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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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Bitcoin

Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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Bitcoin Chasing Green — First Positive Month Since July In Sight

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The crypto market has started seeing gains in mid-February, with Bitcoin (BTC) following the bullish trend as well. In fact, the largest coin was on its way of seeing the first positive month since July of the last year. Even though its price was struggling to permanently overcome the major resistance at $4,000, the coin kept trying, and as long as its price doesn’t drop below $3,414, this goal can still be achieved

The return of the bearish trend which briefly overtook the market on February 24th caused a lot of damage, although Bitcoin managed to remain above $3,800. Following the crash, BTC started seeing minor gains once again, indicating that the bears have withdrawn for now.

What does the future hold for BTC?

As mentioned, Bitcoin can only complete a positive month if its price remains above $3,500 until the end of February. At the time of writing, the price sits at $3,807 according to TradingView, with an increase of 0.58% in the last 24 hours. As things are right now, it is likely that BTC might succeed in doing this, as its price performed relatively well ever since January 11th, even though it remained between $3,300 and $3,700.

Chart courtesy of TradingView

The recently-emerging bullish trend took it beyond this, and while the price…

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