The past 48 hours have been very critical for the cryptocurrency market as the investors seemed to have been hugely disappointed post the SEC decided to extend its ruling on CBOE Bitcoin ETF by the end of September. The decision has an aftermath impact on the price of Bitcoin along with other Altcoins losing heavily.
Over the past 48-hours, the graph on the CoinMarketCap indicates the cryptocurrency market lost has lost more than $30 billion and is currently exchanging to its 2018 low of $223 billion. Market sentiment seems to be going in favour of bears with little hope of fast recovery from these levels. This drop of more than 10% in the market valuation has made it hit the most minimal levels after the November 2017.
Even though CBOE Exchange-trade-fund (ETF) was related to Bitcoin, what needs to be noticed is that the other rivals and altcoins like Bitcoin cash, Ethereum, Ripple, Litecoin, etc. have reacted to this even worse. These cryptocurrencies have rectified between 8-15% over the last two days.
The only good factor for Bitcoin passionates is that the Bitcoin dominance in the digital currency market has reached 48% in the eight-month high. This factor is representative of the fact that more number of crypto investors wanting to purchase Bitcoin or either shifting back to using fiat currencies.
This factor is also a representative of the truth that after showing so much unpredictability of the crypto market, investors are slightly ready to opt for high-risk alternatives. The whole market cap of Bitcoin presently remains at $109 billion while the rest of the cryptocurrencies together stand at $116 billion, at the press time.
SEC Holds 9 Bitcoin ETFs to clear in just next two months
Although the final decision of the proposed rule change for the CBOE Bitcoin ETF which has been switched to September end, the SEC has still to decide the destiny of nine more Bitcoin ETFs in the next two months. Meanwhile, the VanEck/SolidX Bitcoin ETF filed on behalf of the CBOE is the only ‘physical’ Bitcoin ETF.
The verdict for the two Bitcoin ETF funds filed by ProShares is pending on the 23rd of August, NYSE Arca suggested the rule modification 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 represents that once the investment product is registered in the U.S. Federal Register, the SEC can forward the decision up to 240 days.
Canada’s leading investment and wealth management firm Canaccord Genuity recently published a report expressing 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 timelines for Bitcoin ETF, which consists of two funds by GraniteShares and four funds from Direxion.