With a fresh round of losses on Friday, cryptocurrencies continued their slump, after the SEC destroyed hopes of a Bitcoin exchange-traded fund would come out by the end of this year.
Bitcoin, the largest cryptocurrency, dipped as much as 7.8%, thereby, taking it down past $3,400 to the lowest level since September 2017. The wider Bloomberg Galaxy Crypto Index descended 10% as rival tokens such as Ether, XRP, and Litecoin also backtracked.
The Securities and Exchange Commission intend to conclude by 27th Feb whether to favor a suggested ETF from financial-technology company SolidX Partners Inc. and asset manager Van Eck Associates Corp.
In December the plan was supposed get a nod from the SEC after initial delays; however, the new timeline comes as a fresh blow to an industry which has been witnessing price fall throughout 2018. A key hindrance has been a lack of conventional institutional adoption, apart from ongoing security and regulatory issues.
The latest defeat, Bitcoin has now dipped over 80 % from its all-time high a year ago and is trading almost 50% below the 200-day moving average, which has been the most since January 2015. Cryptocurrencies have quashed almost $730 billion in value from an all-time high in January, according to data collected by CoinMarketCap.com.