How Crypto Reacted to This Week’s SEC Bitcoin ETF Delay
It was an unexpected result.
On August 7, the US Securities and Exchange Commission (SEC) announced that it has made a decision to approve or disapprove the proposed rule changes that allow listings of bitcoin listed funds (ETFs) on the Cboe BZX Exchange. The next deadline is now September 30th, but ultimately US securities market regulators can push back into 2019.
As previously reported by CoinDesk, when approved, the partnership between investment company VanEck and block chain start-up SolidX will enable the first listings of Bitcoin ETFs in the United States. Both companies submitted proposals in June.
More broadly, it will be listed in some regions as a sign of maturity in the Cryptocurrency market, and investors are likely to open up the possibility of exposure, albeit indirect to the initial asset class.
Twitter is yelling at the market.
Postponed decisions were predicated on members of the password community, as suggested by social media posts.
However, the reaction of mass social media was not far from yawning, but the market itself did not react properly.
According to CoinDesk's market analysis report, the total value of all cryptocurrencies has dropped to a record $ 225.8 billion on Wednesday, the lowest level since November 2017. Bitcoin prices fell below $ 6,300 after just over $ 7,000 before the announcement.
Perhaps not surprisingly, Twitter's cryptographic ecosystem demanded composure. For example, Star Xu, CEO of OKCoin, has argued that those who sell in the aftermath are overreacting.
There was speculation that the market was not priced because of market movements. That is, I explained the possibility of SEC filing.
Other people wondered if more malicious actors were working while selling, alleging manipulation with the announcement.
Do not worry?
Some observers seemed to fully antagonize the news, viewing the delay as positive.
In fact, some argue that the SEC is taking this issue seriously in the deliberations of the SEC over the beatcoin ETF.
Ultimately, just as it was a few years ago, the cryptocurrency community is trying to figure out whether the US will see a list of bitcoin ETFs.
Cryptocurrency ETF photo illustrations via Shutterstock
CoinDesk, a leader in block-chain news, is a media outlet that pursues the highest standards of journalism and adheres to strict editorial policies. CoinDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and block-chain startups.
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