Bitcoin was trading lower by more than 6% on Thursday morning.
The price was around $32,920 per coin, while rivals Ethereum and Dogecoin were trading 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 filing by the U.S. regulatory agency and reported by Coindesk.
The SEC has extended the initial 45-day review period to Aug. 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.
U.S. regulators have been extremely careful about about approving such investment vehicles. An approval would provide retail investors with access to the bitcoin market without having to own bitcoin itself.
In other cryptocurrency news, over $1 billion worth of cryptocurrency has been spent by consumers globally in the past six months using crypto-linked Visa cards, according to a blog post by the credit and debit card company.
Visa chief financial officer Vasant Prabhu told FOX Business that cryptocurrency spending on everyday purchases has grown "very fast" after accounting for "almost nothing" a year ago.
"What it has really demonstrated is that cryptocurrencies can be used to buy goods and services and they can be used at a lot of merchants around the world and we can do that for you without you having to do anything or the merchant having to do anything," he explained during an interview with the Claman Countdown on Wednesday.
Visa's goal is to make cryptocurrencies as useful as any other currency it handles.
Visa cardholders can currently spend cryptocurrency at more than 70 million merchants globally through partnerships with 50 digital currency trading platforms, including Coinbase, Circle, BlockFi, Crypto.com and CoinZoom.