The cryptocurrencies collapsed

The last two days were extremely heavy for the cryptocurrencies. More than 20% of their market value lost cryptocurrencies like ethereum and ripple. Earlier this morning, the ethereum is traded at levels of $365 per coin, while the ripple - at $0.34 per coin.
Serious decline has the bitcoin cash - down to $597, as well as the bitcoin, traded at $6,350 early this morning.
The depreciation of the cryptocurrencies occurred after the decision of the US Financial Supervision Commission to postpone its decision on VanEck's and SolidX's demands for an index based on the cost of the bitcoin. This was VanEck's third attempt to start this kind of fund.
More than $9 billion of the cost of the bitcoin was "wiped out" after the decision of the US regulator.
We can also recall that the Winklevos brothers' request for the creation of such a fund last month was also rejected. It was then that the strong decrease in cryptocurrencies levels was also started.
Market participants were hoping for a US regulator's permission for such a kind of index fund, which would be the first of its kind.
The proposal of the two investment companies, VanEck and Solid X, was to create an index fund backed by real bitcoins rather than futures on it.
Index funds are seen as a way of exposition of institutional investors to cryptocurrencies. The lack of such funds seriously limits the access of large investors to the relatively limited and not particularly liquid market of cryptocurrencies.
So far, there have been many attempts to obtain permission from the US regulator for an index fund, but none of them has been successful. The question is - how long can the regulators' rejection continue?