Rejection Apart, Calls for a Bitcoin ETF Are Only Escalating
Regardless of the more extreme reactions others who read the 92-page response by the SEC mainly struck a much more calm and positive reaction.
The SEC responded by calling for comments on the proposal in late June. Ever since that time, it has received more than a hundred comments and it is stated that a decision might happen when next month.
As the crypto community has been not so secretly — demonstrating its delights over Facebook’s historic inventory loss, bitcoin’s cost took a surprising fall below $8,000. A response to this news which bitcoin exchange-traded fund (ETF), one suggested by brothers and co-investors Tyler and Cameron Winklevoss, was rejected for the second time, it was seen as another blow to the market.
However, while there remains a whole lot of optimism, maybe not everybody, it seems, will soon be convinced until one is finally approved. As always, crypto remains on the prognosis for possible points of failure.
Published at Sat, 28 Jul 2018 11:30:39 +0000
SEC image via Shutterstock
With that said, many members stated they will remain optimistic regarding the future of a bitcoin ETF.
Even news outlets including CNBC and Bloomberg were accused of using the crypto markets since they covered the news.
For starters, there are still significant institutions behind the remaining bids.
The SEC, but also stated in the record that”over time, controlled bitcoin-related markets will continue to grow and develop,” leaving the door open to potentially approving such products later on.
As stated before, however, both bitcoin-based ETFs, Winklevoss brothers’ ETF is essentially different from the one suggested by VanEck and SolidX, also should have few impact on the long run decisions, which can be pointed out by many crypto investors and experts.
Before going farther, to ensure it is apparent, the bitcoin ETF suggested by the Winklevoss brothers is different in the bitcoin ETF by investment firm VanEck and financial support company SolidX, which has triggered a broad discussion in the crypto community within the last week.
Notably, the SEC’s reiteration on concerns over the industry surveillance and manipulation is consistent with its own opinions throughout the first rejection back in March 2017.
Yet, Thursday’s news undoubtedly threw a wet blanket expectations.
Nevertheless, crypto community did not seem to take the news well initially, especially after bitcoin’s price fell from nearly $8,300 following the decision about a low of $7,973.81, based on CoinDesk’s Bitcoin Price Index (BPI).
Either way, the marketplace is surely headed for a thrilling September.
Karma is genuine.
The chief in blockchain news, CoinDesk is a press outlet that tries for the highest journalistic standards and supplied by a strict series of editorial policies. CoinDesk has been an independent operating subsidiary of Digital Currency Group, which excels in cryptocurrencies along with blockchain startups.