The Bitcoin ETF Gets Rejected, This Is Why It Doesn't Matter

July 27, 2022

A Bitcoin ETF Is Future day Soon

The S has rejected a second essay by the Winklevoss Twins to list a Bitcoin ETF supported holding of their Gemini Bitcoin telephone exchange. The marriage proposal is based on a dominate change that would allow the commodity supported monetary fund to name. In their argument the Winklevoss claim that Bitcoin markets and Twins are unambiguously resistant to use, the main concern of US regulators. The SEC says "the record does not funding such a stopping point."

The identify takeaway for Bitcoin HODL'ers is that the SEC has not rejected blockchain, BTC or the possibility of a BTC ETF, just this version of a BTC ETF. The S says there are still issues with security, market manipulation and investor protections that need to personify addressed. Proponents of this and former forms of BTC ETF argue the acceptance and listing of such a mathematical product would alleviate more of those issues.

Meanwhile, the VanEck/SolidX application to list a BTC supported ETF is still under review. The shared venture was officially proposed in a letter to the SEC early in July with a comment period currently in effect. Traders and investors alike have stepped up in favour of of the listing citing many benefits to the exoteric. Based along SEC regulations the agency has 45 days to answer to the request which means we bequeath be getting more US related BTC news within the next 2-3 weeks.

On that point are also at to the lowest degree half a dozen other applications for BTC ETF's in the whole kit. The NYSE/ARCA has requested the listing of five ETF products ranging from a simple BTC tracking stock to highly leveraged positive and negative return ETFs based on the same. Most freshly Bitwise, a cryptocurrency asset manager, has requested to list an ETF supported a basket of cryptocurrency. While the Secant is not foreseen to accept any of these requests in July, they are expected to subsidization the listing of BTC ETFs in the non excessively-distant future.

Bitcoin surged in the last week, breaking above a key fruit down-trend line, on the hopes (at least partly) that the SEC would indeed grant requests for a BTC ETF. The Winklevoss news took steam tabu of the rally, sending BTC push down astir -2.5%. The proceed is bearish but did little to alter near term trends which are pointing to higher prices down the road. This week's action has resulted in a retest of resistance-turned-support that will ultimately help the coin form a base from which it can tantalize.