Cryptocurrencies Head Lower as SEC Delays Decision on Bitcoin ETFs

Investing.com – Cryptocurrencies overall headed lower on Tuesday after the U.S. Securities and Exchange Commission delayed its decision on whether to approve three proposals for bitcoin exchange-traded funds.

Total cryptocurrency market capitalization decreased to $289.17 billion by 10:49 AM ET (14:49 GMT), compared to $297.94 billion a day earlier.

, the largest digital currency by market capitalization, fell 3.5% to $10,994.2 on the Investing.com Index, while among its closest rivals lost 2.1% to $206.64 and declined 2.2% to $0.2952.

, the fourth-largest altcoin, was the only digital currency out of the ten largest to register gains, trading up 1.4% to $335.62.

, meanwhile, dropped 2.5% to $84.591.

Proposals from VanEck SolidX, Bitwise Asset Management and Wilshire Phoenix for bitcoin ETFs were delayed until mid-October, according to an SEC document released overnight.

“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” the document said.

SEC Chairman Jay Clayton had warned in June that the regulator would need to be certain of the safety of bitcoin custodial services before it would be willing to approve an ETF.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.