Tuesday, 11 December, 2018

Bitcoin Price In Free Fall After SEC's ETF Delay

VanEck Bitcoin ETF SEC Bitcoin loses most of its gains from July rally as SEC postpones ETF decision
Laurie Berry | 11 August, 2018, 23:53

Yesterday, Bitcoin was comfortably hovering around the $7,000.00 region, a region that seems to suggest investors were playing it cool, in anticipation for something big that could have accelerated the markets.

Bitcoin fell sharply on Wednesday after the U.S. Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF), which would have been the first financial product of its kind.

For instance, a bitcoin ETF application was submitted merely two weeks ago by the Winklevoss Twins of the Gemini Exchange in NY. The agency previously denied an attempt to list the ETF in March 2017. All of bitcoin's recent gains have been wiped away, and investors are right back where we started.

Morehead also noted that current perceptions of a listless Bitcoin market are largely based on perspective and reminded viewers that Bitcoin prices are up "82 percent year-on-year, so it's still doing very, very well".

The SEC has since said it would make final decisions on nine such proposals within the next two months, by September 30.

Adding more on what this meant, Morehead noted that investors often overreact to news, as global traders seek to speculate on how an announcement or decision will affect the price of a crypto asset.

China's economy can withstand tariff war - USA
Those new tariffs, totaling US$16b, will be levied against 279 products, including motorcycles, steam turbines and railway cars. The Chinese Commerce Ministry responded to the latest United States tariffs by releasing the list of goods to be targeted.

An SEC decision on VanEck/SolidX is due out September 30. According to Gallancy, the launch of this Trust is now set for early 2019 assuming they get a positive decision. New York Stock Exchange has already partnered with Starbucks and Microsoft to come up with ways of taking cryptocurrency assets mainstream. The reason for this was that the risks associated with high levels of volatility and cryptocurrency needed more time to assess the approval or rejection of the proposed rule change.

The American Securities and Exchange Commission (SEC) is now in the process of deciding whether they want to accept or reject an number of different Exchange Traded Funds (ETFs).

10 Bitcoin ETFs are either to be accepted or rejected.

Unlike the Winklevoss twins that attempted to submit their Bitcoin ETF for the second time, this is already VanEck's third attempt.

"SEC approval would likely unleash a rise in institutional investment, quite possibly triggering a surge in the price of bitcoin and other cryptocurrencies, a notably volatile sector", Sewell said.

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