Cryptocurrency market valuations hit rock bottom for 2018

Aug 9, 2018 at 12:40 Update Date :Feb 27, 2019 at 07:46 UTC

Charts show that the last 2 days have seen the crypto-market lose over $30 billion, and it is now trading at its 2018 lowes, at $223 billion. Market analysis suggests that there is not much hope for recovery any time soon. The market value has fallen by over 10% this time, leaving the crypto-market at its lowest since November 2017.

While the exchange-traded-fund (ETF) by the CBOE was related to Bitcoin, it has been observed that the other competing tokens in the market like LTC, Bitcoin Cash, ETH, XRP, etc. have shown even poorer results. These have fallen 8-15% in general over the past 2 days.

The dominance of Bitcoin in the market, however, has reached its 8-month peak of 48.8%. This means that a higher number of investors are shifting to Bitcoin, or going back to fiat currencies.

It also suggests that the enormous volatility in the market is preventing investors from going to such high-risk alternatives. The total market value of BTC is $109 billion currently, while the market values of the other altcoins combines stands at approximately $116 billion.

The final hearing date for the proposed regulations change for the CBOE Bitcoin ETF has now been shifted to late September. This means the SEC has the next two months to make a decision regarding 9 more Bitcoin ETFs.

NYSE Arca had suggested a change in regulations for the two Proshare filed Bitcoin ETFs last year in December; the final ruling for this case is currently pending for 23 August. Once the product for investment get registered with the the US Federal Register, the hearing period can only be extended by the SEC for upto a maximum of 240 days. Therefore, this is the final extension afforded to the SEC, to come to a decision regarding the Proshares Bitcoin ETFs.

Canaccord Genuity, the Canadian investment and wealth management giant, however, recently published a report in which it suggested that the SEC may extend its decision on the matter for as much as it needed, and the situation can last till March 2019.

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