Published: Sat, August 11, 2018
Economy | By Shawn Conner

Bitcoin is under pressure and leading the crypto market lower

Bitcoin is under pressure and leading the crypto market lower

This had a spiral effect on the overall cryptocurrency market which resulted in a huge 10 per cent fall in market capitalisation to $230 Billion.

Bitcoin and the broader cryptocurrency market plunged on Wednesday after the U.S. Securities and Exchange Commission delayed a decision on whether to approve a proposed bitcoin exchange-traded fund (ETF). This is the second of its kind after the SEC also rejected an ETF proposed by the Winklevoss twins recently, which had a negative bearing on the crypto market recently.

A request by SolidX was previously denied by the SEC in 2017 attributed to the cryptocurrency's price volatility.

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While the well-respected technician did not give a clear price prediction for the price of Bitcoin, it has become apparent that the asset looks more bearish than it does bullish.

Of course, this means that Bitcoin's price will once again see pressure build as we near toward September, likely raising up in anticipation of what would be good news and then either continuing up or bursting like we saw today.

In general, the SEC has the power to postpone specific decisions if it considers that the proposal is controversial.

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However, given the recent price plummet, it would seem that there is really need for much emphasis on bitcoin ETFs and a real need for a bitcoin ETF to be approved.

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". "We should be focused on the market that's trading the security which in this case would be the exchange-traded product". ICE, the owner of the New York Stock Exchange, announced plans earlier in the week to launch a new platform in partnership with Microsoft and Starbucks that aims to bring bitcoin and other digital assets more into the mainstream.

The presentation points out that there have been major changes since the SEC chose to reject the proposed rule change for Solidx Bitcoin Trust in March a year ago. The decisions are set to be made by September 15. VanEck and SolidX submitted their proposal in June 2018 and had reportedly elicited numerous comments from the public.

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Bitcoin Cash also tested fresh 2018 lows when it careened to the $620 level or a 10% drop.

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