United States SEC Defers BTC ETF Ruling

Aug 08, 2018 at 23:51

The United States’ Securities and Exchange Commission had decided to put off its verdict on the Winklevoss ETF until the end of September.

Backed by CBOE, VanEck, and SolidX, the Winklevoss would be the world’s first ETF should it be approved.
Although some have long factored in the bleak prospects of seeing the ETF get the regulatory body’s nod within the year, the delay still sent the crypto world tumbling to the detriment of several alternative coins.

For Bitcoin, the biggest cryptocurrency fell to the middle of the $6,000 trading range over which it has been hovering since a rally in July.

Data from DisruptBlock’s Coin Market Recap show that XRP, for instance, slumped as much as 14.26% to finish at $0.35, down nearly thrice from its $2.78-high in January.

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EOS saw a nearly similar fate as it shed 17.26% on the day to $5.82, a far cry from the $21.41 it posted in April.

The worst has also dawned on Litecoin; from the $271.57 level it registered at the start of the year, it has plummeted to $64.17 after plummeting by 11.97% on the day.

With the significant losses these alt-coins have been posting, experts assess that a recovery may not take place within the year.