Crypto Market Decline Continues Amidst SEC Decision to Extend Bitcoin ETF Ruling

The cryptocurrency markets shed approximately $20 billion following the US Securities and Exchange Commission’s decision to delay the highly anticipated CBoE BZX Exchange Bitcoin ETF until September 30th, 2018.  Immediately following the SEC’s announcement, the cryptocurrency markets went from a daily high of approximately $257 billion to a daily low of $236 billion.

SEC’s Bitcoin ETF Decision Highly Impactful to Markets

The SEC’s decisions regarding the approval or denial of Bitcoin ETF’s is driving the cryptocurrency markets.  Following the decision to deny the Winklevoss Bitcoin ETF application on July 26th, Bitcoin’s price immediately went from daily highs of nearly $8,300 to daily lows of $7,880 within only a couple hours of the news breaking.

Today’s SEC announcement to delay their decision on the CBoE Bitcoin ETF immediately sent shockwaves through the markets and has led Bitcoin’s price from daily highs of over $7,100 to daily lows of $6,550 on Coinbase.  The SEC’s notice of delay wasn’t a surprise to many familiar of the topic.

CNBC Cryptotrader host, Ran NeuNer, tweeted about the decision, saying:

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