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Crypto Market Drops Again After SEC Delays Bitcoin ETF Decision

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After an optimistic growth that cryptos have been experiencing on several occasions in the last few weeks, a massive drop has hit the crypto market following the Bitcoin ETF delay from the SEC.

Bitcoin leads a new value drop

A recent price surge that was seen at the end of July has been canceled by Bitcoin’s (BTC) gradual drop over the course of the last few weeks. After another relatively solid growth which led Bitcoin slightly above $7,000 yesterday, the leading crypto dropped significantly over the course of only a few hours. Currently, Bitcoin is back to only being worth $6,353.61 as per CoinMarketCap.

Of course, as usual, other cryptos continue to follow BTC’s lead, and all of them within the top 10 (with the exception of the ninth one, Tether) have also experienced significant drops. This situation represents the new low for many coins in the last several weeks.

The reason behind such a large drop is the recent announcement by the US SEC, which was expected to soon state its decision regarding the Bitcoin ETF request. After announcing a new delay of the decision, nearly all cryptos entered red almost immediately.

According to the new plan, the SEC’s decision regarding the Bitcoin ETF won’t be announced until the end of September of this year.

Altcoins experience a price drop as well

As mentioned previously, a lot of other cryptos also suffered significant drops, with Ethereum (ETH) losing around 7% of its value in the first 24 hours, following the announcement. At the time of writing, ETH’s price is at $361.65 per coin, which is also a new low for this coin. Over the course of the last month, Ethereum’s value went down by 23% in total.

Other biggest altcoins per market cap are all going down, with the percentage of their drop varying from 4% to as much as 13%. IOTA has seen a drop of 9% already, while Ripple has gone down by more than 11%. Litecoin’s loss is similar to that of IOTA, with the coin losing around 8.5%.

The hardest hit on a cryptocurrency within the first 24 hours following the announcement was the one on Ethereum Classic. The coin has lost as much as 13% of its value in the first day after the SEC delay, and its price right now is $15.12 per coin. Eve ETC’s recent listings on Coinbase Pro and Robinhood that came in the last two days did not help this crypto at all, and it is currently suffering the largest drops on the market.

The situation is even worse when we take a look at the total crypto market cap, which has gone below $224 billion at the time of writing. It would seem that the market is still not ready for the bull run that was expected by numerous analysts. For now, the bearish trend continues, quite possibly due to the SEC’s decision alone. Whether this will change in the coming days or not, remains to be seen.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Bitcoin

Behold The Cryptopreneurs – Overcoming The Obstacles Facing The Blockchain Industry

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Integrating blockchain technology is fast becoming a necessity for enterprise ventures and small or large businesses, but with a growing number of choices in the tech revolution, it’s difficult to pick a direction without feeling overwhelmed or taken advantage of. This is where BEHOLD THE CRYPTOPRENEURS comes in.

Private keys, the myth of anonymity, and the battle against anarchist ideology are only a few of the difficult challenges faced by businesses that want to incorporate blockchain into their culture. Author Dennis H. Lewis guides the reader through those challenges and helps them discover the true potential of investing in this new economic paradigm.

Every business has pain points that must be overcome in order to branch out and thrive in an ever-changing commercial environment. Blockchain has real world solutions and cryptopreneurs are not limited to the cryptocurrencies they invest in but rather how they seize economic and technological opportunities to make it work for them.

Innovation, trust, and solutions can differentiate your business from all the noise, but without a solid marketing plan, a cryptopreneur can have the best idea and never get far. Remember: a million great ideas times zero market presence equals zero success.

Investors want to know there is public interest and enthusiasm in a project before they commit any money to it. As a cryptopreneur, you are tasked with generating that interest from the…

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