Within the last 24 hours, the crypto market has dropped nearly $20 billion. Additionally, the top 20 cryptocurrencies by market cap have shown massive losses in the last day and a half, losing more than 14% of their value in that time.
Many in the cryptocurrency community believe that a Bitcoin ETF is the next logical step in the evolution of the market.
With regards to arbitrage, VanEck's letter points out that the vast decentralized nature of bitcoin exchange activities enables arbitrage trading because of the differences in price in various exchange platforms.
Other big losers include Bitcoin Cash (BCH), down 12.55 per cent to $587.28, EOS token, down 16.61 per cent to $5.58, and Stellar (XLM), down 15.19% to $0.198468.
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There was no indication that the incident was an act of terror, the Pierce County Sheriff's Department said on Twitter . The sheriff said he was probably killed in the crash . "It was unfathomable, it was something out of a movie", he said.
The recent decision by the United States Securities and Exchange Commission (SEC) to extend their deadline for another Bitcoin ETF decision however seems to have stabbed a huge hole in our optimism, and of course the value of the markets.
As reported by Ethereum World News on Wednesday, Bitcoin fell to a near-monthly low at $6,200 as the market reacted to the SEC announcement regarding the VanEck-backed ETF. Nonetheless, Bitcoin has still fallen through the ever so important support at $6,800, which is a price level that Bart Smith of Susquehanna has mentioned on multiple occasions as a vital line of "defense" for Bitcoin technicals.
Bitcoin is down 2.8% to $6,531.86 at 8.15 a.m. BST (3.15 a.m. ET).
ETFs are seen as a safer way for investors to invest in bitcoin and cryptocurrency exchanges. "A properly constructed physically-backed bitcoin ETF will be created to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin". Bitcoin's dominance has recovered since it hit its lowest level in January but the price, which was at just over $7,000 on Tuesday, is a way off the December all-time high. The presumption of the CNBC expert is that the SEC extends the time frame for deciding on the Bitcoin ETF from VanEck.
While not explicitly stated, the attitude held by BKCM's CEO may imply that he sees more in store for this market in the near future. And that, with more time to review, the SEC can analyze the true impact of an ETF, and sort through the public notice and comments that are being directed at it regarded cryptocurrencies.