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11 August 2018, 07:21 | Austin Hogan
Bitcoin loses most of its gains from July rally as SEC postpones ETF decision
After the final decision has been made on the 30th of September though, that's when we could see some real changes.
This is the highest level since December 20, 2017, just days after bitcoin hit its record high of $19,783.21 on December 17.
Bitcoin retreated as much as 7% to $6,393.70 at noon in London, extending its 2018 drop to about 55%, according to Bloomberg composite pricing.
A publicly traded Bitcoin fund, better known as the Bitcoin ETF (Exchange Traded Fund), continues to be considered by the cryptocurrency community as a "holy grail" for reversing the trend and returning a bull market. In December Bitcoin's price nearly hit the 20,000 dollar mark. Bitcoin (BTC) is now being traded under $6,600 and has lost 8% in the last 24 hours. Altcoins followed Bitcoin in this move downwards, with a majority of the top crypto assets posting losses that are upwards of 10%.
"The selloff witnessed on Bitcoin continues to highlight how extremely sensitive the cryptocurrency remains to the ETF developments", said Lukman Otunuga, an analyst at FXTM. Since Bitcoin has been created to be an endless resource with a total of 21 Million mineable coins, a higher market capitalization means that the value of a single Bitcoin is going to increase. These are certainly amongst the most important decisions regarding the further development of the cryptocurrency markets.
On Wednesday, the Securities and Exchange Commission chose to delay its decision regarding the proposed Bitcoin exchange-traded fund by VanEck and Solid X.
Should the SEC approve this ETF then it's expected that Bitcoin's value will take a sudden spike since a lot of people will be willing to invest their money in the fund.
10 Bitcoin ETFs are either to be accepted or rejected. NYSE will provide institutional investors with access to a regulated crypto custodian by offering than with physically settled Bitcoin futures products. Although there has been much talk of late over the interoperability of this innovative coin with its adoption over several shopping platforms in Cyprus, amongst other countries, the price continues to tank.
Optimism for ETFs have been gathering steam and has helped to fuel a bit of a recovery in Bitcoin over the past month so any sort of delays or stumbling blocks will have some form of negative impact on prices.
But of course, we still don't actually know when is this going to happen.
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