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$14 billion slashed off the Cryptocurrency market capitalization as multiple Bitcoin ETFs are rejected at a go

  • The market deflated as the US SEC announced that it has rejected proposals for ETFs from ProShares, Direxion, and GraniteShares.
  • Bitcoin plunged over 4% from $6,800 and tested the support at $6,250 before rising back up again to trade above $6,400.

The cryptocurrency market has become almost predictable especially when it comes to Bitcoin exchange-traded funds (ETFs). Bitcoin added a whopping $5.2 billion during the time BitMEX exchange had a scheduled maintenance. However, this positive retracement was short-lived as the crypto was caught up in yet another of the now common investor reactions to the United States Securities and Exchange Commission (SEC) decision on Bitcoin ETFs.

The market deflated as the US SEC announced that it has rejected proposals for ETFs from ProShares, Direxion, and GraniteShares. The orders were published on August 22 ahead of the previously allocated deadlines for the approvals. The regulatory cited the same reason for rejecting the proposal stating that the exchange (ProShares) had failed to meet the requirements found in the ‘Exchange Act and the Commission's Rules of Practice.’

The reject comes less than a month since another proposal from Cameron and Tyler Winklevoss was rejected for the second time. The majority of the authority’s commissioners were behind the decision in March 2017.

Bitcoin plunged over 4% from $6,800 and tested the support at $6,250 before rising back up again to trade above $6,400. The trading volume also suffered as it dipped below $4 billion. The crypto has wiped all the gains made yesterday and is currently battling to retrace to $6,500. The crypto market, on the other hand, has wiped off $14 billion and the total market capitalization is now below $207 billion at the time of writing. The majority of cryptos are trading the lowest levels of the year. However, Bitcoin market dominance continues to grow and currently stands at $53.4%.


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Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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