Bitcoin dives below 7k mark on SEC’s continued deferral of ETF approval, more dips on cards upon intensified bearish momentum

Major cryptocurrencies have continued bearish streaks as the U.S. Securities and Exchange Commission (SEC) deferred the pronouncement on the approval of a Bitcoin exchange-traded fund (ETF). The US regulatory authority, in the recent past, has declined to approve the Winklevoss application of BTC ETFs but adjourned the final decision.

While VanEck and SolidX had also submitted their proposal in June 2018 and had reportedly elicited numerous comments from the public. In reply, the U.S. Securities and Exchange Commission (SEC) has yet again deferred deciding on whether to approve Bitcoin-related exchange-traded funds (ETFs) until September, public documents divulge.

Consequently, the major cryptocurrencies have shown steep slumps as the crypto-industry reckons that a Bitcoin ETFs would be able to strike a chord in the evolution of the digital currency system.

The SEC announced that September 30, 2018, is the fresh deadline for a decision on the BTC ETF application.The SEC states: "The Commission discovers it would be right to allocate a enough time, within which to issue an order approving or disapproving the proposed rule. Accordingly, the Commission designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change."

SEC Commissioner Kara Stein had stated: “The rule would include many of the website disclosure requirements that are in existing orders such as disclosing the ETFs current net asset value per share, market price, and premium or discount – each as of the prior business day.”

On daily plotting BTC and ETH for instance, the prices of these pairs have tumbled on back of above-stated news. BTCUSDcracks-down below $7,000 levels. As you could observe, the prices have slid below DMAs on the hanging man occurrence. For now, more dips seem to be on the cards upon bearish DMA and MACD crossovers.

While price trend is almost similar in case of ETHUSD, after back-to-back hanging man formations, the price remains below 7EMAs, both leading indicators signal strength in bearish swings, downswings are most likely to extend further on the bearish EMA and MACD crossovers.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -38 levels (which is bearish), while hourly USD spot index was at 45 (bullish) while articulating (at 09:29 GMT). For more details on the index, please refer below weblink:

http://www.fxwirepro.com/currencyindex