The total crypto market cap lost $12 billion of its value since May 20, 2019, and dropped to $239 billion. The top ten currencies are all in red for the last 24 hours with Stellar (XLM) and Cardano (ADA) being the worst performers with 8.5 percent and 7.6 percent of losses respectively.
Bitcoin has been in a downtrend since the start of the week. After the strong performance during the previous week when BTC added more than 15 percent to its value, it was time for a small price correction.
On May 20, it dropped from $8,196 to $8,016, losing 2.1 percent, but still holding above the critical $8,000. This one was broken on May 21 when the BTC/USD pair moved South to $7,940. It was trading as low as $7,650 intraday.
On May 22, the most popular cryptocurrency formed its third consecutive red candle on the Bitstamp daily chart and stopped at $7,611.
The United States Security and Exchange Commission (SEC) has once again delayed its decision on the Bitcoin-based Exchange Traded Fund (ETF) proposal by VanEck. The application, which was filled by the Cboe BZX Exchange, Inc. for the second time on January 30, 2019, will be postponed for 35 days, during which the Commission will gather more information regarding the proposed product.
In the meantime, the NYSE Arca exchange, which is owned by the Intercontinental Exchange applied on May 20 for a rule change with the SEC to list shares in a Bitcoin investment fund. The newly suggested product will invest in Bitcoin and short-term U.S. Treasury securities.
On May 14, regulators postponed their decision on whether to approve or reject the NYSE Arca proposal for a Bitcoin-backed ETF, which was filled in collaboration with Bitwise.
The Ethereum token closed last week with an unusual 34.5 percent price increase. One of the best performers in the top ten cryptocurrencies continued its march towards regaining lost positions.
The new seven-day period, however, started with a $10 drop to $251 on May 20. The ETH/USD pair was trading in the $264 to $247 zone on May 21, 2019, but only managed to close the session with a short green candle to $255.
On May 22, one of the most popular altcoins dropped below the $245 mark just as predicated and stopped at $243. If the mentioned level does not hold, the next target for sellers, before $200, will be $233 and eventually $218. Bulls will be looking to hold $245 and try to push the price above $265 once again.