Cryptocurrency Market Valuations Hit The Rock Bottom For 2018

2018-8-9 08:34

The last 48-hours have been very crucial for the cryptocurrency market as investors seemed to have been majorly disappointed after the SEC extended its ruling on the CBOE Bitcoin ETF to the end of September. The decision has been followed by an aftermath in the price of Bitcoin along with many other altcoins losing heavily. The ultimate result is that the overall cryptocurrency market valuation has hit the lowest in 2018.

In the last 48-hours, the charts on CoinMarketCap shows that the cryptocurrency market has lost more than $30 billion and is currently trading to its 2018 low of $223 billion. Market sentiment seems to be going in the favor of bears with little hope of quick recovery from these levels. This drop of over 10% in the market valuation has caused it to hit the lowest levels after the November 2017.

Although the CBOE exchange-traded-fund (ETF) was related to Bitcoin, what needs to be observed is that other competitors and altcoins like Ethereum, Litecoin, Bitcoin Cash, Ripple, etc. have reacted even worse. These cryptocurrencies have corrected between 8-15% in the last two days.

The only positive factor for Bitcoin enthusiasts is that the Bitcoin dominance in the cryptocurrency market has reached an eight-month high of 48.8%. This is indicative of the fact that more number of crypto investors are getting towards buying Bitcoins or either switching back to using fiat currencies.

This is also indicative of the fact that after so much volatility shown by the crypto market, investors are less willing to opt for high-risk alternatives. The total market cap of Bitcoin currently stands at $109 billion while the rest of the digital currencies combined stands at $116 billion, at the press time.

SEC Has 9 Bitcoin ETFs to Clear In Just Next 2 Months

Although the final ruling of the proposed rule change for the CBOE Bitcoin ETF has been shifted to September end, the SEC has still to decide the fate of nine more Bitcoin ETFs in the coming two months. However, the VanEck/SolidX Bitcoin ETF filed on behalf of the CBOE is the only ‘physical’ Bitcoin ETF.

The decision for the two Bitcoin ETF funds filed by ProShares is pending on the 23rd of August, NYSE Arca has proposed the rule change for this product last year in December 2017. This is the final extension on which SEC has to decide on the Proshares Bitcoin ETF, but indicates that once the investment product is registered in the U.S. Federal Register, the SEC can extend the decision up to a period of 240 days.

Canada’s top investment and wealth management firm Canaccord Genuity recently released a report stating that the SEC can extend the decision of CBOE Bitcoin ETF as much as it can and this can go up to March 2019.

By September there will be a series of deadlines for Bitcoin ETF, which include two funds by GraniteShares and four funds from Direxion.

The post Cryptocurrency Market Valuations Hit The Rock Bottom For 2018 appeared first on CoinSpeaker.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Rock (RKT) на Currencies.ru

$ 0.0136711 (-2.53%)
Объем 24H $1.518k
Изменеия 24h: 61.84 %, 7d: -43.98 %
Cегодня L: $0.0136711 - H: $0.019927
Капитализация $6.566m Rank 99999
Цена в час новости $ 0.0529949 (-74.2%)

market 2018 cryptocurrency bottom valuations rock hit

Источник: coinspeaker.com

market 2018 → Результатов: 126


Surviving Frostbite in the Cryptocurrency Market: Find the Simple and Manage Complex Assets

2018 has been a havoc-ridden year for the cryptocurrency market, going from the jubilant highs of December 2017 to January, and falling from that gracious point ever since. Now, with December 2018 been and gone, we're reminded both in the present and in retrospect of the fact that the crypto market has effectively slid down […]

2019-1-4 23:07


Фото:

Bitcoin Price Analysis: Is this a Relief Rally or a Bullish Reversal?

Bitcoin has recovered nearly 13% after scraping its knees on a new 2018 low, but is the current uptick in momentum just a relief rally or the makings of a bullish reversal? Market Overview After scraping the bottom of the barrel last week, Bitcoin appears to have mustered enough short-term momentum to attempt a bull reversal but, at the time of this writing, this is yet to be determined.

2018-7-4 10:00


Фото:

Bitcoin Price Analysis: New Low on Low Volume Breeds Potential Bullish Set-up

Bitcoin sits precariously perched at the bottom of the annual market low and many bitcoin investors aren’t sure what to make of it. Although the market seems to be continuing its drift to new lows with greater and greater ease, there are a couple of bullish signals worth considering while the market continues to consolidate: Figure 1: BTC-USD, Daily Candles, New Market LowOn Friday, June 29, 2018, for the first time this year, the daily candles closed below the annual low of $6,000s.

2018-7-1 19:35


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Notcoin, its anticipated airdrop impact on Toncoin: 27% rise in 7 days

Several popular platforms and exchanges have announced the listing of NOT. Meanwhile, Toncoin’s price surged by 27% in the last seven days. Notcoin, a Telegram-based game, has recently emeThe post Notcoin, its anticipated airdrop impact on Toncoin: 27% rise in 7 days appeared first on AMBCrypto.

Arbitrum crosses ATH in this area, but why is ARB's price not responding?

Arbitrum saw a daily active address number of over 400,000. This was the first time in history that it saw such a number. Arbitrum [ARB] has recently achieved a new milestone in one of its cThe post Arbitrum crosses ATH in this area, but why is ARB's price not responding? appeared first on AMBCrypto.

Render price prediction: RNDR jumps 40%, is $15 next for this AI crypto?

RNDR leads with the most price growth in the last week. If bullish momentum continues, the token will trade above $11. The price of AI-based token Render [RNDR] has surged by over 40% in theThe post Render price prediction: RNDR jumps 40%, is $15 next for this AI crypto? appeared first on AMBCrypto.

Bitcoin rises amidst Japanese yen crisis: 'Nothing stops this train'

Japan's currency decline impacted Bitcoin and global finance dynamics. Interest in Bitcoin rises, spurred by investments and nation-state involvement. The cryptocurrency landscape has seen iThe post Bitcoin rises amidst Japanese yen crisis: 'Nothing stops this train' appeared first on AMBCrypto.

XRP price's potential 650x surge - Examining if $20 is altcoin's next target

XRP would hit the $20 mark by 2026 amidst ongoing legal issues with the SEC. Analysis suggested continued downward price pressure, which metrics show increased interest. Ripple [XRP], a leadThe post XRP price's potential 650x surge - Examining if $20 is altcoin's next target appeared first on AMBCrypto.