hello steemians
today i am going to tell you about latest news on bitcoin
Cryptocurrencies Dealing With Sell-Off
The increases in negative bets against bitcoin come amid a broad sell-off in cryptocurrencies in recent days. As concerns rise that entrepreneurs are cashing out their initial coin offerings and that some digital tokens including bitcoin may have become overvalued, nearly all of the largest cryptocurrencies fell earlier in the week. The declines in August come on the heels of a rally in July as investors bet a bitcoin exchange-traded fund (ETF) would receive regulatory approval in the U.S., but regulators withheld approval for now.
Many investors view bitcoin and cryptocurrency ETFs as a way to bring legitimacy to a market that is anonymous and unregulated. Investment firm VanEck and Solid X, a financial service company, partnered earlier in the year to get approval for a bitcoin ETF, but these efforts were rejected by the SEC. The SEC decided to delay making a decision until Sept. 30. But with no SEC-driven rally in sight, cryptocurrencies declined. On Monday, of the largest 100 cryptocurrencies tracked by Coinmarketcap.com, only one traded higher. The market capitalization of the top 100 digital tokens combined declined to $193 billion, a far cry from their combined value of $835 billion back in January. The lack of optimism on the part of crypto investors resulted in digital tokens declining in seven of the first eight days in August. 