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  • SEC has postponed the decision until October.
  • The price dropped from $11,535 to $11,385 this Monday and is currently priced at $11,370.

The U.S. Securities and Exchange Commission (SEC) has dealt a major blow to the crypto community by delaying their decision to approve two Bitcoin exchange-traded funds (ETF). The decision has been postponed until October. The two ETF proposals were – Bitwise Bitcoin ETF Trust and the VanEck SolidX Bitcoin Trust.

Bloomberg reached out to Bitwise and SEC representatives for a comment, but none of them responded. Last year the agency rejected an exchange’s request to list a Bitcoin ETF backed by the Winklevoss brothers.

BTC/USD daily chart

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BTC/USD went down from $11,535 to $11,385 this Monday. This Tuesday, BTC/USD has had a bearish breakout from the triangle formation and has gone down to $11,370. The 50-day simple moving average (SMA 50) curve acts as immediate support. The 20-day Bollinger jaw is widening, which shows increasing market volatility. The moving average convergence/divergence (MACD) shows decreasing market volatility. The Elliot oscillator has had two straight bearish sessions.