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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ISW Holdings Continues to Transition Cash Assets into Bitcoin with $20K Purchase Ahead of Mining Launch
ISW Holdings, Inc. (OTC: ISWH) (“ISW Holdings” or the “Company”), a global brand management holdings company, is pleased to announce that it is in the process of converting $20,000 of the Company’s cash holdings into Bitcoin. The Company also announces that it will be regularly conducting similar transactions on a quarterly basis to convert a percentage of cash flows into Bitcoin.
Management expects this transaction to be completed this week. The Company began transitioning cash resources into Bitcoin with an initial transaction in March 2019 at approximately $4,000/Bitcoin.
“We believe in the future of Bitcoin and digital payment systems, and cash represents an unproductive asset given the degree of monetary expansion, stimulus, and debt dragging down traditional currency systems,” commented Alonzo Pierce, President, and Chairman of ISW Holdings. “We are also on schedule to launch mining operations through our Pod5 solution at the Bit5ive renewable energy project by the end of January.”
The Company formed a joint venture partnership with Bit5ive, LLC, (“Bit5ive”) in May to build and deliver an elegant, powerful, and efficient data center pod design. The Proceso Pod5ive Datacenter is the result. Designed in partnership with Bit5ive, and geared primarily for the cryptocurrency mining industry, the Proceso Pod5ive Datacenter offers next-generation dynamic self-management functionality, plug-and-play operation, virtually non-existent maintenance needs, and an industry best-in-class 1.06 Power Usage Effectiveness score.
The Company’s first mining pod is set to…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…
Understanding the Dark Side of Bitcoin
Although Bitcoin is praised for its high-quality processes that lead a lot of people to wise outcomes and success, it has its own dark side. This side is less exposed to media and the people as it can possibly ruin whatever Bitcoin has worked for years, exerting lots of effort, expenses, and time. However, discussing this side will be a way for a better and deeper understanding to what Bitcoin really is and its main purpose and future. Given that, we have gathered the information already for you about the dark side of Bitcoin. So, let’s start!
Bitcoin provides a lot of advantages, but some government gave warnings that are not still founded entirely. The main reason behind that is that there are elements of criminality that seek to take advantage of the media hype and excitement around Bitcoin. One example scenario is when the cybercriminals launched Ponzi schemes that gave promises on investments through astronomical returns. After the money of investors have disappeared, this is the time when they realized that they were scammed. Therefore, the governments raised awareness advising the public to invest cautiously and uphold skepticism in life. If you want more information regarding this, you can go through the www.bitcoineras.com to better understand it.
Here are some of the ways wherein cryptocurrency is misused.