Monday, 10 December, 2018

Further cryptocurrency price falls, as SEC decision delay sparks heavy losses

VanEck Bitcoin ETF SEC Bitcoin loses most of its gains from July rally as SEC postpones ETF decision
Orlando Vargas | 11 August, 2018, 23:55

These days the eyes of the crypto world are on the American Securities Exchange Commission (SEC) closely following every single announcement regarding the current pending Exchange Traded Funds (ETFs).

Yesterday, the co-founder and CEO of the crypto-related investment company Pantera Capital, Dan Morehead, commented on the recent news regarding the recent Bitcoin ETF rejection and postponing the ETF proposal until September, as well as the Bakkt cryptocurrency exchange. "Accordingly, the Commission... designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change".

"SEC approval would likely unleash a rise in institutional investment, quite possibly triggering a surge in the price of bitcoin and other cryptocurrencies, a notably volatile sector", Sewell said. This became especially true after last month's denial of an ETF proposed by the Winklevoss Twins (and owners of the Gemini exchange).

In postponing their decision over the VanEck proposal, the SEC has yet again proven its capacity to have a dampening impact on the cryptocurrency market. I think small rallies in the market will provide a nice opportunity to sell this market in the short term. Bitcoin which is the most popular digital currency is now trading at around 6,500 dollars which is a massive drop.

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The news was taken as a potential blow to the cryptocurrency market's credibility.

Analysts for FXPro, a London-based foreign exchange broker, said in an email on Tuesday: "The crypto market cap lost 20% in the last 2 weeks, falling from $300 billion to $250 billion".

In an attempt to account for Bitcoin's August 4 price drop, one source claimed that the "Sec engage [d] in insider trading over the bitcoin ETF decision". Its market capitalization is $112 billion dollars.

Meanwhile, Newton added that in order to approve the decision, the SEC would have to do so in the knowledge the ETF was backed by physical bitcoin, "either stored by the Chicago Board of Exchange or a third party". According to Gallancy, the launch of this Trust is now set for early 2019 assuming they get a positive decision. He then suggested that Bitcoin "needs to be done as hedge funds first" since it is an "early-stage venture-type security or asset".

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