CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Bitcoin sell-off resumes, dragging rival coins with it

The largest cryptocurrency has fallen below $3400 levels – the lowest since 2017 – taking other cryptocurrencies down with it as major sell-off continues.

Aaran Fronda AFronda_IG
Financial Writer, London

Publication date : 2022-07-10T04:33:20+0100

Bitcoin

Source: Bloomberg

Bitcoin has fallen by more than 10% on Friday hitting a low of $3332 – its lowest level since September 2017 – which precipitated other cryptocurrencies to see similar declines in what is the second major sell-off this quarter.

The decline followed an announcement by the US Securities and Exchange Commission (SEC) that delayed the decision deadline for the creation of the first US bitcoin exchange-traded fund (ETF) until next year.

“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 in an interview with Bloomberg.

Ethereum, Litecoin and XRP dragged down by Bitcoin decline

The Bitcoin sell-off prompted other major coins to see similar declines, with Ethereum down 14.52% to $84.76 as of 12:00pm GMT on Friday.

Similar losses were see by rival cryptocurrencies, with Litecoin and Ripple (XRP) falling by more than 10% on Friday.

Cryptocurrencies have eroded more than $730 billion in value after hitting their peak back in January, according to data from CoinMarketCap.com.

SEC delays Bitcoin ETF... again

On Thursday, the SEC said it will once again postpone its decision on whether to approve the creation of a Bitcoin ETF.

The new deadline set by the US regulator is 27 February 2019, where it looks at proposed rule changes to allow investment firm VanEck and blockchain company SolidX to list a Bitcoin ETF on the Chicago Board Options Exchange.

‘The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,’ the regulator said in a recent document.

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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