Bitcoin ETF ruling delayed, cryptocurrency market plunges

Bitcoin and the broader cryptocurrency market plunged on Wednesday after the U.S. Securities and Exchange Commission delayed a decision on whether to approve a proposed bitcoin exchange-traded fund (ETF).

The federal agency said it will continue deliberations on the bitcoin ETF, which, if approved, would be the first of its kind. The bitcoin ETF, which was first submitted for review by financial firm VanEck and cryptocurrency firm SolidX in June, would allow investors to buy into the cryptocurrency market without purchasing bitcoins on an exchange.

The SEC said it will decide whether to allow the ETF to move forward by September 30.