Investing.com — Bitcoin fell below $8,000 on Monday, struggling to hold gains from a day earlier, as traders anxiously awaited a ruling due tomorrow on a Bitcoin fund that could potentially pave the way for a wave of new funds to enter the market.
fell 3.0% to $7,753, down from a high of $8,269.2.
The Security and Exchange Commission is due to deliver its ruling on the exchanged traded Bitcoin fund, or ETF, proposed by investment management firm VanEc.
But many expect the U.S. financial watchdog to delay its decision again as the final deadline to make a decision is currently slated for Oct. 18.
An unlikely approval of a Bitcoin ETF would allow institutional investors another way to access after the approval of Bitcoin futures in 2017 and is widely expected to spur a wave of new funds into the market.
Bitcoin’s struggles to meaningfully breach the $8,000 level comes as analysts’ suggested the current popular crypto’s current trading reflects the boom and bust period of late 2017.
“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices,” Bloomberg reported, citing JPMorgan’s strategists.
Other cryptos also trended lower, with falling 5.56% to $0.388, down 4.93% to $244.22 and slipping 5.98% to $89.47.
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