Cryptocurrencies crashed hard, price bitcoin around 6000 dollars
August is so far a bad month for investors in cryptocurrencies such as bitcoin and ether. Since the beginning of the month, a large part of the profits that were built up in July evaporated.
For example, the price of bitcoin at the beginning of August was more than 8000 dollars, today the price fluctuates around 6000, a loss of around 22 percent. The price of ether crashed even harder: from over 430 dollars on 1 August to 270 today, or nearly 40 percent.
The price losses are not limited to these two cryptos, on the contrary even. The hundred most valuable cryptocurrencies have been losing all over the past 24 hours, according to the indexes of the Coinmarketcap website. This site publishes the weighted average of the rates of cryptocurrencies of multiple trading platforms.
img: pixabay.com
No bitcoin tracker
The sales wave is closely related to disappointment among crypto investors about the absence of a decision by US regulator SEC on bitcoin ETFs, writes Bloomberg. An ETF (exchange-traded fund, also called tracker) is an investment product that follows the price of a share.
Among other things, the American twins Winklevoss would like to introduce such an ETF to follow the course of bitcoin. This way investors could easily speculate on the price of bitcoin.
Chance of price manipulation
The SEC did not consent to the plan of the brothers, who both became billionaires with their investment in bitcoin in 2013. According to the stock market watchdog, the chance of price manipulation is too great, writes Reuters.
The SEC has postponed a decision on a proposal from the stock exchange company Cboe (Chicago Board Options Exchange) to an ETF until the end of September. That company was the first in early December last year to allow trading in futures on the bitcoin, an investment product that allows investors to speculate on the future price trend of the crypto coin.
Market value evaporates
2018 is not exactly the year of the bitcoin anyway. It peaked to almost $ 20,000 at the end of last year. Since then, the price of the main crypto currency has declined sharply, as has that of other cryptocurrencies. The total market value of all cryptocurrency added up from 835 billion dollars in January to 192 billion now, Bloomberg calculated.