Crypto Market Hits Its Lowest for 2018

Crypto Market Hits Its Lowest for 2018

Crypto Market Hits Its Lowest for 2018

The crypto market has lost as much as $51 billion in capitalization in the last 7 days, which is an 18% decline.

Over $9 billion has been completely erased from the cryptocurrency space, and it appears bitcoin isn't alone in its descent.

A publicly traded Bitcoin fund, better known as the Bitcoin ETF (Exchange Traded Fund), continues to be considered by the cryptocurrency community as a "holy grail" for reversing the trend and returning a bull market.

One BTC is now fetching $6,321.39, on a average, per CoinMarketCap. Still that news only saw a 3-5% drop in Bitcoin price, while today's news seems to have a more profound effect.

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. We must understand that, with Bitcoin dominance so high, a recovery from Bitcoin will pull up the value of the other major cryptocurrencies too. The SEC already mentioned after rejecting the Winklevoss Bitcoin ETF application that "over time, regulated bitcoin-related markets may continue to grow and develop", which could eventually give birth to a Bitcon related ETF. Altcoins followed Bitcoin in this move downwards, with a majority of the top crypto assets posting losses that are upwards of 10%. At this level, Bitcoin's total circulation was worth US$112bn.

Accordingly, it decides to approve, disapprove, or extend the period of consideration.

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In terms of valuation, the firm noted that it does not regard valuation as a "novel issue" for a futures-based bitcoin ETF given that it is already a norm to use futures to develop an investment profile in an asset. Bitcoin ETFs would, in fact, help to bring in more institutional investors, where the real money is.

For the Bitcoin bulls, the only good news on the day was that sub-$6,000 levels were avoided, with Bitcoin also managing to avoid striking a new swing low, a comfort that numerous other major cryptos were unable to enjoy.

However, SEC Commissioner Hester Peirce believes that the Commission should approve a Bitcoin ETF, but it is now in the minority. After reaching a high of $20,000 last December, the price of Bitcoin has fallen unceremoniously.

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.

What do you think of the SEC postponing its decision on Vaneck/Solidx bitcoin ETF?

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