Bitcoin sharpens decline to 15-month nadir on track to relinquish $3,000

Bitcoin fell over 2% on Friday on track for the third loss in a row, plumbing 15-month lows and heading to below $3,000 as selling pressures mount anew on cryptocurrencies after the SEC decided to delay its decision on Bitcoin exchange-traded funds to next year. 

At Bitstamp, Bitcoin fell $77, or 2.2% to $3,360, with an intraday high at $3,476, with a session-low at $3,300, and the lowest since September 2017 at $3,300. 

Bitcoin lost 7% on Thursday, the second loss in a row amid a renewed selloff wave on crypto assets. 

Market value of cryptocurrencies fell over $10 billion on Friday to a total of $106 billion, the lowest since August 2017. 

The US Securities and Exchange Committee (SEC) decided to put off its decision on enlisting Bitcoin exchange-traded funds yet again. 

Another final deadline was put off to February 2019 to conduct further reviews. 

The SEC said it needed a longer duration before taking the decision to approve or reject the proposal in order to look into the the merits of the decision.

Bitcoin tumbled 37% in November, the fourth monthly loss in a row, and the largest since March, marking 14-month lows at $3,474. 

Tom Lee, a known Wall Street crypto analysts, put three reasons for the crash, the full split in Bitcoin Cash, the latest measures taken by the SEC, and the bearish global financial market overall.