SEC Bitcoin (BTC) ETF Delay Causes BTC Price to Drop
11 August, 2018, 19:20 | Author: Brooke Harris
Bitcoin's troubles continued on Wednesday, falling by 6.62% off the back of Tuesday's 3.27% decline, to end the day at $6,273.9.
Within the last 24 hours, the crypto market has dropped nearly $20 billion.
In an official report entitled " Blockchain and Digital Assets: US Equity Research, " Canaccord researchers Michael Graham and Scott Suh have now written that a Bitcoin ETF in the US is expected to arrive in 2019. How could it take so long to jump beyond $8,000 in July, just to slink back down to its previous position in only a matter of days? Several altcoins and major competitors are suffering as well. Meanwhile, the latter's proposal achieved the necessary conditions that the agency is asking for, that's why it is evaluating the VanEck-SolidX Bitcoin ETF, Coindesk reported. Experts like Brian Kelly of BKCM LLC have earlier pointed out that an SEC-approved BTC ETF in 2018 is highly unlikely. The organization has repeatedly postponed all decisions regarding such ETFs or outright rejected them.
When asked about what does get him excited, Morehead pointed to the recent announcement that the New York Stock Exchange's parent company, Intercontinental Exchange, is launching a new cryptocurrency exchange called Bakkt.
The presentation points out that there have been major changes since the SEC made a decision to reject the proposed rule change for Solidx Bitcoin Trust in March past year.
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Sadly, this is not the case. 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.
According to VanEck, the valuation of such contracts is a well-grounded practice, with over 100 exchange-traded products already listed on US exchanges determining their value on futures contracts. For many, this could pave the way towards the entry of institutional investors.
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. If it's rejected, then what we are seeing today is just a snapshot of what could be to come. However, the SEC still hasn't approved any of these applications yet.
Furthermore, citing the SEC's "concerns regarding bitcoin ETFs and retail investors", the presentation notes that "the initial share price will be set at a level created to ensure that only institutional and "non-retail" investors will be able to purchase shares", which is a price per share of $203,750 as of July 30.
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Bitcoin price declined sharply from the $7,150 swing high after the US SEC chose to postpone one of the ETF approval decisions. On the downside, a break below $0.3198 may well clear the path for more losses towards the $0.3000 and $0.2800 support levels.
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