Crypto Hedge Fund Founder Dan Morehead tells Bitcoin Investors to stop Overreacting

SEC Hester Peirce Bitcoin ETF

Within the last 24 hours, the crypto market has dropped nearly $20 billion. Its market capitalization is $112 billion dollars.

As it stands, Bitcoin dominance is high, as is the hashrate of Bitcoin, therefore a surge in Bitcoin's price soon could have a huge impact on the rest of the markets.

One BTC is now fetching $6,321.39, on a average, per CoinMarketCap.

The SEC is scheduled to either give or deny approval to nine new Bitcoin ETFs over the course of the next two months.

Other big losers include Bitcoin Cash (BCH), down 12.55 per cent to $587.28, EOS token, down 16.61 per cent to $5.58, and Stellar (XLM), down 15.19% to $0.198468.

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Yesterday, the co-founder and CEO of the crypto-related investment company Pantera Capital, Dan Morehead, commented on the recent news regarding the recent Bitcoin ETF rejection and postponing the ETF proposal until September, as well as the Bakkt cryptocurrency exchange.

A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November.

One commissioner, Hester Peirce, dissented from that decision, later telling CoinDesk in an interview that the move to block a bitcoin ETF is a disservice to both investors and innovators.

This is the highest level since December 20, 2017, just days after bitcoin hit its record high of $19,783.21 on December 17.

Bitcoin is down 2.8% to $6,531.86 at 8.15 a.m. BST (3.15 a.m. ET).

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What this means is that if VanEck-SolidX is attacked by hackers after SEC approves their ETF, then any loss suffered during the incident will be shouldered by the company while the investors' assets are insured.

ETF's are seen as a way for institutional investors to get into cryptocurrency investing in a safer way than buying bitcoin on a crypto-asset exchange.

"Cryptocurrencies could receive a solid boost and end up becoming the main talking point across financial markets if the SEC approves a Bitcoin ETF in September". However, considering the fact that the cryptocurrency market is notoriously volatile, there may be more drops in the future, before market recovery begins. "The SEC has been very cautious with an ETF".

Just as Fundstrat's Tom Lee assures the bitcoin community that the currency is "returning", the world's largest cryptocurrency by market cap incurred a massive fall and is trading for just over $6,300.

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