- Bitcoin, Avalanche, Ethereum, and Shiba Inu have all experienced significant price drops of up to 6% over the past 24 hours. Ethereum has lost 4.5%, Bitcoin has declined by 6%, and Avalanche coin has declined by 6%. Shiba Inu, on the other hand, has declined by a smaller 3%.
- This volatility comes at a time when the market is already under pressure due to the SEC’s recent decision to delay the decision on whether to approve the VanEck ETF. This uncertainty in the market is causing many investors to panic sell their holdings, which is putting additional pressure on the market.
What is VanEck?
VanEck is one of the largest providers of exchange-traded funds (ETFs) in the world. It has a range of funds on the market including dividend, small-cap and multi-sector funds. The firm has been in operation for more than 30 years, and is based in New York City. Today, VanEck has more than $51 billion in assets under management.
Why SECs decided to delay the decision on whether to approve the VanEck ETF
- The decision to delay the decision came after the SEC received a large number of letters from lawmakers and members of the public requesting that the agency delay its decision.
- The announcement that the SEC would be delaying its decision caused the price of bitcoin to move up significantly. It is currently unclear when the SEC will make an official decision on whether to approve the VanEck SolidX Bitcoin ETF.
Summary and CTA
The cryptocurrency market has been volatile as of late, with prices of some major coins such as Bitcoin, Shiba Inu, and Avalanche seeing significant drops in value. For those new to cryptocurrency, or looking to invest for the first time, we recommend starting with small amounts and slowly building your holdings. This way, you can avoid some of the pitfalls of a market with a high buy-in/high-exit cost.