Market Update 8.08.18 – US SEC Postpones Decision on BTC ETF
Market News
US SEC Postpones Decision on BTC ETF
The US Securities and Exchange Commission (SEC) postponed its decision regarding the listing and trading of Bitcoin (BTC) Exchange Traded Funds (ETFs). According to the official document released by the regulator, this decision will now be announced on September 30.
The fund that is under consideration by the SEC is backed by the investment company VanEck as well as the financial services company SolidX. This ETF is supposed to be listed on the CBOE BZX Equities Exchange.
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Coinbase Boosts Crypto Purchase Limit to $25k a Day
San Francisco based cryptocurrency exchange Coinbase announced that it was boosting its daily purchase limits as well as allowing for instant trading after customers make bank transfers. Currently, according to Coinbase, customers need to wait a period of 5 days after transferring funds from a bank. Now, the crypto exchange stated, this circumstance was about to change.
The exchange stated that when a customer makes the decision to sign up, the expectation is that they should be able to start trading immediately. Coinbase also stated that the exchange already supports instant transfers through debit card payments and wire transfers, however, purchases via direct debit from a bank account can take days to show up.
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Bitmain Crosses $15 Billion Valuation
The mining hardware giant Bitmain now has a market value of more than $15 billion after closing a pre-IPO (Initial Public Offering) round of funding in which the company secured backing from some high profile industry majors. This new round of funding was backed by Chinese technology behemoth Tencent and Japanese investing giant SoftBank.
According to the local media agency QQ, Bitmain is looking at launching its IPO on the Hong Kong Stock Exchange in September with an initial valuation of $30 billion. Bitmain’s Chief Executive Officer Jihan Wu had earlier hinted that they were looking at a June launch earlier.
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Total Market Cap: August 08
Trading in the cryptocurrency has gone up to a volume of $15.76 billion in the last 24 hours. However, the market’s value has dropped down to $233.09 billion.
Bitcoin Price Analysis: August 08
Bitcoin’s price plunged by 6.06% in trading over the last 24 hours to $6578.49. The trading volume of the crypto is at $5.15 billion but its market value has dropped to $113.12 billion.
Ethereum Price Analysis: August 08
Ethereum, like Bitcoin, plunged 8.03% in trading to $375.23. The digital currency’s trading volume is $2 billion but its market value is $37.97 billion.
State of the Top 10 Cryptocurrencies: August 08
With the exception of stable coin Tether, which gained 0.07%, the top nine cryptos experienced massive price routs in the last 24 hours, thanks to the SEC delaying its decision on the BTC ETFs. The biggest hits were taken by the smaller cap altcoins, with EOS leading with a 13.98% drop in token price. Ripple also lost a massive 13.86% of its price, followed by IOTA with a 10.43% drop.
- Bitcoin nosedived 6.06% to its price of $6578.49. The digital asset’s value is $113.13 billion.
- Ethereum nosedived 8.03% to its price of $375.23. The digital asset’s value is $37.97 billion.
- Ripple nosedived 13.86% to its price of $0.353221. The digital asset’s value is $13.88 billion.
- Bitcoin Cash nosedived 10.19% to its price of $627.48. The digital asset’s value is $10.84 billion.
- EOS nosedived 13.98% to its price of $6.06. The digital asset’s value is $5.49 billion.
- Stellar nosedived 21% to its price of $0.218120. The digital asset’s value is $4.09 billion.
- Litecoin nosedived 10% to its price of $66.58. The digital asset’s value is $3.84 billion.
- Cardano nosedived 8.05% to its price of $0.119356. The digital asset’s value is $3.09 billion.
- Tether inched up 0.07% to its price of $1. The digital asset’s value is $2.43 billion.
- IOTA nosedived 10.43% to its price of $0.698721. The digital asset’s value is $1.94 billion.