Bitcoin, Ethereum, Ripple, Bitcoin Cash, and EOS tumble lower as U.S. SEC suspends crypto products

It didn’t take long for the crypto selloff to resume. Unfortunately for traders the market is a sea of red again on Tuesday morning.

This has led to the entire value of the crypto market falling almost 2.5% since this time yesterday to US$195.5 billion according to Coin Market Cap.

This latest decline could be a continuation of the selloff or concerns over the U.S. Securities and Exchange Commission’s decision to halt the trading of two cryptocurrency-related products.

According to CNBC, the U.S. securities watchdog has halted trading of the Bitcoin Tracker One and Ether Tracker One products because of confusion over the nature of the financial products.

The regulator has stated that broker-dealer application materials and trading websites characterised the products as ETFs, but they are “non-equity linked certificates.”

The U.S. Securities and Exchange Commission has been busy reviewing and ultimately rejecting crypto ETF applications over the last few months and appears to have been unhappy with the way the Bitcoin Tracker One and Ether Tracker One products were being misrepresented.

Here is the state of play on Tuesday morning compared to 24 hours ago:

The Bitcoin (BTC) price is down 1.2% to US$6,334.24, reducing its market capitalisation to US$109.3 billion.

The Ethereum (ETH) price has fallen 2.4% to US$196.61. This reduces Ethereum’s market capitalisation to US$20 billion.

The Ripple (XRP) price has plunged 6% lower to 26.76 U.S. cents, leaving the altcoin with a market capitalisation of US$10.6 billion.

The Bitcoin Cash (BCH) price has fallen 4.3% to US$467.47. The Bitcoin spin off now has a market capitalisation of US$8.1 billion.

The EOS (EOS) price is down 1.5% to US$5.04, reducing its market capitalisation to US$4.6 billion.

Outside the top five it was much of the same. Stellar (XLM) is down 2.2%, Litecoin (LTC) is off 3.4%, Tether (USDT) has dropped 0.1%, Cardano (ADA) is off 6.6%, and Monero (XMR) is 2.8% lower.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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