around that the Vaneck’s ETF application would be approved, thereby implying that the crypto prices will soar.

It is also possible that the news that the SEC is postponing its decision coincided with a large sell-off from many big crypto traders on the so-called over-the-counter (OTC) market.

Asset: Price: % (24h)
Bitcoin $6 520,92 -7,68%
Ethereum $371,04 -9,61%
Xrp $0,353086 -14,29%
Bitcoin cash $617,71 -12,74%
Eos $6,06 -14,36%

Follow Trijo News on FacebookTwitter and Telegram.

Keep up with the latest news

Read more