The market remained gloomy for cryptocurrency investors, with Bitcoin and other major cryptocurrencies seeing a stagnation and recession in price value.
As on August 21, Bitcoin (BTC) shed 0.48 percent in its value, now pegged at 6,0430.51 dollars. Ethereum slid by 4.46 percent and is now exchanging at 276.02 dollars. Ripple saw 1.99 percent cut from its value and now stands at 0.327869 dollars. Litecoin also had a bad trading day, losing close to 1.70 percent to now rest at 55.14 dollars.
The market condition remains volatile over the incoming Securities and Exchange Commission’s vote to consent to an Exchange-Traded Fund (ETF).
Andreas Antonopoulos Delivers Caution Over Mainstream Adaptation Of Cryptocurrencies
One of the well known and prominent cryptocurrency-advocacy voices at the moment is that of Andreas Antonopoulos. The man was a tech investor-turned Bitcoin advocate, currently monitoring the price of the market currencies. Antonopoulos has now alerted the public that a potential BTC exchange-traded fund (ETF), which would open a host of new capital to stream into BTC and cryptocurrencies, could spell doom for the burgeoning industry.
Antonopoulos’ caution over the state of BTC comes shortly after Coinbase’s executive Brian Armstrong made a similar warning. Mr. Armstrong warned that embracing of BTC as a means of exchange could take longer than expected prior to this, as reported by Express.
The U.S. Securities and Exchange Commission (SEC) is currently pondering over the dilemma of whether to sanction a Bitcoin ETF, a request registered through the Chicago Board of Exchange by SolidX, a blockchain platform based in the New York City.
Although it has been decided to withhold the crucial decision until September end, many predict that the ETF will eventually make the call. The outcome could have deep implications for Bitcoin and major cryptocurrencies and their market price movements.
The post Bitcoin Price Drops, Analysts Await Rallying Streak appeared first on OWLT Market.
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