Bitcoin prices pushed lower today, extending the losses they suffered last night after the U.S. Securities and Exchange Commission (SEC) postponed its decision on the VanEck Bitcoin exchange-traded fund (ETF).
The digital currency’s price fell to as little as $6,401.30 on the CoinDesk Bitcoin Price Index (BPI) at 05:30 UTC (1:30 ET).
At this point, Bitcoin was down more than 10% in less than 24 hours, having traded at $7,148.52 at 13:00 UTC (9:00 a.m. ET), additional BPI figures show.
Further, the digital asset had reached its lowest in more than three weeks, as the last time it traded below $6,400 was July 16.
Bitcoin suffered these losses as the digital currency market experienced widespread declines, with several top cryptos, including IOTA and EOS, having fallen close to 20% over the last 24 hours at the time of this writing on CoinMarketCap.
Following these losses, some analysts warned that digital currency traders may be placing too much emphasis on the SEC’s recent decision to delay its ruling on VanEck’s proposed ETF until September.
“We’re putting too much weight and significance on the SEC ruling,” said Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.
Charles Hayter, co-founder and CEO of digital currency data platform CryptoCompare, offered a similar point of view, stating that the market’s recent losses were “definitely an overreaction.”
The SEC’s decision to postpone this ruling “was to be expected” he claimed, emphasizing that since VanEck’s proposal is well-formulated, the SEC will need time to evaluate it, said Hayter.
Garcon stressed that going forward, no single “country is going to drive mass adoption.”
“It’ll be a collective effort,” he stated.