Markets

SEC Decides to Postpone Key Decision on a Crypto ETF

SEC Decides to Postpone Key Decision on a Crypto ETF

Since Bitcoin has been created to be an endless resource with a total of 21 Million mineable coins, a higher market capitalization means that the value of a single Bitcoin is going to increase.

The news has not only hit bitcoin as nearly every other cryptocurrency has plummeted losing roughly 5% to 15% in the last 24 hours and have all broken every support level they had found in the last couple of weeks.

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

Other big losers include Bitcoin Cash (BCH), down 12.55 per cent to $587.28, EOS token, down 16.61 per cent to $5.58, and Stellar (XLM), down 15.19% to $0.198468.

And when it comes to discretion, the Securities and Exchange Commission's decision to further explore the creation of Bitcoin-backed exchange traded fund products is good for the market, according to cryptocurrency industry insider and founder of Blackwell Capital Brian Sewell.

The collective value of all cryptocurrencies has now reached a yearly low with this round of bearish price action, with CoinMarketCap reporting that this figure currently resides at $230 billion.




The SEC has therefore bought itself more time, and has announced that it's delaying its decision on the matter until September 30. At this level, Bitcoin's total circulation was worth US$112bn. 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. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation.

A late recovery to $6,200 levels was of little consolation to the Bitcoin bulls, with Bitcoin now having some distance to cover to attempt a break back through the 23.6% FIB Retracement Level, with sub-$6,000 levels in sight. Tom Lee even mentioned that the price drop experienced by Bitcoin recently is quite consistent with its history of corrections in the past. Not all hope is lost and truly, Bitcoin will recover from this.

It is noteworthy that CBOE is planning to create Bitcoin ETF that will be trading SolidX stocks and the intended price is 25 BTC.

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 that something that goes up to $20,000 in one year can have a correction down to around $6,000..."


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