Cryptocurrencies fall: what stands behind?

Top 100 cryptocurrency are demonstrating the deep dump; let's try to figure out, why
02 February 2018   2155

The first cryptocurrency continues one of the deepest price falls in its history. Today, on February 2, the average bitcoin rate fell below $ 8500, which corresponds to the values of the end of November last year.

Bitcoin Price Chart
Bitcoin Price Chart

The current capitalization of "digital gold" is $ 141 billion. The dominance index is also relatively low - 35.9%.

In just a month, the total market capitalization of the cryptocurrency decreased by half. So, if in early January 2018 the total value of the digital assets on the market reached $ 800 billion, now it is $ 395.4 billion.

Almost all the cryptocurrencies from the first hundred of the Coinmarketcap rating show a deep dump.

Top Ten Cryptocurrencies
Top Ten Cryptocurrencies

Among the reasons for the fall can note the tightening of regulation in India and South Korea, as well as the multi-million dollar loss of the Coincheck exchange hack and, as a consequence, the increased likelihood of tightening regulation of the crypto industry in Japan. The CFTC has begun to scrutinize the activities of the large Bitfinex exchange and Tether.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   170

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
 

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.