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Bitcoin Price In Free Fall After SEC's ETF Delay

10 August 2018

"I know that we have addressed issues relating to market structure and that this is an opportunity for regulators to introduce bitcoin into existing frameworks and protect investors", Gabor Gurbacs said.

The SEC have now extended their deadline to the 30th of September 2018, this has been decided in order to give the agency more time to ponder the Bitcoin ETF, in order to explore its effects and of course, in order to explore notions of regulation and other restrictions that could be imposed by the SEC.

A commissioner of the U.S. Securities and Exchange Commission (SEC) has voiced her opinion that the agency overstepped its bounds to reject a bitcoin ETF recently based on the underlying asset, bitcoin. Later on July 2, published for comment in the Federal Register, receiving more than 1300 comments on the proposed rule change.

"Cryptocurrencies could receive a solid boost and end up becoming the main talking point across financial markets if the SEC approves a Bitcoin ETF in September".

Bitcoin was down 5.6 per cent to $6,484 as of 8:19am in NY, recovering from a 7 per cent drop earlier while extending its 2018 decline to 55 per cent, according to Bloomberg composite pricing.

But the idea of an ETF is not ruled out and, though its having one of its worse days in recent months, Bitcoin lives to see another day.

Adoption is key to the longevity of cryptocurrency, and the SEC knows that the decision shouldn't be made swiftly. "However, the SEC has said it can push out this response period to 90 days 'if it finds such longer period to be appropriate.' Either way, the crypto community have it on their radar". Last month's rally past the $8,000 mark came as a result of a spate of news regarding interest from investment giant BlackRock, as well as the Bitcoin ETF from VanEck and SolidX.

Secondly, the product pricing has changed as the proposed trust will use OTC index for pricing and NAV.

Other coins have suffered more than Bitcoin, however; Ripple's native XRP token is down a whopping 14.91 per cent in 24 hours with XRP tokens trading at just $0.330721.

The analyst added: "Although the current trajectory for Bitcoin is tilted to the downside, the outlook could change if a Bitcoin ETF becomes reality".

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Bitcoin Price In Free Fall After SEC's ETF Delay