Bitcoin value recovers 3% following delay in pivotal SEC ruling

Share

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.

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

"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.

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.

Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund.

More news: Church in India's Kerala state aiding people affected by rains, floods, landslides
More news: Google Makes Embarrassing Error Following Fortnite Android Release
More news: Omarosa Really Does Have Secret Tapes of President Trump

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. Further tumbles across the board now mean that Bitcoin, for one, has lost 10% of its value in a week. Fortunately, bitcoin found this as its new support level as it steadily climbed back to settle at around $6,500 where it is now dancing around.

Several players have applied or are understood to be in the process of applying for permission to launch Bitcoin ETF, which would, in theory, make investing in cryptocurrency much more accessible to retail investors who could simply buy into the ETF.

It has become apparent that Bitcoin's most recent bout of bullish price action had come to an unfortunate end following this announcement. The presumption of the CNBC expert is that the SEC extends the time frame for deciding on the Bitcoin ETF from VanEck. This ETF is the only "physical" ETF which is now being analyzed by the regulatory agency. At the time of press, Bitcoin is down over 7% in the past 24 hours, finding some semblance of support at the $6,500 price level.

Bitcoin was down 5.6 per cent to $6,484 as of 8:19am in NY, recovering from a 7 per cent drop earlier while extending its 2018 decline to 55 per cent, according to Bloomberg composite pricing. "I think the SEC has been very cautious with an ETF".

Share