Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin Slips as Traders Await Critical SEC Ruling

Published 05/20/2019, 01:59 PM
Updated 05/20/2019, 02:11 PM
© Reuters.

© Reuters.

Investing.com -- Bitcoin fell below $8,000 on Monday, struggling to hold gains from a day earlier, as traders anxiously awaited a ruling due tomorrow on a Bitcoin fund that could potentially pave the way for a wave of new funds to enter the market.

Bitcoin fell 3.0% to $7,753, down from a high of $8,269.2.

The Security and Exchange Commission is due to deliver its ruling on the exchanged traded Bitcoin fund, or ETF, proposed by investment management firm VanEc. But many expect the U.S. financial watchdog to delay its decision again as the final deadline to make a decision is currently slated for Oct. 18.

An unlikely approval of a Bitcoin ETF would allow institutional investors another way to access after the approval of Bitcoin futures in 2017 and is widely expected to spur a wave of new funds into the market.

Bitcoin's struggles to meaningfully breach the $8,000 level comes as analysts' suggested the current popular crypto's current trading reflects the boom and bust period of late 2017.

"Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices," Bloomberg reported, citing JPMorgan’s strategists.

Other cryptos also trended lower, with XRP/USD falling 5.56% to $0.388, ETH/USD down 4.93% to $244.22 and LTC/USD slipping 5.98% to $89.47.

Latest comments

So buy or sell ?
Umm... I made more this last short than I have three years working. Just waiting for my next short opportunity...
And what are you going to do if you set your short position and it shoots straight up? :)
lose more than hes made in three years working
so the delay again WHO CARES!!!
thank you very much
thanks
Thanks you
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.