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Bitcoin price LIVE: Bitcoin expert warns investors not to panic – can BTC recover?


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A bad start to the week continues for the cryptocurrency market as BTC prices plunge below $7,000.

Bitcoin struggled to rally this morning and has lost 1.10 percent on the day to trade at $6,963.45.

had some small gains yesterday but lost 0.01 percent to trade at $407.13.

Ripple sees more losses, falling 1.77 percent to trade at $0.421029, while Litecoin suffers a 1.35 percent loss to sell for $73.29 percent.

Investors fear that BTC could tumble further down the charts, but some experts are telling traders to hold strong – a bounce back may be on the cards. 

9.30pm UPDATE: Bitcoin ETF approval postponed until September

The SEC issued a statement today confirming that their decision on the Cboe BZX Exchange application would be postponed until 30th September 2018 at the latest.

In a written memo, the Commission determined that a longer period of consideration was “appropriate” in coming to this conclusion.

The Securities and Exchange Commission has received over 1,300 comments pertaining to the proposed rule change, which would allow Cboe to create Bitcoin Exchange Traded Funds (ETFs).

7.40pm UPDATE: Bitcoin ETF approval could be on the horizon according to leading Investment bank

The largest full-service investment bank in Canada with $59.2 billion in assets under management released a comprehensive new quarterly report on cryptocurrency that declares a Bitcoin ETF is coming.

According to the new report from Canaccord Genuity, a Bitcoin ETF approval is “on the horizon” and will most likely happen next year.

The report said: “Even as Gemini hired Nasdaq to conduct market surveillance for bitcoin and ether trading as well as the auction that prices Cboe bitcoin futures earlier this year, the SEC rejected the bitcoin ETF proposed by Cameron and Tyler Winklevoss for the second time on 7/26, dampening the possibility of seeing a bitcoin ETF come to the market in 2018.

“And although the VanEck SolidX Bitcoin Trust, seen by many as the most formidable candidate for a potential approval, is due for a potential decision as early as this month, it is largely believed that the SEC will extend its deadline, in which case a decision may not be made until March 2019. Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF.”

6.40pm UPDATE: Bitcoin ATMs popup around the world

There are now more than 3,500 cryptocurrency ATMs installed and available to use around the world, according to Coinatmradar.com.

The cryptocurrency market has grown in popularity recently, with millions of investors buying into bitcoin.

The ATMs allow you to purchase bitcoin or other cryptocurrencies using your debit or credit card instead of buying them online through an exchange. 

3.30pm UPDATE: Crypto advocate Tom Lee tells investors “Don’t panic, bitcoin is bouncing back!”

Wall Street crypto guru Tom Lee believes bitcoin can slowly recover from its current slump in 2018. 

The head of research at Fundstrat said “ isn’t broken if it’s holding at these levels. I think people are afraid it is going to go back down to $6,000 and never come back from those bear markets.

“The news that we have seen, from the SEC saying bitcoin’s a commodity, to the potential for an exchange-traded fund is causing investors to decide that bitcoin is the best house in a tough market.”

The crypto expert thinks bitcoin dominance is showing that the market is reacting to what is good news.



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