Cryptocurrencies’ $600 billion crash hits a new low

Because it is the first with real chances to be approved by the regulatory agency.

Arthur Hayes, co-founder of Bitmex, predicted in July that the Bitcoin (BTC) price should not have any trouble hitting the $50,000 mark by the end of 2018, arguing his forecast on the basis of Bitcoin ETFs approval.

It should be noted, however, that the Bitcoin ETF VanEck / SolidX is the only application that actually buys "physical" Bitcoin and is therefore expected to see a big upturn for the bitcoin/crypto market.

A document published on the SEC website dated August 1 details a meeting the previous day between 15 SEC officials and six representatives from Van Eck Securities Corporation, Solidx Management LLC, and Cboe BZX Exchange Inc.

The American Securities and Exchange Commission (SEC) is now in the process of deciding whether they want to accept or reject an number of different Exchange Traded Funds (ETFs).

The news was taken as a potential blow to the cryptocurrency market's credibility.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. Around the time the SEC announced on their delayed approval, all seemed well and the market was looking like it was going to hold up and ignore the news. "However, the SEC has said it can push out this response period to 90 days 'if it finds such longer period to be appropriate.' Either way, the crypto community have it on their radar".

Analysts for FXPro, a London-based foreign exchange broker, said in an email on Tuesday: "The crypto market cap lost 20% in the last 2 weeks, falling from $300 billion to $250 billion".

According to CoinMarketCap, Bitcoin (BTC) is now trading at $6,509.67, down -8.50% in 24 hours. Its market capitalization is $112 billion dollars. However, considering the fact that the cryptocurrency market is notoriously volatile, there may be more drops in the future, before market recovery begins. He urged them to feel optimistic about the positive news. "There was no firm providing the two mentioned services". At this level, Bitcoin's total circulation was worth US$112bn.

VanEck has made headlines as being one of the very few investment companies to compete for the establishment of the first Bitcoin ETFs in the world.