Bitcoin and cryptos hit as SEC stalls on ETF decision

Bitcoin loses most of its gains from July rally as SEC postpones ETF decision

Observers believe that even though the VanEck-SolidX Bitcoin ETF and the Chicago Board Options Exchange (CBOE) Bitcoin ETF are considered to have a high possibility of approval by the U.S. According to other analysts, bitcoin's long-term success is tied to the approval of ETFs and is the only catalyst that can push prices to their all-time high of $20,000 and possibly beyond.

Bitcoin users in Tokyo gathered for a meeting set to be dominated by the shuttering of the MtGox exchange amid claims of a multi-million dollar theft.

Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund. The first date to watch is August 10, which is 45 days since the Securities and Exchange Commission filed a notice on the proposal and when the time in which it would file a response runs out. It's value had fallen over $9 billion.

An ETF is a form of investment that tracks the performance of a basket of assets or a given index.

As aforementioned, altcoins followed the foremost digital asset, with cryptos like XRP and Bitcoin Cash (BCH) actually outperforming Bitcoin by upwards of 1%.

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Several players have applied or are understood to be in the process of applying for permission to launch Bitcoin ETF, which would, in theory, make investing in cryptocurrency much more accessible to retail investors who could simply buy into the ETF. This is the company's third attempt to get a bitcoin ETF through the SEC's door, and the group has consistently shown that it is either completely unaware of what to do, or simply isn't interested.

Bitcoin dropped 5.7 percent to $6,484 as of 12:01 p.m.in NY, after earlier falling as much as 7 percent.

While the bitcoin ETF proposal has been in the works for about three years now, it was only revealed around June. And interest in the virtual currency appears to have increased.

Chamber of Digital Commerce President Perianne Boring on the outlook for bitcoin and regulation of cryptocurrency. "Meanwhile, we note that other bitcoin-based securities (e.g., Bitcoin Tracker One) have been available for trading on regulated exchanges as early as May 2015 in Sweden, while north of the border, Canada is working towards its own bitcoin ETF product, the Evolve Bitcoin ETF".

In rejecting the recent proposal by Gemini, the SEC had cited concerns over market manipulation and security of customer's funds.

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