Crypto markets have accelerated their losses again overnight with Bitcoin crashing to new 2018 lows, Ethereum back into double-digits, and Bitcoin Cash utterly devastated as lawsuits fly.
Once again a sea of red across the crypto space…
Bitcoin Cash is down 40% this week alone…
Bitcoin has puked back below last month’s lows…
Second-largest crypto by market cap Ripple (XRP) is down by around 12 percent on the day, trading at almost $0.30 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are also blisteringly red, with losses of around 23.5 and 40 percent respectively.
Third-ranked crypto, Ethereum is back into double-digits….
As CoinTelegraph notes, virtually all of the remaining top ten coins on CoinMarketCap are seeing deep red; Stellar (XLM) and Bitcoin Cash (BCH) are both down almost 18 percent, at $0.11 and $102.3 respectively; eighth largest ranked crypto Litecoin (LTC) is down close to 15 percent, trading at $25.3, and EOS (EOS) is the hardest hit, down almost 23 percent on the day at $1.68.
Newly-forked “Bitcoin SV” (BSV) is the only exception among the top ten, soaring 20 percent on the day to trade at around $109, sealing the ranking of 5th largest crypto. With a market cap of around $1.94 billion as of press time, BSV is holding a slim margin ahead of BCH; the latter, ranked 7th, currently has a market cap of about $1.77 billion.
Just yesterday, news broke of a new lawsuit from tech development firm UnitedCorp against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, which alleges the defendants engaged in manipulation and unfair practices during the immediate aftermath of the BCH-BSV hard fork.
The remaining coins in the top twenty by market cap are all seeing losses of between a 8 and 22 percent range.
Additionally, CoinTelegraph reports that a commissioner of the United States Securities and Exchange Commission (SEC) said ‘not to hold your breath’ waiting for a Bitcoin exchange-traded fund (ETF) at the Digital Asset Investment Forum held in Washington D.C. Dec. 5.
Hester Peirce, dubbed “Crypto Mom” by the community for her dissent with the SEC’s decision to reject a Bitcoin ETF proposed by Cameron and Tyler Winklevoss, said that a crypto or Bitcoin ETF is “definitely possible,” but it could be years away:
“Definitely possible could be 20 years from now or it could be tomorrow. Don’t hold your breath. The SEC took a long time to [establish] Finhub. It might take even longer to approve an exchange traded product.”
According to Pierce, she is also trying to convince her colleagues “to have a bit more of an open mind” when it comes to crypto adoption, but it might take a long time.
Regarding the possibility of Bitcoin institutionalization, Peirce said that the SEC sees a lot of institutional and retail interest and will interact with it in many ways. She further added:
“I think we need to encourage institutionalization in crypto space. That’s not what the people in the space want, but I think there are institutional folks who want to be in this space […] And the best way that we can offer retail investors to get into this space is through a place that’s more institutionalized.”
When asked about recent SEC enforcements, “Crypto Mom” said that people have to comply with the law, but the government is obliged to figure out whether the regulation is preventing people from realizing new or innovative ideas.
“I want to make sure that the doors to innovation are open wide enough, and they’re not too constrained by regulation,” she concluded.
In a recent interview SEC Chairman Jay Clayton refrained from providing any specific time frame for a Bitcoin ETF, but instead reiterated the SEC’s stance. “I’m not going to comment on timing or anything like that, but we’ve been clear on some of the issues that are of concern to us,” he told CNBC.