RATE Group | Bitcoin Prices Drop After SEC Postpones ETF Decision
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Bitcoin Prices Drop After SEC Postpones ETF Decision

08 Aug Bitcoin Prices Drop After SEC Postpones ETF Decision

Posted at 08:07h in Bitcoin News by

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Bitcoin prices declined after the SEC announcement. Shutterstock

Bitcoin prices pushed lower today, after the U.S. Securities and Exchange Commission (SEC) announced that it was delaying its decision on whether to approve a rule that would allow Cboe to offer shares of a Bitcoin exchange-traded fund (ETF).

If approved, these shares would be issued by VanEck SolidX Bitcoin Trust and worth roughly 25 Bitcoin each. 

As a result, the shares would be “more geared towards institutional investors,” noted Scott Weatherill, chief risk manager of B2C2 Japan. 

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

Notable Price Decline

The price of Bitcoin fell to as little as $6,685.14 today at 21:15 UTC (5:15 p.m. EST), according to the CoinDesk Bitcoin Price Index (BPI).

At this level, it had declined…

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