Bitcoin is under pressure and leading the crypto market lower

Bitcoin is under pressure and leading the crypto market lower

Bitcoin is under pressure and leading the crypto market lower

At time of writing, the total market cap is at $221,803,776,183 (4pm, ET), down about 11 per cent in 24 hours.

After the first announcement that a Bitcoin Exchange Traded Fund is possible, many crypto enthusiasts and market analysts stated that Bitcoin (BTC) would surge if the cryptocurrency ETFs would become a reality.

One BTC is now fetching $6,321.39, on a average, per CoinMarketCap.

In March previous year, the SEC rejected the proposed rule change filed by NYSE Arca to list and trade shares of Solidx Bitcoin Trust.

Other big losers include Bitcoin Cash (BCH), down 12.55 per cent to $587.28, EOS token, down 16.61 per cent to $5.58, and Stellar (XLM), down 15.19% to $0.198468.

On Wednesday, the Securities and Exchange Commission chose to delay its decision regarding the proposed Bitcoin exchange-traded fund by VanEck and Solid X. These are certainly amongst the most important decisions regarding the further development of the cryptocurrency markets. The SEC already mentioned after rejecting the Winklevoss Bitcoin ETF application that "over time, regulated bitcoin-related markets may continue to grow and develop", which could eventually give birth to a Bitcon related ETF.

In an official report entitled " Blockchain and Digital Assets: US Equity Research, " Canaccord researchers Michael Graham and Scott Suh have now written that a Bitcoin ETF in the US is expected to arrive in 2019. Fortunately, bitcoin found this as its new support level as it steadily climbed back to settle at around $6,500 where it is now dancing around.

However, given the recent price plummet, it would seem that there is really need for much emphasis on bitcoin ETFs and a real need for a bitcoin ETF to be approved.

Meanwhile, Newton added that in order to approve the decision, the SEC would have to do so in the knowledge the ETF was backed by physical bitcoin, "either stored by the Chicago Board of Exchange or a third party".

Bitcoin was down 3.4% or US$230, changing hands at US$6,486.

What this means is that if VanEck-SolidX is attacked by hackers after SEC approves their ETF, then any loss suffered during the incident will be shouldered by the company while the investors' assets are insured.

"I think that something that goes up to $20,000 in one year can have a correction down to around $6,000..." Bitcoin's dominance has recovered since it hit its lowest level in January but the price, which was at just over $7,000 on Tuesday, is a way off the December all-time high.

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