The Securities and Exchange Commission postponed its decision on whether it would approve a bitcoin exchange-traded fund (ETF) proposed by VanEck and SolidX.
All cryptocurrency markets fell as a result. Bitcoin was down around 5%, trading at just under $6,300. Its value had fallen over $9 billion.
Investment firm VanEck got together with Solid X, a financial service company, 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 have to buy the underlying asset.
This is VanEck’s third attempt to push a bitcoin ETF through, having been rejected by the SEC twice previously. This time, the SEC said that it is pushing out its decision until September 30.
Bitcoin, the world’s largest cryptocurrency by market capitalization or value, has fallen dramatically from the near $20,000 record high it hit in December 2017. But bitcoin has recovered from June, when it fell below $6,000. And interest in the virtual currency appears to have increased. Bitcoin’s share of the entire cryptocurrency market is at its highest level this year and near where it was when the digital coin hit its highest price level in history.
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