The cryptocurrency market appears to have dipped to an all-time low in a span of less than 24 hours as the crypto market reached another new low for the year.
A brief rally sent Bitcoin climbing over 25% in July only to dump it all again on an anticipated announcement by the US Securities and Exchange Commission.
The SEC’s recent decision to delay a highly anticipated Bitcoin ETF has caused a predictable selloff that has been seen time and time again.
The drop was predicted by all the speculators in the market. The speculators even believe that the likelihood of the SEC approving a Bitcoin ETF this year was very low.
These loses seem to have thrown the market into a panic mode and crypto market critics argue that this could be the point where the bubble bursts.
The resultant FUD fest has caused markets to fall to their lowest levels in 2018, which was $229 billion a couple of hours ago according to coinmarketcap.com. As expected all altcoins are getting hammered at the moment with most of them suffering double-digit losses.
EOS and Ripple’s XRP are taking the biggest hits in the top ten with over 14%. XRP is down to $0.353, its lowest level since before the spike in December last year.
Iota is having a really bad week, falling 33% in just four days from $0.98 on Saturday to $0.66 today. This IoT based altcoin is back to early November prices and still falling. No crypto is escaping the bears today as a sea of red envelops the markets.