QUICK TAKE: SEC Cautious On Bitcoin ETF

SEC Hester Peirce Bitcoin ETF

In July SEC decline to approve Winklevoss twin's bid to create an ETF and the regulator is still silent about the ruling on other institutions which have applied on the same.

The same report noted that the concept of an ETF goes against bitcoin creator Satoshi Nakamoto's original proposal to remove middlemen financial institutions that have the "inherent weakness" of the trust-based model, adding that the token therefore doesn't need one to maintain value. The decisions are set to be made by September 15.

Hong Kong: The 2018 selloff in cryptocurrencies plumbed new depths on Wednesday after the US Securities and Exchange Commission dented enthusiasts' hopes for an exchange-traded fund backed by Bitcoin. "However, the SEC has said it can push out this response period to 90 days 'if it finds such longer period to be appropriate.' Either way, the crypto community have it on their radar".

VanEck first attempted to submit a bitcoin ETF back in March 2017, though this move was dismissed by the SEC nearly instantaneously due to lack of regulation.

In the last hours, most of the virtual currencies in the market registered important loses.

"The market overreacted to a slew of applications to the SEC that had no chance of getting a quick acceptance and are now overreacting to the highly expected outcome", said Hany Rashwan, chief executive officer of crypto startup Amun Technologies Ltd.

According to CoinMarketCap, Bitcoin (BTC) is now trading at $6,509.67, down -8.50% in 24 hours.

Some investors remain hopeful, with Dan Morehead, the CEO of Pantera Capital, stating that this most recent pullback was just a market "overreaction". However, considering the fact that the cryptocurrency market is notoriously volatile, there may be more drops in the future, before market recovery begins. This puts a total of 10 bitcoin-related fund applications on the table of SEC officials. Experts like Brian Kelly of BKCM LLC have earlier pointed out that an SEC-approved BTC ETF in 2018 is highly unlikely.

Of course, this means that Bitcoin's price will once again see pressure build as we near toward September, likely raising up in anticipation of what would be good news and then either continuing up or bursting like we saw today. According to other analysts, bitcoin's long-term success is tied to the approval of ETFs and is the only catalyst that can push prices to their all-time high of $20,000 and possibly beyond.

Related News:

  • ‘Earth at risk of tipping into hellish hothouse conditions’

    ‘Earth at risk of tipping into hellish hothouse conditions’

    But that challenge will become exponentially more hard if the earth itself gets into the act, the researchers said. Presently, global average temperatures are just over 1°C above pre-industrial and rising at 0.17°C per decade.
    Everton Agree Deal to Sign Mina From Barcelona

    Everton Agree Deal to Sign Mina From Barcelona

    The 2018 FIFA World Cup was a high point, with the player a revelation with his aerial prowess. A statement released by Barca announced the details over the deal for Gomes.
    Newcastle United Not Battling Everton and Southampton For Danny Welbeck

    Newcastle United Not Battling Everton and Southampton For Danny Welbeck

    This, more often than not, landed them in trouble when they faced fast attacking teams. Whenever Pep Guardiola has faced an Arsenal side, it's been Arsene Wenger in charge.
  • 'Chahal should play more-red ball cricket' - Rahul Dravid

    And Dravid now wants the leg-spinner to play red-ball cricket in order to hone his skills for the longer format of the game. . Mayank Agarwal was quite exceptional in this game and Prithvi has shown continuous improvement in every level he has played.
    Blue light from phones, tablets may fast-track blindness

    Blue light from phones, tablets may fast-track blindness

    A new study from the University of Toledo has revealed how blue light from smart devices and screens is damaging our eyes. Special sunglasses that filter blue light might hep, but specialists are undecided about how much good they actually do .
    Meyer cut off from Ohio State players, coaches during investigation

    Meyer cut off from Ohio State players, coaches during investigation

    Meyer will also not be allowed on school property during the investigation, which could be completed within two weeks. As far as ever hearing her daughter say she would "take Zach down", [Tina Carano] replied, "Yes ".
  • Historic NASA mission will be first to 'touch the sun'

    Historic NASA mission will be first to 'touch the sun'

    Successive flybys will be closer, culminating, in 2024, with a series of encounters just 3.8m miles above the sun's surface. The mission Sun's outer atmosphere, or corona, the closest any man-made instrument has ever got to a star.
    Doom Patrol Adds Joivan Wade As Cyborg

    Doom Patrol Adds Joivan Wade As Cyborg

    As for the DC Universe streaming service as a whole, it is now in beta with a full launch planned for this fall. However, Warner Bros. tends to try and keep the small screen characters and the big screen characters apart.
    Doom Eternal Unleashes Hell at QuakeCon, First Footage and New Details Revealed

    Doom Eternal Unleashes Hell at QuakeCon, First Footage and New Details Revealed

    At this year's E3, Bethesda announced Doom Eternal , an all-new entry in the shooter franchise that started it all. We also got a look a Phobos, which isn't quite as disgusting, as it hasn't been completely overtaken by demons yet.
  • CVS Health tops Wall Street 2Q forecasts, narrows guidance

    CVS Health tops Wall Street 2Q forecasts, narrows guidance

    Loop Capital set a $68.00 price objective on shares of CVS Health and gave the stock a hold rating in a report on Monday, May 7th. CVS Health (NYSE: CVS ) stock was up on Wednesday following the release of its earnings report for the second quarter of 2018.
    Tesla’s Model 3 production head has returned to Apple

    Tesla’s Model 3 production head has returned to Apple

    That fits with what Apple does: produces all its own hardware and sells them directly to consumers. Field has spent the past five years at Tesla.
    Magic Leap One Mixed Reality Headset Shipping Today

    Magic Leap One Mixed Reality Headset Shipping Today

    The big draw for business users and creatives alike is the level of immersion that Magic Leap claims is available with the system. The carrier will thus have demo units in select stores located across San Francisco, Chicago, Atlanta, Boston, and Los Angeles.


Most liked

Bitcoin, Ethereum, Ripple, EOS, Litecoin
One First Bitcoin coin can now be bought for approximately $0.0104 or 0.00000155 BTC on major cryptocurrency exchanges. The bulls failed to hold on to the $7,048 price level following the SEC's postponement of the bitcoin ETF decision.

Matt Le Tissier predicts where Liverpool FC, Man City will finish
Manchester United were allegedly ready to pay as much as £100m for Real Madrid defender Raphael Varane before the end of the summer transfer window.

Henrik Zetterberg’s health ‘a bit of an unknown — Red Wings GM
Zetterberg's back problems have been well document since 2014 when he missed the end of the season after undergoing surgery. Red Wings head coach Jeff Blashill was noncommittal when asked last month whether the centre would be back with the team.

Imax To Host Marvel Film Marathon For MCU’s 10-Year Anniversary
We all know Marvel Studios is now celebrating the 10th anniversary of the launch of the Marvel Cinematic Universe . You can cast your vote on which two films should make the cut over on @IMAX on Twitter.

Vikings Guard Nick Easton Likely Out for Season
Easton began experiencing discomfort in his neck and back after last Friday's practice and has not practiced since. Easton started 12 games last season before breaking his ankle in the Week 16 victory at Green Bay.

PSG's Layvin Kurzawa targeted by Wolverhampton Wanderers in £22m move
However, with just two hours left until the Premier League window shuts, it appears too late for the Red Devils. Fred, Diogo Dalot and Lee Grant have all joined this summer for a combined figure of around £70m.

Australia's Biggest Bank Launches World's First Blockchain Bond With World Bank
Its infrastructure is to be handled through Microsoft's Azure cloud computing system by way of a data center in Washington DC. CBA and World Bank based in Sydney and Washington, respectively will be operating the private blockchain technology.

Omarosa Claims Donald Trump Used Racial Slurs in White House
Tom Arnold , a former contestant on the show who was once married to disgraced star Roseanne Barr , said he has Trump tapes too. Omorosa Manigault-Newman pictured with Donald Trump before her departure from the White House. "It's absurd all around".

NASCAR chairman arrested for DWI, oxycodone possession
Regardless of his role in NASCAR going forward, it's important that he's healthy and that he takes care of himself. Waid also brought up something unheard of in NASCAR: someone not named France leading the way.

Samsung’s New LTE Galaxy Watch Focuses On Fitness
Here, we'd expect to laud the Note 9 as a harbinger: it usually provides clues for the future of the Galaxy S series. Purists can turn the feature off to get images that reflect what the eye sees - an option unavailable with Pixel.

Pep Guardiola hits out after Douglas Luiz refused Manchester City permit
"We'll try to help him go on loan again and get the work permit", Guardiola said at Friday's news conference. The FA rules on work permits are supposed to ensure only the highest quality of non-European player plays.

Australia MPs 'trolled' by constituents requesting Queen portraits
The Queen is Australia's head of state and is represented by Governor-General of Australia in Canberra, now Sir Peter Cosgrove. However, if there are members opposite who can not find a picture of Her Majesty, I would be happy to provide them with one".

Drake & Migos Tour Start Date Pushed Back Again
Paul got kicked to the curb, a turn of events that apparently stems from the fact that the rapper is already in KC rehearsing. The venue said all tickets would still be honored for whatever the new date ends up being; it was not immediately announced .

Team Sky's Moscon suspended for five weeks after Tour punch
The Italian was seen hitting out at Frenchman Elie Gesbert (Fortuneo-Samsic) close to the start of stage 15 of the race. He was also disqualified from last year's World Championship road race after hanging onto a team vehicle .

Indian envoy calls on Imran Khan, hopes to improve relations
The Iranian president congratulated Mr Khan over his party's victory in the recent elections. Imran had contested from five constituencies and had won from all of them.