Bitcoin dips under $6,500 as the crypto market coughs up $600 billion
$600 billion
Bitcoin saw its July rally go up in smoke, with the US Securities and Exchange Commission delaying its ruling on yet another bitcoin exchange-traded fund.
Published
| Photo by Reuters/Dado Rovic Many digital assets dropped after news of the delay, with bitcoin’s price falling under $6,500. The crypto market has collectively lost $600 billion in value so far this year.
Several bitcoin ETFs have been rejected. A decision on the latest proposal from fintech startup SolidX and investment firm VanEck has been pushed to September.
Bitcoin price in 2018
It’s a discouraging sign after recent gains, but speculation still endures that approval on a bitcoin ETF—backed by actual bitcoins, rather than futures contracts—could yield another value surge.
There’s still potential for alternate investments amid the volatility, but bitcoin is still the biggest asset in play, dominating 47.6% of the cryptocurrency market.
Crypto is a threat or will be to the stability of the financial system
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