RATE Group | Bitcoin price pain continues as the cryptocurrency plummets to a 15-month low
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Bitcoin price pain continues as the cryptocurrency plummets to a 15-month low

07 Dec Bitcoin price pain continues as the cryptocurrency plummets to a 15-month low

Posted at 19:36h in Bitcoin News by

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Other major cryptocurrencies also suffered on Friday. XRP, the second largest by market value, was down 7 percent while ether fell 11 percent.

Timothy Tam, CEO of cryptpocurrency research firm CoinFi, said bitcoin’s large move downward was a “combination” of factors.

On Thursday, the SEC extended their review period of a much-awaited bitcoin ETF until February 27. While Gabor Gurbacs, who’s spearheading the bitcoin ETF effort at VanEck, said the move was “expected” — the market still reacted.

“Historically there is price correlation with expectation of an ETF approval and downward movement when the ETF gets rejected or delayed,” Tam told CNBC Friday. “Sentiment among retail investors in the crypto space is already…

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