Cryptocurrencies were in a sea of red in Tuesday’s trading charts, giving up most of the gains made on Sunday. Since an announcement on Sunday by the U.S. Securities and Exchange Commission (SEC) that it had suspended trading in two crypto-tracking products, cryptos have been on a steady decline.
Investors have been digesting the news that trading in Bitcoin Tracker One and Ether Tracker One is to be suspended until at least September 20th. Both are listed on the Stockholm stock exchange, part of Nasdaq.
The SEC said that broker-dealer application materials and trading websites constituted as products for exchange-traded funds (ETFs) in the sense that they are listed funds which track a basket of different assets. The SEC Issued a statement which said:
“It appears … that there is a lack of current, consistent and accurate information concerning Bitcoin Tracker One (Ticker Symbol: CXBTF) and Ether Tracker One (Ticker Symbol: CETHF), issued by XBT Provider AB (publ), a Swedish company headquartered in Stockholm, resulting in confusion amongst market participants regarding these financial instruments.”
“The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above quoted company.”
The two securities are listed on the Swedish Stock Exchange in Stockholm, part of Nasdaq’s Nordic markets. They both offer exposure to the price performance of bitcoin and ether, at a lower cost.
Cryptos Lower
It was a heavy day of losses for the crypto sphere. Bitcoin fell the least, enjoying enough support from investors to keep losses in the BTC/USD down to 0.68%, valuing the daddy of digital currencies at $6240, a fall of $42.70 on the day so far. Ethereum, which had leaped nearly 5% a day earlier, gave up almost all of its gains on Tuesday, with ETH/USD down 4.43% at time of writing, valuing Ethereum at $182.62.
Elsewhere, having gained 2.6% the day before, Ripple plummeted 3.19%, with XRP/USD trading at $0.25648. Litecoin is down 2.69%, whilst the biggest faller of the day so far is BCH/USD, which is down 5.01%, trading at $445.29. Dash was also a big loser in today’s exchanges, falling 4.54%, with DASH/USD trading at $187.91.
