Tanya Abrosimova
Independent Analyst
- BTC/USD has lost 5% on a daily basis amid strong sell-off.
- SEC's decision to postpone the verdict until September 30 worsened market sentiments.
Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund. The digital coin No.1 is changing hands at $6,580 at the time of writing, down nearly 5% since this time yesterday and almost 2% since the beginning of Wednesday.
According to the notice, published by SEC, the regulator received over 1,300 comments on the proposed changes to the effective rules, which will allow to list and trade shares issued by VanEck SolidX Bitcoin Trust.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040),” the document goes.
Initially, the decision was supposed to be announced on August 10. The delay discouraged Bitcoin traders and triggered massive sell-off, intensified by the breakthrough below technically essential levels.
Bitcoin's technical picture
Technically, BTC/USD is trading below both 50-DMA and 23.6% Fibo retracement level of the upside movement from $5,800 to $10,000. This is a bearish signal, which means that more downside may be in store with the first technical aim at $6,400 created by Pivot Point one-month Support 1. If it is cleared, 6,000 will come into focus. It is worth noting that there are few support levels on the way down, making it the path of least resistance.
BTC/USD, a daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.