Bitcoin ETF Delay Sets Cryptos Downwards
Crypto-markets have seen another heavy hit today. The top ten cryptocurrencies have taken massive blows and dropping quickly in price. The US Securities and Exchange Commission has again announced a delay in their decision to either approve or reject the BTC exchange-traded fund, pushing back their decision by 45 days
Not Yet Denied
Despite no official rejection of the ETF by the SEC, cryptocurrency markets have no taken the announcement of a delay positively in any way. As of now, BTC has experienced an almost 6.5 percent drop, priced at around $6567 on the market. Even with the successful climb to the $8000 mark, BTC continues dropping towards the $6000 and displays signs of a possible dropping to the low during the upcoming weekend.
However, with some good news, Bitcoin does continue to dominate and is currently at 48.6 percent and will experience a correction following this new low. As a result, all markets will see climbs of their own once Bitcoin does (eventually) climb back again.
Ripple has taken a significant blow as well and has dropped over just over 14 percent and priced at $0.35 on the market. For XRP, dropping past $0.30 on the market is bad sign due to resistances that XRP will face during an attempted comeback over $0.40 and its $1 USD pricing is currently out of reach.
Bitcoin Cash (BCH) is also another victim of the ETF delay reaction, plummeting down around 11.41 percent and has dropped down to $621 on the market from its previous $700 standing, which has clearly been affected by the ETF delay and provides clear evidence of the 10 percent BTC value ownership by BCH.
Ethereum Classic, ETC, has also been dealt a heavy blow of its own, taking a 15 percent dip and valued at around $16 on the market. This comes down to two factors with the first involving a result of a correction and the BTC exchange-traded fund being delayed as well as the newest listing of ETC on Robinhood and Coinbase.