Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820

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
Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

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.

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

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.

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

Bitcoin price in 2018

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

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.

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

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.

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, December 21, 2017. REUTERS/Dado Ruvic/Illustration - RC191C643820
$600 billion

Crypto is a threat or will be to the stability of the financial system

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