Published: Sat, August 11, 2018
Money | By Armando Alvarado

US SEC Postpones VanEck-SolidX Bitcoin ETF Decision Until September 30

US SEC Postpones VanEck-SolidX Bitcoin ETF Decision Until September 30

EOS/USD: EOS also sunk into the April-low zone, as panic sell-off drove crypto investors after the SEC announced that its verdict on the VanEck-SolidX ETF will be delayed by 45 days.

Now, the question that arises is what can account for Bitcoin's price drop on August 4. Will the VanEck Bitcoin ETF be the first?

Looking more at the charts, price attempted to break back above the 100-hour MA (red line) yesterday but failure to do so and the SEC news has resulted in Bitcoin moving lower into support at $6,500. The CBOE, VanEck, and SolidX have all put in a request to offer Bitcoin ETFs and the SEC isn't ready to make a decision on this just yet. The first two have a combined daily trading volume of "approximately $150 - $200 million", the presentation details, reiterating that they are all regulated by the U.S. Commodity Futures Trading Commission (CFTC).

For instance, a bitcoin ETF application was submitted merely two weeks ago by the Winklevoss Twins of the Gemini Exchange in NY. ETF's are viewed by many as a way that can hasten the entry of institutional investors into play. And interest in the virtual currency appears to have increased. "The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has time to consider the proposed rule change". What we know, from the Winklevoss ruling, is that the SEC still sees a market that is not mature and with large issues to solve before it can safely be traded as an ETF. At the time of writing, Bitcoin has now found a "home" at $6,475 and seems to be holding at this level for the time being. Ultimately, this means a market cap decline of over $9 billion.

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"We believe that collectively we will build something that may be better than other constructs now making their way through the regulatory process..." He urged them to feel optimistic about the positive news. Of course, the SEC may delay a final thumbs up or down by an additional 240 days if deemed necessary.

However, SEC Commissioner Hester Peirce believes that the Commission should approve a Bitcoin ETF, but it is now in the minority. Perhaps the regulatory body, in an effort to not too fast, just wants more time to analyze.

The ramifications of the SEC delaying a decision that would help cryptocurrency are felt for a second day, as prices tumble...

One of the reasons for Bitcoin hitting $8,500 in recent weeks is mainly due to the anticipation of the crypto industry to the possibility of having a Bitcoin ETF.

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