Cryptocurrency Mining: Crypto Prices Further Decline on SEC Announcement
On Thursday, the cryptocurrency prices continued to decline after the U.S. Securities and Exchange Commission’s (SEC’s) announcement of delaying a decision with regard to the listing of a Bitcoin exchange-traded fund (ETF).
On one hand, the bitcoin made a 4.4% decrease to $6,315.8 based on the the Bitifinex exchange. The Ethereum, on the other hand, declined to 4.6% to $360.1 based also on the Bitifinex exchange. On the Poloniex exchange, Ripple decreased by 4.6% to $0.34526. Meanwhile, Litecoin dived to 7% at $62.743.
With yesterday’s selloff, the cryptocurrencies’ market value went to a $230 billion drop. This was the lowest level since November of last year, according to Coinmarketcap data.
From the peak of the cryptocurrencies in January, it had lost $600 billion. On Wednesday, the prices of Bitcoin and other major cryptocurrency decreased after the SEC’s postponement of its decision on whether to allow the VanEck Associates Corp and Solid Partners Inc’s fund listing at the last days of September. There was an initial deadline that is due to expire next week.
Moreover, the news impacted the crypto traders. Bloomberg reported that crypto traders formerly hoped the VanEck’s proposal was potential to be approved as it has plans for a higher minimum share price that some believed would bring discouragement to retail investors and insurance.
Elsewhere, the initial coin offerings (ICOs) are declining in popularity amid the increasing regulatory scrutiny, according to reports on Thursday. CoinSchedule made a suggestion that the initial coin offerings’ $18 billion for blockchain startups this year had raised due to the blockbuster sales from particular wealthy investors.
Cryptocurrency Mining: EOS declines in Bearish Trade
On Thursday, EOS traded at $5.6523 with 16.17% decline later on the day. This was the largest percentage loss in one day since June 22.
The move downwards pushed the market cap of EOS down to $5.15B, or 2.31% of the total cryptocurrency market cap. The market cap of EOS was $17.53B. Moreover, EOS trade at a range of $5.5753 to $5.6525 in the previous 24 hours. The EOS also has seen made a decline in value as it had a 21.4% loss in the past seven days. EOS’s volume traded at $882.34M in the 24 hours or equivalent to 5.68% of the total volume of all cryptocurrencies. Over the past seven days, EOS traded at a range of $5.33 to $7.31. The current price of EOS is still down 75.40% from its all-time high of $22.98.
Meanwhile, Bitcoin recorded last at $6,324.3 with 5.48% loss. Ethereum traded at $358.59 with 5.48% loss. The market cap of bitcoin was at $108.96B or 48.83% of the total cryptocurrency market cap. Ethereum’s market cap recorded $36.39B or 16.31% of the total cryptocurrency market value.
