Bitcoin [BTC], the poster child to all cryptocurrencies and the world’s largest cryptocurrency, quivers as the prices decline by massive 11.35% in a 24-hour period.
The decline in the prices is speculatively attributed by the community to the US Securities and Exchange Commission [SEC]’s recent decision regarding the Bitcoin Exchange Traded Fund [ETF].
Bitcoin, the long-standing cryptocurrency, is losing strength as the prices have broken major supports in the last two months. Red November was a bad start for Bitcoin, but December seems to have brought the doom upon Bitcoin as the price decreased by a massive 10% at the time of writing and was trading at $3,397.
In the one-day time frame, the prices for Bitcoin were holding steady at $3,850 just above the long-term support at $3,730, but the prices have fallen to a low that was last seen in mid-September 2017 just before the Bitcoin’s historical rally began.
The next support for Bitcoin can be seen ranging from $3,100 to $3,200, and prices so far look like they won’t be stopping their downhill ride anytime soon.
The cryptocurrency community, especially the Bitcoin eco-system, has been shaken and speculate the reason for the price drop to SEC’s decision that was published on Thursday regarding the Bitcoin ETFs.
The Bitcoin ETF that was proposed by money manager VanEck and SoldiX in partnership with CBOE BZX exchange has been delayed for the third time by the SEC in Thursday’s circular. SEC stated:
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,10 designates February 27, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change.”
Altcoins are following the Bitcoin’s crash path and are crumbling one by one, as XRP has declined by 10.71%, Ethereum [ETH] by 16.01%, Stellar Lumens by 16.32% and in an interesting turn of events, Bitcoin SV has overtaken Tether [USDT] and Bitcoin Cash [BCH] to take the rank five for itself.