The cryptocurrency market is tumbling with no sign of a recovery. The price of Bitcoin price fell to the 4 million won range, the lowest level in 2018.
According to Bithumb, a virtual currency exchange based in Korea, the price of Bitcoin fell 10.90 percent to 3,866,000 won at 3:30 p.m. on Dec. 7. In CoinMarketCap, which show the average trading prices of cryptocurrencies in U.S. dollars, Bitcoin was down 11% to US$3,436. This was the lowest price this year.
Bitcoin traded at around US$6,500 at the beginning of November, but the price dropped almost 50% in just one month. Ethereum and ripple, two representative altcoins, also showed a decline of more than 10% on the day.
The fall of cryptocurrencies was attributed to the decision of the U.S. Securities and Exchange Commission (SEC) to put off approval of the Bitcoin ETF, which was jointly filed by asset management company VanEck Associates and cryptocurrency startup Solid X Partners, to next year once again. These companies filed an application for an ETF for the first time in June, but the U.S. SEC postponed the decision. The delay increased uncertainties over cryptocurrencies, experts say.