On Wednesday, bitcoins and other cryptocurrencies have resumed abrupt dives, with many digital currencies losing more than 10% of their value.
Bitcoin fell by 8.5% at 10:05 ET, while Ethereum lost more than 10% and XRP plunged by 16%. EOS was the biggest loser of the first 10 scrambled trades, with a decline of 17.89%, according to CoinMarketCap.
The declines seem, in part, to react to news that the Securities and Exchange Commission (SEC) has delayed its decision on a proposed bitcoin exchange-traded fund (ETF). The SEC originally announced that it would announce its decision by 10 September. Now, it is said, the announcement will come on September 30th.
It was just over a month ago that the SEC rejected a proposed Bitcoin ETF from the Winkelvoss twins, amid fears of price manipulation in the 3-1 vote. (This decision had only a small effect on the market.)
The proposed ETF, by the investment company VanEck, is different in that it is supported by actual cryptocurrencies rather than futures. The proposed ETF was rejected twice previously by the SEC.
Some investors, however, say robots could be behind Wednesday.
Vinny Lingham, CEO of the blockchain company CivicKey, suggested that the bots arbitrate in real time, selling several different coins at the same time – it could be the fault.
Lingham did not provide any supporting information for your request.