• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
SEC

Crypto Market Decline Continues Amidst SEC Decision to Extend Bitcoin ETF Ruling

Cole Petersen by Cole Petersen
5 years ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

The cryptocurrency markets shed approximately $20 billion following the US Securities and Exchange Commission’s decision to delay the highly anticipated CBoE BZX Exchange Bitcoin ETF until September 30th, 2018.  Immediately following the SEC’s announcement, the cryptocurrency markets went from a daily high of approximately $257 billion to a daily low of $236 billion.

SEC’s Bitcoin ETF Decision Highly Impactful to Markets

The SEC’s decisions regarding the approval or denial of Bitcoin ETF’s is driving the cryptocurrency markets.  Following the decision to deny the Winklevoss Bitcoin ETF application on July 26th, Bitcoin’s price immediately went from daily highs of nearly $8,300 to daily lows of $7,880 within only a couple hours of the news breaking.

Today’s SEC announcement to delay their decision on the CBoE Bitcoin ETF immediately sent shockwaves through the markets and has led Bitcoin’s price from daily highs of over $7,100 to daily lows of $6,550 on Coinbase.  The SEC’s notice of delay wasn’t a surprise to many familiar of the topic.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

CNBC Cryptotrader host, Ran NeuNer, tweeted about the decision, saying:

As expected the SEC has exercised their right to an extension on the Van Eck ETF – new date 30 September.https://t.co/g0VpimsxJf

— Ran NeuNer (@cryptomanran) August 7, 2018

The decision to delay the application is unsurprising, as the SEC frequently delays rulings on ETFs from emerging markets. As for the new decision date, the SEC wrote:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

“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.”

The SEC also notes in their notice of extension that they have the ability to extend the decision under federal law, saying:

“Section 19(b)(2) of the Act provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate…the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The Commission is extending this 45-day time period.”

It comes as no surprise that they are exercising their right to extend their ruling due to the relatively new nature of the Bitcoin markets, and the regulatory fog that surrounds the popular cryptocurrency.

Some Cryptos See Yearly Lows Amidst Market Decline

Over the past few weeks, Bitcoin had regained some of its market dominance, climbing from 42% on July 16th to nearly 49% on August 2nd.  Although good for Bitcoin, this has proven to be very bad for altcoins.  When Bitcoin’s price climbs at a greater rate than altcoins, therefore gaining market dominance, it gains the ability to further push alts down as it falls. Unfortunately, most alts did not rise proportional to Bitcoin over the past few weeks, and as Bitcoin fell today, some alts have been pushed to their lowest prices this year.

One such example is XRP, which is currently down -10.96% over the past 24 hours and is sitting around $0.365 at the time of writing according to CoinMarketCap.  This is the lowest price XRP has seen in 2018, and the last time it was this low was prior to its meteoric rise in early December.

Other alt-coins also fell to incredibly low levels as a result of the SEC decision, with Ethereum sitting at $380 and Litecoin at $67.  It remains to be seen whether or not the markets are oversold at this time, but regardless, these prices are uncharted waters for many cryptos in 2018.

Featured image from Shutterstock
Tags: Bear marketcrypto crashetfFUDrulingsec
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Bitcoin

Bitcoin Price Action Mirrors Q1 2021, Volatility Ahead?

2 days ago
Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

2 days ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

2 days ago
Bitcoin US Government

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

2 days ago
Bitcoin bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

2 days ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

2 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Bashar DAO Launches BASHAR Token: For the Betterment of the Arab Region

March 26, 2023

Futures of metaverse tokens like The Sandbox (SAND), and Decentraland (MANA) are very blurry, while Defi Giant RenQ Finance (RENQ) remains the hottest crypto of 2023

March 26, 2023

TMS Network (TMSN) Poised to Become the Next 1000x Token, Magic (MAGIC) Down 8.38%, and Binance (BNB) among the few Cryptos with an Exciting Future

March 26, 2023

ShibaLauncher: First Community Driven Launchpad on Shibarium Opens Token Pre Sale To SHIB Holders

March 25, 2023

As the competition in the derivatives market heats up, BitMake is poised to stand out

March 25, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.