Forex and Crypto News

Bitcoin exchange rate collapses due to the US financial regulator

16:56 25 September /2019

The cryptocurrency market experienced a major exchange rate failure. In the evening of September 24, the price of Bitcoin fell below the psychological mark of $9,000, decreased by 12.8%, to $8378.

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The prices of three other leading coins also failed: Litecoin - to $56; Ethereum - to $168.7; Ripple (XRP) - to $0.2379.

Experts believe the news that the US Securities and Exchange Commission (SEC) postponed the decision to issue permits to launch a traded exchange-traded fund (ETF) on Bitcoin became the main reason for the collapse. Wilshire Phoenix has filed a related application.

The cryptocurrency market didn’t help with the news that the Stuttgart Stock Exchange has opened a regulated platform for spot trading and plans to attract traders from all over the European Union.

The SEC’s reluctance to issue an ETF permit is explained by the fact that the regulator fears possible market manipulations. However, American officials will not be able to delay the decision for a long time - the deadline of the request of another company, Bitwise Asset Management, expires in October.

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According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov

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