The total cryptocurrency market has lost more than $20 billion over the past 24 hours. BTC even briefly fell to the $6,100 price level but quickly moved up slightly above the $6,300 price mark. It is now down 3.85% in the last 24 hours. The price of the coin has gone down from its recent high of $8,4000, but what is more concerning is the loss of volume.
The bulls failed to hold on to the $7,048 price level following the SEC's postponement of the bitcoin ETF decision. BTC/USD is down over 3% in the last 24 hours, and down almost 5% in a slightly longer window. The 24-hour trading volume stands above $5 billion, which is higher than the $4 billion recorded yesterday.
Bitcoin was least affected in the price drop out of the top 10 cryptos. Many are putting blame on the SEC's decision to postpone an approval (or denial) of the last and strongest contender for a Bitcoin ETF.
Over the past one week, the Bitcoin price has shaded 14% of its value.
The daily chart of BTC/USD indicates that the price broke the 50% Fibonacci retracement level of the last significant upward move from the $6,096 low to $8,510 swing high.
"A green light for the bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product". At the time of writing, ETH/USD traded 1.05 percent up at $409.20, hitting day's low of 402.11.
The volume of Bitcoin and Ether have shown no sign of recovery, both trading around the $3.8 billion and $1.3 billion level. Investors seeking to trade X2 should first buy Ethereum or Bitcoin using an exchange that deals in United States dollars such as Changelly, Gemini or Coinbase.
In an interview with Block in Press from South Korea, Michael Arrington, founder of TechCrunch and the Partner Arrington XRP Capital, stated that XRP (XRP) outperforms Bitcoin (BTC) and Ethereum (ETH) regarding transactions.
The 24-hour trading volume now stands at $320 million, higher than the $256 million recorded yesterday. All top ten altcoins are now in the red with MIOTA, EOS, and XRP leading the way in 24-hour price percentage declines. The US SEC officials have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities, The Intercontinental Exchange announced a partnership with major companies, including Starbucks and Microsoft, that will aim to create an open and regulated digital asset ecosystem 'Bakkt'.