Cryptocurrency

Bitcoin falls for second straight day amid US regulation concerns

2019-05-21 13:20:03 GMT (Economies.com)

Bitcoin fell on spot trading today, continuing its losses for the second consecutive day, due to regulation concerns in the United States, the world's largest crypto market, especially after the Securities and Exchange Commission SEC has postponed its decision again on the approval of the listing of a exchange-traded fund (ETF) for Bitcoin.

 

As of 08:35 GMT, at Bitstamp, Bitcoin is trading around $7,945, down by $62, or 0.8%, from the opening price of $8,007, with the highest at $8,065, and the lowest at $7,840.

 

Yesterday, Bitcoin lost 2.3%, in its fourth daily loss in five days, due to the slowing demand for the world's largest cryptocurrency.

 

The total value of cryptocurrencies in the market fell on Tuesday by about $5 billion to a total of $244 billion, as most of the major currencies prices fell. 

 

The dominance of Bitcoin over the crypto trading fell from 60.52% last week, which was the highest level since April 2017, to about 57% this week, in a sign of a fall in demand level of the leading cryptocurrency "Bitcoin".

 

Analysts at Wall Street investment bank, J.P. Morgan Chase, said that after the recent rise in Bitcoin, the cryptocurrency is trading above its intrinsic value, with similarities in the current rise and the rise of late 2017.

 

In the United States, the Securities and Exchange Commission SEC has postponed its decision again on the approval of the inclusion and trading of VanEck/SolidX ETF proposal according to an official report issued by the committee on May 20th.

 

The postponement decision allows the regulator to gather the more information and opinions before the final decision is issued within 90 days on August 19th, as the entity needs further clarification on how to protect investors from fraudulent and manipulation practices.

 

Last week, the commission has postponed its decision again on the approval of the inclusion and trading of the Bitwise exchange-traded fund (ETF).

 

As well as postponing the decision of the proposed rule changes consistency with Section 6(b)(5) of the Act, which allows the circulation of exchange traded funds (ETFs).

 

An exchange-traded fund is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds and generally operates with an arbitrage mechanism designed to keep it trading close to its net asset value, although deviations can occasionally occur.

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