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Bitcoin Loses $9B in Value After SEC Decision

By:
Chris Gaetano
Published Date:
Aug 8, 2018
Bitcoin

Popular digital currency bitcoin has lost $9 billion in value since this morning after the SEC delayed approval for a bitcoin-based exchange-traded fund (ETF), according to CNBC. Earlier this year investment firm VanEck and financial services company Solid X teamed up to launch the new product. The SEC rejected the bid twice already, and while it was meant to come to a decision on the third try yesterday, the agency said it would delay the decision until September. 

Bitcoin was not the only digital currency to react badly to the news: Bloomberg said that the announcement sparked off an overall selloff of digital tokens of all types, leading to a state of affairs for the sector far different from its apex in January. Since the beginning of this year, total market cap for all cryptocurrencies went from $600 billion to $230 billion, the lowest it's been since November. Bitcoin in particular has lost 55 percent of its value in this time period.