Ethereum extends losses to four-month low after giving up $400

Ethereum fell over 3% on Wednesday for the third straight session, marking four-month lows after relinquishing the psychological barrier of $400 as crypto assets face renewed selling pressures. 

Ethereum shed $12, or 3.2% to $365, with a session-high at $381, and the lowest since April 6 at $365.

Ethereum tumbled 6.7% on Tuesday, the second loss in a row, after marking a 12.5% drop last week, the largest such weekly drop since early June.

Market value of cryptocurrencies fell $12 billion on Wednesday to $229 billion, the lowest since November 17, 2017. 

SEC Delays Bitcoin ETF Decision 

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."

That comes on the heels of an outright rejection by the SEC a few days ago of a bitcoin ETF request by investing company Cameron and Tyler Winklevoss, the second such rejection by the top US financial regulator.