Bitcoin plumbs 7-week trough on track to give up $6,000

Bitcoin declined to seven-week lows on Tuesday for the second session, on track to give up the psychological support of $6,000 on mounting selling pressures due to US regulatory concerns. 

At Bitstamp, Bitcoin shed $227 to $6,025, with a session-high at $6,254, and the lowest since June 29 at $5,880. 

Bitcoin dipped 0.95% on Monday, the first loss in three days, while marking a 10.2% loss last week, the second weekly loss in a row.

SEC Delays Crypto ETF Decision 

Last week, the U.S. Securities and Exchange Commission (SEC) has delayed its final decision on requests to set up bitcoin exchange-traded funds to late September, in another development that upset crypto enthusiasts in the States. 

The SEC stated: "The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, ... designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."

Market value of cryptocurrencies fell $14 billion on Tuesday to $190 billion, the lowest since November 2, 2017. 

Cryptocurrencies lost over $645 billion of value since January when they reached the pinnacle of $835 billion, with that surge in prices back then proving to be a mere bubble in later months. 

On other news, the director of the US Financial Crimes Enforcement Network (FinCEN), Kenneth Blanco, said during an earlier speech that his bureau is receiving over 1500 complaints regarding cryptocurrencies every month.   

Otherwise, traders await the financial results of Nvidia, the giant maker of graphics processing units (GPUs) and developer of artificial intelligence tech, later this week, with analysts expecting a revenue drop from selling crypto mining machines, which made up 9% of total revenue for the company in the first quarter of the year.