Bitcoin is under pressure and leading the crypto market lower

Bitcoin is under pressure and leading the crypto market lower

Since the news of the SEC's delay in taking a decision broke, the cryptocurrency market's capitalization has dropped by nearly 11%. Nonetheless, Bitcoin has still fallen through the ever so important support at $6,800, which is a price level that Bart Smith of Susquehanna has mentioned on multiple occasions as a vital line of "defense" for Bitcoin technicals.

Gurbacs also firmly upholds his business position in the face of the recently rejected Winklevoss Bitcoin ETF, asserting that his enterprise, VanEck, intends to provide an insured product, with a fund that would cover the Bitcoin (BTC) in case of "theft and damage and loss of all kinds".

Many in the cryptocurrency community believe that a Bitcoin ETF is the next logical step in the evolution of the market.

It has become apparent that Bitcoin's most recent bout of bullish price action had come to an unfortunate end following this announcement.

Bitcoin retreated as much as 7% to $6,393.70 in London, extending its 2018 drop to about 55%.

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The same report noted that the concept of an ETF goes against bitcoin creator Satoshi Nakamoto's original proposal to remove middlemen financial institutions that have the "inherent weakness" of the trust-based model, adding that the token therefore doesn't need one to maintain value.

The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $221 billion on Wednesday, its lowest level since November 2017. Since Bitcoin has been created to be an endless resource with a total of 21 Million mineable coins, a higher market capitalization means that the value of a single Bitcoin is going to increase.

The Securities and Exchange Committee (SEC) has postponed its decision on approving Bitcoin's ETF once again, a decision which is entirely being blamed for the market's downfall. He then suggested that Bitcoin "needs to be done as hedge funds first" since it is an "early-stage venture-type security or asset". "People get excited about the price and overreact", said Morehead, whose investment firm has recorded a lifetime return of about 10,000 percent. "The former is better for pumping price, but the latter is much better for actual adoption". There's been a couple of big things coming out in the last week and the ETF rejection is the same story we've had for five years.

In an attempt to account for Bitcoin's August 4 price drop, one source claimed that the "Sec engage [d] in insider trading over the bitcoin ETF decision". Let us know in the comments section below.

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