Top Altcoins have taken a significant hit today as the price of ether (ETH), XRP and litecoin (LTC) all dropped to their lowest level for 2018.
While the SEC’s (The US Securities and Exchange Commission) announcement yesterday that it is postponing the decision on the much-anticipated VanEck-SolidX Bitcoin ETFs has hit bitcoin (BTC) prices hard – it is likely that the news has also had a significant impact on altcoins.
As can bee seen in the title graph, following the announcement last night, ETH dropped substantially reaching the low of $366 according to CrpytoCompare – its lowest price of 2018, and its lowest since November of last year.
XRP too suffered a dramatic decline, dropping substantially to under $0.35 – its lowest price for 2018 and the lowest since early December 2017, extending a general price decline for the last few months.
Litecoin also dropped significantly – dropping to just above $65 – a price it hasn’t been at since mid-November of 2017.
With the total market cap of all crypto-assets dropping below $250bn – even the new deadline set by the SEC of September 30th may not spell the end of the bear-market – as Jake Chervinsky, an lawyer specialising in securities litigation explained last night:
Expected result, earlier than expected execution.
New deadline: Sunday, September 30, exactly 45 days from the prior deadline of August 16. I had predicted October 1, thinking the SEC would carry the deadline over to the next Monday.
I expect another extension to December 29. https://t.co/dzHq9W6xU4
— Jake Chervinsky (@jchervinsky) August 7, 2018