Crypto Markets Slump Following SEC Bitcoin ETF Delay
On today’s episode of The Cryptoverse I would like to talk to you about the drop in crypto prices yesterday which is most likely due to the SEC announcing that they will delay their ETF approval decision until the 30th of September.
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Crypto Markets Slump Following SEC Bitcoin ETF Delay
https://cointelegraph.com/news/crypto-markets-slump-following-sec-bitcoin-etf-delay
Researchers Unveil Massive Botnet Army Behind Twitter’s ‘Crypto Giveaway’ Scams
https://www.cryptoglobe.com/latest/2018/08/researchers-unveil-massive-botnet-army-behind-twitters-crypto-giveaway-scams/
Subscriber calculated EOS contract usage
https://twitter.com/vasiliybond/status/1027241277794832384?s=21
Check out https://voters.eostitan.com/labs for some EOS usage tools Under the 'Actions' tab you can view the activity depth of each smart contract and/ or remove them from the list.
As I have mentioned, the ETF is not needed to progress the technology behind cryptocurrencies, blockchain. However, it is a key reason why prices have increased in the short term. The expectations of investors gaining easier access to bitcoin drives the demand side of the equations given the limited supply available. It is only supporting the store of value use case for bitcoin which is unfortunate because of the potential it has as a payment currency. I think the ETF will ultimately be approved but the SEC is careful to not create another bubble in prices.
When markets slump, investors always want to know for what reason. For example, when the stock market falls, financial experts cite plausible causes such bad trades figures for that month, the currency has fallen, higher inflation etc. - thereby reassuring them for the drop when it probably isn't any to do with that.
Conversely, when the stock market rises, investors are not concerned as to the reason why.
In my eyes, the ETF delay is a bullish step. They didn't reject it, they just postponed it, because they want to give more time to study all the comments they got. But the price crash was kind of expected, people were waiting for approval, so they better jumped out.