Cryptocurrency Sink As SEC Delays Decision on Bitcoin ETF

The price of cryptocurrency fell on Wednesday, with Ripple down more than 16% after the US Securities and Exchange Commission (SEC) suspended the listing decision of Bitcoin exchange-traded funds (ETFs).

Bitcoin slumped 6.4% to $ 6,522.8 at 11:20 AM in the Bitifinex exchange.

Ethereum fell 8.3% to $ 374.39 in the Bitifinex exchange.

Ripple fell 16.0% to $ 0.35316 in the last 24 hours in the Poloniex exchange, while Litecoin also lost 11.1% to $ 66,283.

The SEC will decide whether to allow funds from VanEck Associates Corp. and Solid Partners Inc. to be registered by the end of September, according to a statement on Wednesday. The initial deadline will expire next week.

“Accordingly, the Commission, in accordance with Article 19 (b) (2) of the Act, 6 designates September 30, 2018, as the date on which the Commission will approve or disagree, or institute a process to determine whether to refuse, change the proposed rules , “SEC explained.

Authorities refused an exchange request to register similar funds run by Tyler and Cameron Winklevoss in July.

Previous traders expect VanEck’s proposal to be more likely to be approved because it has plans for a higher minimum share price and some believe it will hamper retail and insurance investors, according to Bloomberg.

Bitcoin and other cryptocurrency prices received support in the previous session amid reports that the UK-based Barclays bank (LON: BARC) is exploring how to trade cryptocurrency.

Barrons reported that Two employees are working on a project to integrate virtual currencies into bank trading operations, according to their LinkedIn profile (NYSE: LNKD), although Coinbase later reported that Barclays said it had no plans to build a digital coin trading table.

Other financial institutions are also looking for ways to use cryptocurrency and blockchain, the technology behind digital coins. On Monday, news came out that Goldman Sachs (NYSE: GS) was exploring ways to offer a custodial segment of crypto funds.

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