Bitcoin sheds 5%, slumps to 3-week low below $10,000

Bitcoin shed more than 5% in spot trading today, for the seventh straight day, to surrender the $10,000 barrier and slump to a 3-week, on massive sell-off due to mounting uncertainty about the future of the Bitcoin ETFs industry.  

At Bitstamp, Bitcoin fell by 5.5% or $561 to $9,600 ( lowest since September 1st), from the opening of $10,161, with a high of $10,186. 

Yesterday, Bitcoin shed 0.5%, its sixth daily loss and the longest daily losses streak since November 2018.

The total market cap of cryptocurrencies fell by $10 billion today, to $262 billion, due to Bitcoin sharp drop.

Demand on Bitcoin declined in favor of other major cryptocurrencies, especially Ethereum and Ripple, which is evident in the fall of Bitcoin's lead over the market's trading to the lowest level since early August at 67%.

Chicago Board Options Exchange (CBOE) has withdrawn its application with the US Securities and Exchange Commission (SEC) for the listing and trading of Bitcoin's ETFs by VanEck and SolidX. 

Which has increased uncertainty about the future of Bitcoin ETFs in the US, especially after the SEC postponed its decision more than once for those funds during this year.

The SEC said that they need more time to consider changing the rules proposed by these funds and to approve or reject them.

Chairman of the SEC, Jay Clayton, said that despite important steps taken to address regulatory concerns about the Bitcoin ETF, there is still work to be done, As the final decision by the SEC on the offering of Bitcoin ETFs submitted by several companies is scheduled for next October.