The cryptocurrency industry took a significant hit on 8th August after the Securities Exchange Commission (SEC) failed to approve an exchange-traded fund for Bitcoin. Investors waited with baited breaths only to receive the disappointing news that VanEck’s third attempt to advocate for this ETF floundered, a move that triggered Bitcoin’s downward spiral. Within the first twenty-four hours, the value of Bitcoin plummeted by 6% trading at around $6300 from its peak of $20,000 at the close of 2017. This drop sent shockwaves across the industry, and perhaps there’s more to come.
