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The world’s largest cryptocurrency by market capitalization, bitcoin, has once again hit a new 2018 low following cryptocurrency sell-off, probably, related to the decision of SEC to postpone decisions on bitcoin ETF.

Thus, on December 7 at 1:00 UTC, bitcoin dropped by 11.46 percent to find a bid below $3,500 at $3,306 surpassing the prior low of $3,640, according to the data from CoinMarketCap.

In addition, bitcoin’s market capitalization has dropped by $4.8 billion over a 24-hour period and is down more than $14 billion on the week, indicating traders may now be moving money out of bitcoin and into dollars.

Other cryptocurrencies also suffered a dramatic decline. For example ethereum and stellar are down by more than 15% while the second top cryptocurrency ripple experiencing 10% drop.

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