Red greets virtually all digital currencies today with most down some 10% or more following a sell-off in bitcoin ostensibly due to Sec’s delay of yet another bitcoin ETF.
Bitcoin itself fell around ten percent, from $7,200 to now $6,500 on increased volumes of $5 billion during the past 24 hours.
Ethereum dropped below any resistance, managing to cross $370 to now just under it from a previous price of $410. Eth’s volumes have also risen slightly to around $2 billion.
The above is shared by most other cryptos. Xrp dropped 15%, BCH some 13%, Eos down some 16%, while Tether is up slightly, now standing in 9th position by market cap.
The global crypto market cap has now fallen to its lowest level for the year at $230 billion, below the April low.
Its trading volumes are slightly up at $15 billion over the day before, but down overall from around $20 billion.
This sell-off appears to have been caused mainly by Sec’s decision, which sounds strange because everyone expected the decision to be delayed.
It was in fact pretty much guaranteed by any common sense, so there might be reasons to suspect some sort of manipulation was afoot.
Although it could also be that some hopium traders deluded themselves into thinking there was a chance, but such delusion must have been very strong to cause this sort of reaction.
One can argue that bitcoin’s price rose recently only on bitcoin ETF rumors, so it has now gone back to where it was before the rumors started.
We tried to resist such rumors as our readers very well know because we expected with a high level of confidence that Sec would do what it did.
And we expected that because they have not made one decision that is in any way good for this space. To the contrary, we suspect they are politically motivated against cryptocurrencies going by their past actions. At least so far as the two new Sec nominees might change perception.