Crypto Markets Slump Following SEC Bitcoin ETF Delay

Published at: Aug. 8, 2018

After solid growth to break above the $7,000 mark earlier today, Bitcoin (BTC) saw a loss of around $500 in six hours. At press time, all of the top ten cryptocurrencies other than Tether (USDT) are in the red, according to Coin360.

Market visualization from Coin360

BTC is trading around $6,598 at press time, dropping 5.29 percent over the last day and bringing a new weekly low. The decline follows today’s news that the U.S. Securities and Exchange Commission (SEC) postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) to the end of September.

Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) is suffering a slump, having lost around 6.64 percent in the last 24 hours. The second largest cryptocurrency is trading at $377 at press time, also hitting a new weekly low. Over the month, the ETH price has dropped 23 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

The top ten altcoins are firmly in the red, moving downward from 4 to almost 12 percent. At press time, IOTA, and Ripple (XRP) show the most significant losses, dropping 8.52 and 11.46 percent respectively, followed by Litecoin (LTC) with a loss of 8.5 percent on the day.

Among the top twenty coins by market capitalization, Ethereum Classic (ETC) has been hit the hardest, losing over 13 percent in the last 24 hours, and trading at $17.02 at press time. Today, Aug. 7, crypto exchange Coinbase added support for ETC on its Coinbase Pro platform. Yesterday, commission-free crypto trading platform Robinhood listed ETC as well.

Ethereum Classic’s 1-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is at $236.7 billion at press time, down almost $15 billion over the 24 hour period.

1-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

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