Cryptocurrencies Market Plummeted To The Lowest Valuation For 2018 After SEC Postponed Bitcoin ETF Decision

The sentiment surrounding the cryptocurrencies, especially the Bitcoin (BTC) transformed fast for a bullish one to a very bearish one. And the culprit for this is the SEC and its decision to postpone the final verdict on approval, or rejection, of the Cboe Global Markets’ Bitcoin ETF proposal. Since the announcement emerged, the cryptocurrencies market plummeted to the lowest valuation for 2018.

Cryptocurrencies market plummeted after the SEC postponed its decision regarding the Cboe Global Markets’ Bitcoin ETF proposal

The SEC postponed the decision on the Bitcoin ETF proposed earlier this year by Cboe Global Markets and that fact disappointed the crypto investors around the world. As a consequence, the Bitcoin (BTC), directly affected by the SEC’s delay regarding the ETF, plummeted and took almost all the altcoins with it.

Accordingly, in the last 48 hours, the cryptocurrencies market shed more than $30 billion and is currently summing up a market cap of over $225 billion.

While some cryptos are showing a slight recovery in comparison with yesterday, all the top 10 cryptocurrencies are trading red at the moment of this article, excepting Cardano (ADA) and Tether (USDT), but the latter, however, is dependent on the USD.

Here’s how the top 10 cryptos trade at the moment of this writing, courtesy of CoinMarketCap:

top 10 cryptos coinmarketcap - Cryptocurrencies Market Plummeted To The Lowest Valuation For 2018 After SEC Postponed Bitcoin ETF Decision

The US SEC has to decide on nine Bitcoin ETF proposals within two months from now

The rejection of the Winklevoss twins’ Bitcoin ETF proposal did not stop investments and crypto-related companies to jump into this train and propose their own ETFs projects.

And that’s how the US Security and Exchange Commission is now obliged to deal and decide on nine Bitcoin ETF proposals, among which the VanEck/SolidX Bitcoin ETF project is the most interesting one as it involves a “physical” form of Bitcoin ETF.

On the other hand, the SEC might postpone the decision on the Cboe Global Markets’ Bitcoin ETF proposal up to March 2019, according to the Canaccord Genuity firm, Canada’s leading investments and wealth management company.


Companies Mentioned

CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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