Bitcoin and Ethereum collapse, sealed by SEC :


The main cryptocurrencies have experienced a sudden relapse in recent days, which has not spared Bitcoin or Ethereum. Over a week, the BTC drops nearly 13%, back to $ 6.357 according to Coinmarketcap, for a capitalization of $ 109 billion.

Ethereum victim of the Buterin franchise
The Ethereum plunges by 32% over a week, back to $ 195. Thus, the capitalization of the second cryptocurrency is only $ 20 billion. It must be said that Ethereum co-founder Vitalik Buterin confessed to Bloomberg this weekend that the explosive growth period of the blockchain industry was probably behind it, now that the average citizen is aware of its existence. .

Buterin has therefore demonstrated a good franchise, explaining that growth opportunities 'X1000' no longer exist according to him. The growth of 'cryptos' would even be close to a ceiling. The next step would be to get people interested in real applications ...

In an interview with Bloomberg on the occasion of the Ethereum Industry Summit in Hong Kong, Buterin adds: "The blockchain space comes to a point where a ceiling is in sight".

"If you talk to the average educated person at this point, she probably heard about blockchain at least once." Moreover, while the growth of Bitcoin and 'cryptos' during the first six to seven years depends mainly on markerting, and to try to obtain a wider adoption, such a strategy would now be close to the dead end. It would therefore be important now to focus on real applications and real economic activity, Buterin tranche.

Altcoins depress
The XRP is down 20% over 7 days, now trading at around $ 0.27. The 'capi' XRP is $ 11 billion ... Bitcoin Cash unscrews 25% over a week. The EOS wins by 22%. The Stellar drops 13% and the Litecoin 19% over 7 days. Cardano stumbles by 30% and Monero by 22% over a week.

SEC suspends Bitcoin Tracker One and Ether Tracker One
We knew the punchy Securities and Exchange Commission about crypto-currencies. The US financial market watchdog has just suspended Bitcoin Tracker One and Ether Tracker One, citing investors' confusion about assets linked to these trackers. Brokers still allowing trading of these financial instruments are obviously subject to sanctions. Both instruments were suspended Sunday. The suspension must last at least until September 20th.

SEC does not want ETFs
The month of August had already been marked by the decision of the US Securities & Exchange Commission to reject no less than nine ETF proposals - index funds indexed on Bitcoin. The SEC announced on August 23 the rejection of the 9 ETF projects from three different issuers (Direxion had proposed 5 ETFs, GraniteShares and ProShares each had two products). The American authority evoked to justify the small size of the market, as well as the lack of assurances concerning product safety.

The US market policeman is particularly concerned about the risks of fraud and manipulation. Nevertheless, the SEC may not have said its last word and should re-examine the ETF proposals. The subject remains crucial for the democratization of the market, and speculation on ETFs had brought Bitcoin on $ 8,000 in July, before a relapse.

Goldman Sachs abandons his project
The plunge of the last days also comes as the American investment bank Goldman Sachs has just abandoned its plans for cryptocurrency trading. GS considered the opening of a trading desk dedicated to digital currencies, but would have thrown in the towel.

According to Business Insider, Goldman considers uncertain the regulatory environment surrounding Bitcoin and its peers. 'BI' cites sources close to the question. The investment bank has been evaluating this opportunity since last year. Its managing director Lloyd Blankfein said in October, on the Twitter social network, that GS "still thought about Bitcoin". Blankfein had even expressed a certain open-mindedness: "Remember that people were also skeptical when fiduciary money replaced gold." Since then, Goldman seems to have made a reason.

The Business Insider understands that GS executives are now considering that new steps will have to be taken outside of the bank's control before a regulated institution can engage in cryptocurrency trading.

Goldman Sachs has not officially confirmed the abandonment of the project. The group soberly reported, in response to rumors: "In response to customer interest in various digital products, we are exploring how best to serve them in this area." At this point, we have not reached a conclusion on the scope of our digital asset offering ".

Destruction of value
Recall that Bitcoin had a peak of nearly $ 20,000 in December 2017. The frenzied speculation on cryptocurrency had then attracted a lot of novices interested in rapid gains in this market of 'cryptos'. Since then, the BTC has lost two thirds of its value and the altcoins also show, for the most part, very large corrections.

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