ETF Delay Causes Bitcoin to Drop Below $7,000 Support, Altcoins also Take Huge Hits

The last 24 hours have not been good to Bitcoin and most of the altcoins. Yesterday Bitcoin (BTC) dipped below the $7,000 support level late in the evening and the price has been spiraling since. At the time of writing this report, the crypto was hovering around $6,250.

However, Bitcoin supporters may find solace in knowing that the crypto is not the only one getting a hit. Figures released by Coinmarketcap show that 99 of the 100 coins on its prime listing are currently seeing red. Such a bad crypto market had not been seen for the last three weeks during which Bitcoin had appreciated by over 20 percent.

Bitcoin’s fall over the last several hours means the crypto is back at square one to what it was averaging on July 17^th. Bitcoin baffled analysts with a continued ascension from mid July to the end of the month when it peaked at an impressive $8,450.

News about Goldman Sachs intent to roll out a crypto custody offering and Intercontinental Exchange’s launching of a regulated digital assets platform did little to help Bitcoin as the crypto lost about 15 percent of its value within just the past week.

Commentators are blaming the latest fall in prices to the US Securities and Exchange Commission’s decision to further extend the date to rule on the application by SolidX and VanEck for a Bitcoin exchange-traded fund (ETF).

Bitcoin is however having lots of company in its losing streak over the last hours. Many altcoins have seen their recent gains eroded as the crypto market spirals in a nose dive. Ethereum has seen significant losses and its losses over the last month are said to be up to 35 percent.

At the time of this publication, Ethereum was trading around the $350’s a further drop from its $366 position just a few hours ago.