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Bitcoin Price Falls Below $6500 After SEC Postpones ETF Decision

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Bitcoin fell further down, to sub-$6,500 level Wednesday, influenced by the Securities and Exchange Commission's (SEC) decision to delay a ruling on a keenly awaited Bitcoin exchange-traded fund (ETF).

SEC postponed its decision by a further 45 days whether to approve a rule that would allow Chicago Board Options Exchange (CBOE) to offer shares of an ETF issued by VanExk SolidX Bitcoin Trust.

As a result, sellers made a strong comeback, and BTC closed Tuesday on a negative note. It fell further today, to the lowest level since July 16. The most popular cryptocurrency lost more than 8 percent of its value in the last 24 hours.

From a better position the previous day, Bitcoin opened at $6517 Wednesday. The price dropped many times below $6,500 later in the day.

At the time of publishing this article, BTC is changing hands at $6448, according to the CoinDesk.

After hitting a two-month high in the last week of July, Bitcoin price has been following a downward trend. It shed its weight by about $1000 in a week, and a major part of the rally seen in July was retraced.

The BTC market is expected to remain bearish as investors could adopt a more cautious stance at least until the SEC takes a decision on BTC ETF in September.

by Joji XavierRTTNews Staff Writer

For comments and feedback: contact editorial@rttnews.com

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