Bitcoins Investors panicked after the message SEC
Stock Markets Group – bitcoin exchange Rate on 8 August collapsed, completely cancelling the previous growth, which began in late June.
Investors rushed to cut positions, realizing that the panic on the cryptocurrency market will continue to grow. The price of Bitcoin is not having the support of active players and in the absence of a favorable external background have fallen below 6 $ 800, which confirms the beginning of another global downturn.
Courses cryptocurrency in the top ten collapsed together with the main coin. So the Bitcoin Cash rate has fallen by 7.06% and is at level 613.74 $, with capitalization 10 657 billion. The rate of Ripple lost 8.77%, and reached $ 0.3476$, with market capitalization 13 751 billion. Ethereum has fallen to 9.95%, and reached 367.64$, with market capitalization 37 390 billion.
11:55 Kiev time, the main exchanges show the following values of the rate BTC/USD:
Bitstamp – $ 6 480 (-3.54%)
Bitfinex – $ 6 474 (-0.3%)
Coinbase – $ 6 474 (-0.25%)
The Bitcoin market capitalization currently is $112 022 billion Total capitalization of the stock market 213 243 billion.
Bitcoin exchange rate drops after the decision of the SEC on the abolition of the ETF launch
As it became known the day before, the Commission on securities and exchange Commission (SEC) has postponed a decision on launching a bitcoin ETF up to 30 September, which was the main reason for the collapse rate of the most popular cryptocurrencies.
In a statement the regulator says that at the moment they received more than 1 300 amendments and suggestions to change the rules you must investigate before start trading bitcoin ETF.
The regulator almost two months to consider the proposals CBOE Global Markets Inc., which will allow the Fund, financed by the company VanEck and financial SolidX company to start selling product.
According to the published document, the regulator in the period up to 90 days to consider the proposed changes, and to accept, reject or continue the terms of this question:
“The Commission, in accordance with section 19, paragraph b (2) of the act on the regulation of securities, shall fix the date of 30 September as a final to accept, reject, or extending the study of the question on proposed rule changes”
This message has disappointed investors, and the bitcoin exchange rate reached a new low, falling below 6 $ 800 and losing more than 5%.
We will remind that earlier, on 6 June VanEck and SolidX announced the launch of a bitcoin ETF, and in an interview with CNBC, CEO of SolidX Daniel Gallancy said that the Fund would focus on cooperation with institutional investors, not retail clients.
Bitcoin exchange rate today
The cryptocurrency market came under heavy pressure, and most of the tokens have responded to the change in the timing of the launch of a bitcoin ETF a strong decline from 5% -12%.
The current situation has changed in favor of aggressive sales and the next few days likely will be under the control of the sellers.
As we expected, attempts by the uncertain recovery of bitcoin fell one day earlier, when sales completely leveled a two-day rebound.
In the current situation should be prepared for the fact that the crypto currency will fall in the starting point of its previous growth (the level of$6000 -6 200$).
Today we consider the negative scenario as a major in which the course will first make a stop in the area of the support 6 $ 400, where an additional constraint will be the lower limit of the Ichimoku cloud, and then growing panic, bitcoin price will go to the lows in June – 6 000 dollars.
Forecast for the most popular cryptocurrency still not comforting, and most likely, the quotes will stop at the June highs. With the approach of autumn the market will return the big players, and they are known to not need a high rate of bitcoin to start buying.
Therefore, given the volatility of the cryptocurrency to external news background and exposure to handling large “whales” of the stock market will try to bring down the price in the area of 5 800$.
Chart bitcoin/dollar clearly shows that sellers seek to return the price of the original, to the new attempts to test the year’s lows.
Therefore we do not recommend to open new position in the asset before the time, until prices stabiliziruemost.
Market analyst cryptocurrency
Stock Markets Group™