Crypto prices drop after SEC rejects ETF listings

August 23, 2018
Chris Wheal

Cryptocurrency prices fell on Friday as sentiment faded following the decision by the US market regulator to reject applications for nine bitcoin futures-based exchange-traded funds (ETFs).

Cryptocurrencies fall after ETFs rejected by SEC

The Securities and Exchange Commission (SEC) upheld earlier decisions in favour of its ruling to protect investors from “fraudulent and manipulative acts and practices”.

Prior to the ruling, many had expected the SEC to relent and allow the ETFs to be listed. Indeed, price action on crypto exchanges had reflected this in recent days with a modest rally for many digital assets.

Having hit a three-month low of $5,898 on 14 August, bitcoin had rallied to a two-week high of $6,841 on Wednesday, just ahead of the SEC’s decision. By the end of that session it had dropped back below $6,600.

Price round up

Here’s a round-up of Thursday’s price moves of the top 10 cryptocurrencies by market cap at 11am [London time]:

  • Bitcoin -3.9% at $6,427
  • Ethereum -4.2% at $272.38
  • Ripple -6% at $0.32
  • Bitcoin cash -5.5% at $518.01
  • Eos -6.3% at $4.73
  • Stellar lumens -6.5% at $0.21
  • Litecoin -3.5% at $55.33
  • Tether flat at $1
  • Cardano -6.9% at $0.09
  • Monero -7.2% at $88.95

 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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