Cryptocurrency prices fell again

Implementation of Bitcoin-ETF investment tool from VanEck and SolidX companies is postponed for several months. The U.S. Securities and Exchange Commission (SEC) published a relevant verdict on its website. The regulator noted that further discussions are required to make a final decision. They will held on September 30, 2018.

After publication of SEC report, Bitcoin fell below the mark in $ 6500. A little later, the course leveled and now is $ 6510. Many cryptocurrencies also lost more than 10% of their price (Ethereum cost is $ 365, Ripple – $ 0.34). At the same time, the total capitalization of cryptocurrency market declined by almost $ 26 billion, to annual minimum of $ 229 billion.

Bitcoin price on August 8

Change of Bitcoin price during the day (source: tradingview.com)

The proposed change of rules has an important role for development of Bitcoin-ETF in the US and tools, which can be released to CBOE exchange. VanEck and SolidX sent an application for the launch of invest tool in June. They argue that cryptocurrency market is ready to adopt a new instrument, but SEC thinks differently. In late July, the regulator has already refused to launch such contracts with Winklevoss brothers, which own a large Gemini exchange. It’s worth noting, that earlier a source in the SEC, who wished to remain anonymous, made it clear that agency was interested in approving this application.

Earlier, economist Tour Demester reported that Bitcoin price wouldn’t reach new highs in 2018. According to the trader, the community shouldn’t expect to launch Bitcoin-ETF this fall. He believes, that regulator will approve such a financial instrument not before 2019.

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