Cryptocurrency prices fall as SEC undermines sentiment

September 10, 2018
Chris Wheal

Cryptocurrency prices turned lower on Monday after a brief rally as further regulatory concerns undermined sentiment.

Cryptocurrency prices fall after SEC suspends trade in two crypto products

On Sunday, following a weekend rally of around 3% for bitcoin, sentiment turned bearish again following the announcement by the US Securities and Exchange Commission on Sunday night that it was suspending US trade in two bitcoin and ether linked investment vehicles listed in Stockholm, Sweden.

The SEC cited confusion among investors over the products, which in various regions were marketed as “exchange-traded funds”; “exchange-traded notes” and “non-equity linked certificates”.

Investor anger

Crypto investors were furious and took to social media to vent their anger.

“SEC is not here to help investors, its obvious. Sheep owned by big money. Release news on Sunday before the close? Comical,” said @lordoftrade.

“I wish they were this worried about people investing in penny stocks. What a joke,” said @thehawxlives

Clinton Yorke (@clintonyorke) added: “You can’t suspend me in Europe SEC. All you can do is control American investors from having the choice and manipulate Bitcoin and Ethereum for your own ends.

“If the price of Bitcoin and Ethereum goes down you did it blocking something that’s as good as any USA ETF.”

Price round-up

Prices turned lower on Monday following the announcement. By late morning in London, the top 10 cryptocurrencies by market capitalisation traded as follows:

  • Bitcoin -1% at $6,298
  • Ethereum -2.1% at $196.09
  • Ripple -3.6% at $0.27
  • Bitcoin cash -0.4% at $478.86
  • Eos +1.8% at $5.01
  • Stellar lumens -2.4% at $0.19
  • Litecoin -1.1% at $54.28
  • Tether -0.1% at $1
  • Cardano -3.6% at $0.07
  • Monero +0.9% at $106.57
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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