Cryptocurrency update: Bitcoin & Ethereum continue to tumble

On Friday, major cryptocurrencies traded lower as the US regulator delayed the approval of Bitcoin ETFs.

Cryptocurrency prices have always been surging with a significant jump in the last few years. However, on Friday, major cryptocurrencies traded lower as the US regulator delayed the approval of Bitcoin ETFs.  

Crypto enthusiasts are cranky as this is not the first time the regulator has shown reluctance to a Bitcoin ETF, which is a product that could bring Bitcoin, the most celebrated digital currency into the mainstream among institutional investors. Securities & Exchange Commission (SEC) stated in a regulatory filing that it will seek more public comments on the proposal to list a product on Cboe Global Markets Inc. SEC continues to warn about the risks of mutual funds investing in Bitcoin Futures.  

While many around the globe look at cryptocurrencies as a mainstream investment rather than a gamble, regulators all over the world continue to warn about the speculative nature of majorly unregulated crypto assets that have seen a sharp decline since May.  

Below is the change in the last 24 hours of widely-known cryptocurrencies: