Bitcoin ETFs Will See SEC’s Final Decision Within the Next 2 Months

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The application received positive feedback, and the SEC later announced it was looking into newer, less stringent legislation that would make it easier to apply for open-ended ETFs. Fortunately, bitcoin found this as its new support level as it steadily climbed back to settle at around $6,500 where it is now dancing around.

Gurbacs also firmly upholds his business position in the face of the recently rejected Winklevoss Bitcoin ETF, asserting that his enterprise, VanEck, intends to provide an insured product, with a fund that would cover the Bitcoin (BTC) in case of "theft and damage and loss of all kinds".

Rumour, regulation, and panic - these three things seem to define cryptocurrencies and their leader Bitcoin (BTC).

While the well-respected technician did not give a clear price prediction for the price of Bitcoin, it has become apparent that the asset looks more bearish than it does bullish.

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Nonetheless, some analysts are viewing the recent decline as a retrace back to a consolidation price of $6,000 or below, which the digital currency breached on June 24. 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.

The broad based market sell-off has been particularly telling, with the total cryptomarket cap sliding from $300bn levels to sub-$220bn levels before support kicked in, Bitcoin's market cap pulling back to a Wednesday low $107.08bn.

The Securities and Exchange Committee (SEC) has postponed its decision on approving Bitcoin's ETF once again, a decision which is entirely being blamed for the market's downfall. She asserted: I think by doing that they went beyond what the statute allows us to do and we should have really focused on the market where the exchange-traded product would trade as opposed to focusing on the underlying bitcoin markets.

10 Bitcoin ETFs are either to be accepted or rejected.

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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.

ETF's are seen as a way for institutional investors to get into cryptocurrency investing in a safer way than buying bitcoin on a crypto-asset exchange. Although there has been much talk of late over the interoperability of this innovative coin with its adoption over several shopping platforms in Cyprus, amongst other countries, the price continues to tank.

But of course, we still don't actually know when is this going to happen.

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