Bitcoin value drops to $6,200 as SEC delays ETF decision

Bitcoin's value dropped 6.7 percent after the U.S. Securities and Exchange Commission delayed its decision on a proposed bitcoin exchange-traded fund.

VanEck, an investment firm, teamed up with Solid X to launch the ETF, which is backed by bitcoins rather than futures, according to a report by CNBC.

VanEck has submitted this ETF proposal to the SEC twice, only to be rejected both times. After this third attempt, the SEC said that it would delay the decision until Sept. 30.

On Tuesday, bitcoin's value sat at $6,711.48. At the time of this story, bitcoin's value is $6,448.56.

Topics: Bitcoin, Cryptocurrency, Investment / Valuation

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