Bitcoin price drops 6% as cryptocurrencies slide

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Vasant Prabhu explains how the new crypto card allows customers to spend digital currencies on their daily purchases.

Bitcoin was trading down more than 6% on Thursday morning.

The price was around $ 32,920 per coin, while rivals Ethereum and Dogecoin were trading at around $ 2,200 and 21 cents per coin, respectively, according to Coindesk.

The Securities and Exchange Commission wants more time to review SkyBridge Capital’s application for a bitcoin exchange-traded fund, according to a US regulatory agency filing and reported by Coindesk.

The SEC has extended the initial 45-day review period until August 25. Anthony Scarammuci’s SkyBridge Capital submitted an application on May 6 to list and trade shares of the First Trust SkyBridge Bitcoin ETF Trust.

US regulators have been extremely cautious about approving such investment vehicles. An approval would give retail investors access to the bitcoin market without having to own the bitcoin themselves.

VISA: $ 1B OF CRYPTO-CURRENCY SPENDED ON GOODS, SERVICES

In other cryptocurrency news, more than $ 1 billion worth of cryptocurrency has been spent by consumers around the world in the past six months using crypto-linked Visa cards, according to an article. credit and debit card company’s blog post.

Visa CFO Vasant Prabhu told FOX Business that spending on cryptocurrency for daily purchases has grown “very quickly” after being “next to nothing” a year ago.

“What he really demonstrated is that cryptocurrencies can be used to buy goods and services and that they can be used at many traders around the world and we can do that for you without whether you have to do anything or the trader has to do anything, “he explained in an interview with the Claman countdown on Wednesday.

Visa’s goal is to make cryptocurrencies as useful as any other currency it manages.

Visa cardholders can currently spend cryptocurrency at over 70 million merchants around the world through partnerships with 50 digital currency trading platforms, including Coinbase, Circle, BlockFi, Crypto.com and CoinZoom.

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