Crypto Currency Brief: Bitcoin suffers on SEC’s ETF postponement decision; Altcoins follow suit; Ripple plunges to 2018 low – Wednesday, August 8th, 2018

BTC/USD: Bitcoin prices fell to near 1-month low during European session Wednesday, following the announcement by the United States Securities and Exchange Commission (SEC) that it will delay the decision on whether to approve a Bitcoin Exchange Traded Fund (ETF), as was proposed by VanEck and SolidX, with the former putting in efforts for the third time for the same cause. At the time of writing, BTC/USD slumped 3.41 percent to $6,489.50. Meanwhile, the near-term support is seen at $6,330.00 and resistance at $7,150.00.

ETH/USD: Following Bitcoin’s trend, Ethereum prices also plunged to 4-1/2 month low, following the general pessimism created by SEC’s postponement of its pending decision on Bitcoin ETF, which is seen to have affected the altcoins as well. This is the second of its kind after the SEC also rejected an ETF proposed by the Winklevoss twins recently, which had a negative bearing on the crypto market recently. At the time of writing, ETH/USD traded 2.72 percent down at $367.56, hitting day’s low of 365.00. Meanwhile, the near-term support is seen at $358.00 and resistance at $410.00.

XRP/USD: Reaching to this year’s low, the Ripple has also reacted sharply down to the SEC’s ETF setback after a major sell-off almost shook the digital currency market as investors panicked to withdraw their investments. At the time of writing, XRP/USD plunged 7.47 percent to $0.34979. Meanwhile, the near-term support is seen at $0.2440 and resistance at $0.41570.

BCH/USD: The Bitcoin Cash, was also not spared from the aftermath of the bitcoin ETF decision postponement and dragged itself to April lows, following the footprints of its wider peers in terms of price action. At the time of writing, BCH/USD lost 6.28 percent to $615.40. Meanwhile, the near-term support is seen at $600.00 and resistance at $645.00.

EOS/USD: EOS also sunk into the April-low zone, as panic sell-off drove crypto investors after the SEC announced that its verdict on the VanEck-SolidX ETF will be delayed by 45 days. At the time of writing, EOS/USD suffered by nearly 10 percent to $5.9351. Meanwhile, the near-term support is seen at $5.9800 and resistance at $7.2500.