Crypto crash accelerates, sending Bitcoin to lowest level in a year

U.S. SEC Delays Decision on VanEck's Bitcoin ETF Until February 2019

U.S. SEC Delays Decision on VanEck's Bitcoin ETF Until February 2019

"The market is in a general bearish trend that doesn't seem to be letting up driven by what seems to be a general negative sentiment towards crypto", said Zennon Kapron, director at financial technology consultancy Kapronasia. Furthermore, they likened those markets to the bitcoin market, saying, "Similar to commodity futures, the spot and futures prices [of bitcoin] are tightly linked".

Positive developments continue to surround the cryptocurrency market as large financial institutions in the likes of Nasdaq and Fidelity make big bets on emerging infrastructure providers like ErisX, a strictly regulated cryptocurrency exchange in the USA market. Most of the major assets have recorded sizable losses over the past 24-hour trading period.

As technical analyst DonAlt said, Bitcoin still remains below an important resistance level at $3,700, and the failure to break out of it could result in the asset remaining in a low price range between $3,000 and $3,500.

The price of Bitcoin plummeted almost 8% to $3,421.87 by the time of publication.

In a bear market, especially in crypto, the prices of major cryptocurrencies tend to drop by large margins, unaffected by developments in the sector.

Like previous price drops, the reason behind the latest selloff does not have a single cause. Per an official document published by the agency, the new deadline to review the VanEck proposal has been shifted to February 27, 2019, which the regulator claims would afford it the time needed to review the potential rule change further. The notion of a Bitcoin ETF is that it would make Bitcoin investment more mature and more accessible to big companies, all of whom would no doubt put a lot of money into Bitcoin, should investment be made a little safer for them. Historically, in 2010, 2012, and 2015, BTC dropped by around 85 percent, underwent a several-month-long consolidation and accumulation phase, before engaging in a proper recovery.

The bitcoin price touched a fresh yearly low this morning, leaving traders and investors scrambling for answers as the crypto market searches for a bottom. Sign up now and get the first month for free.

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