Cryptocurrencies lose in price as part of downtrend

March 20, 2019   Stellar

The enthusiasm for the launch of Bitcoin ETF seems to be dissipating, judging by the letters to the US Securities and Exchange Commission (SEC) in support of a new investment instrument. The SEC received a total of 7 letters with comments after public hearings in response to a request for feedback, which they asked for in February 2019. Of these, 6 called on the agency to reject the application (this is about 84%). In September 2018, the application for the launch of Bitcoin ETF from the VanEck SolidX Bitcoin Trust received more than 1,400 emails with comments, of which 99% were positive. However, since then enthusiasm has noticeably waned, mainly due to the prolonged Crypto-Winter.

The main cryptocurrencies are again falling in the downtrend that has long been formed on the market. At the same time, they even ignore the obvious news positive. For example, the market could support the news that six banks from different countries of the world declared their intention to issue their own stablebcoins, secured by national currencies.

Not paying attention to this message, the rate of Bitcoin at 10.00, according to Libertex, dropped by 0.15% during the day to 3,980 dollars with a capitalization of 71.2 billion dollars. Bitcoin also ignored the news that one of the largest technology corporations in the US is a supplier of Avnet technology solutions, starting to accept it as a means of payment.

Ethereum for the day fell 0.36% - up to 136.9 dollars, its capitalization amounted to 14.6 billion dollars. XRP fell in price by 0.32% - to $ 0.314 with a capitalization of $ 13.1 billion. Litecoin lost 0.85% and dropped to 58.6 dollars, its capitalization amounted to 3.6 billion dollars.

However, Stellar Lumens (XLM) jumped almost 11% in 24 hours. The trend began to break at the beginning of the European trading session, stopping on Tuesday morning at $ 0.113. The XLM then tested the same level following the drop from the growth trajectory during today's European session. However, in general, the cryptocurrency has maintained a bullish attitude in the last 2 days.

The total capitalization of the crypto market has reached $ 139.9 billion. According to financial scouts, the decline in the crypto market continues: in the short term, Bitcoin could drop to $ 3,900, Ethereum - to $ 135, XRP - to $ 0.31, and Litecoin - to $ 57.5.

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