The selloff in Bitcoin has intensified on Wednesday morning after Tuesday’s SEC announcement of plans to delay a decision on the SolidX Bitcoin ETF.
The proposed SolidX Bitcoin ETF would hold bitcoin and seek to track the cryptocurrency’s price. With the delay, the SEC now has until the end of September to make a decision.
On July 25th Bitcoin traded as high as $8,411 but has tumbled to trade as low as $6,303 in early trading on Wednesday.
The recent selloff began on July 26th after the Winklevoss twins bitcoin ETF was rejected by the SEC. The SEC cited concerns over adequate surveillance and lack of proof that the underlying market was “resistant to manipulation.”
Looking at the weekly chart we can see that Bitcoin is now nearing the key support level of $5,595. Just 8 months ago in December 2017, Bitcoin reached its record high of near $20,000.