Cryptocurrencies continued their slide with a fresh bout of losses on Friday after the US Securities and Exchange Commission dashed hopes that a bitcoin exchange-traded fund would appear before the end of this year.
Bitcoin, the largest cryptocurrency, slumped as much as 7.8%, taking it down past US$3 400 to the lowest level since September 2017, according to consolidated pricing compiled by Bloomberg. The wider Bloomberg Galaxy Crypto Index sank 10% as rival tokens including ether, litecoin and XRP also retreated.
The SEC plans to decide by 27 February whether to approve a proposed ETF from fintech company SolidX Partners and asset manager Van Eck Associates, the agency said on 6 December.
“Sentiment in the market is really bad; any negative news has an exponential effect,” said Timothy Tam, co-founder and CEO of CoinFi, a cryptocurrency research firm.