RATE Group | Bitcoin price falls after SEC postpones key ETF decision
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Bitcoin price falls after SEC postpones key ETF decision

08 Aug Bitcoin price falls after SEC postpones key ETF decision

Posted at 11:11h in Bitcoin News by

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Bitcoin fell sharply on Wednesday after the U.S. Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF), which would have been the first financial product of its kind.

Cryptocurrency markets fell as a result. Bitcoin was down around 8 percent from 24 hours ago at 10.53 a.m. London time, trading at just over $6,500, according to data from CoinDesk. It’s value had fallen over $9 billion.

Investment firm VanEck teamed up with Solid X, a financial service company, earlier this year in a bid to launch an ETF that is backed by actual bitcoins rather than futures. An ETF is a financial product that tracks the price of an asset and is listed on an exchange. It means that investors don’t actually have to buy the underlying asset.

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