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Crypto update: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS tumble ahead of major announcement

It has been a disappointing 24 hours of trade for crypto traders with only one coin in the top 50 in positive territory this morning.

This has led to the value of the entire market falling 2.8% over the period to US$206 billion according to Coin Market Cap.

Traders appear to be on edge ahead of a key announcement from the U.S. Securities and Exchange Commission tonight. That announcement relates to the potential launch of two Bitcoin ETFs from ProShares.

The U.S. SEC must approve or disapprove a proposed rule change that will then permit the launch of the ETFs.

As these ETFs are a little different to others that have come before them and been rejected, some traders are hopeful that Bitcoin might finally receive some ETF exposure. The ProShares ETFs aim to track the price of Bitcoin futures contracts on the Chicago Board Options Exchange instead of its price on an exchange.

But judging by the declines this morning, traders don’t appear overly confident that the U.S. SEC will announce a favourable outcome.

Here is the state of play on Thursday morning:

The Bitcoin (BTC) price is down 1.2% over the last 24 hours to US$6,398.13, reducing its market capitalisation to US$110.2 billion.

The Ethereum (ETH) price is off 4% over the period to US$269.29, leaving ETH with a market capitalisation of just over US$27.3 billion.

The Ripple (XRP) price has fallen 3% since this time yesterday to 32.4 U.S. cents. This reduces the XRP market capitalisation to just under US$12.7 billion.

The Bitcoin Cash (BCH) price has dropped 1.8% over the period to US$522.66, leaving the Bitcoin spin off with a reduced market capitalisation of just over US$9 billion.

The EOS (EOS) price has been a poor performer and is down 4.5% since this time yesterday to US$4.65. This has left EOS with a market capitalisation of US$4.2 billion.

Outside the top five it was much of the same. The Stellar (XLM) price is down 4.7%, Litecoin (LTC) is lower by 1.8%, Tether (USDT) is down 0.1%, Cardano (ADA) has fallen 4.2%, and Monero (XMR) has shed 5% of its value.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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