Ethereum extends losses to 16-month nadir

Ethereum fell over 4% on Friday for the third session to 16-month lows after giving up $100 and as selling pressures mount anew on cryptocurrencies after the SEC decided to delay its decision on Bitcoin exchange-traded funds to next year. 

At Bitstamp, Ethereum fell $4, or 4.4% to $85, with a session-high at $91, and the lowest since August 2017 at $81. 

Ethereum lost a hefty 11.8% on Thursday, the second loss in a row and moving below $100. 

Market value of cryptocurrencies fell over $10 billion on Friday to a total of $106 billion, the lowest since August 2017. 

Ethereum lost a hefty 43% in November, the seventh monthly loss in a row and the longest such streak of losses since trading started on the cryptocurrency. 

Concerns in the market were compounded by worries of regulatory issues in the US, the world's largest crypto market. 

The US Securities and Exchange Committee (SEC) decided to put off its decision on enlisting Bitcoin exchange-traded funds yet again. 

Another final deadline was put off to February 2019 to conduct further reviews. 

The SEC said it needed a longer duration before taking the decision to approve or reject the proposal in order to look into the the merits of the decision.