Bitcoin Today: SEC says NO
Price
As we expected yesterday, the price went back below the 6600 level, into the 6250 – 6600 channel. 6000 – 6250 zone is still showing its resistive manner as we see how the fall stopped on the 6300, but the overall market looks bearish right now. The yesterday false breakthrough along with negative SEC answer on ProShares ETF Application will definitely send the price testing 6250 – 6000 zone, for now, this is the main scenario. Today's market will probably be driven by comments and opinions of market leaders about ETFs future, as the picture of Bitcoin ETF that should ignite the next growth leap of bitcoin prices fades away with every new rejection.
Today forecast
Trading in the 6000 – 6600 zone. Possible bearish rally.
Latest news
As we expected yesterday, the price went back below the 6600 level, into the 6250 – 6600 channel. 6000 – 6250 zone is still showing its resistive manner as we see how the fall stopped on the 6300, but the overall market looks bearish right now. The yesterday false breakthrough along with negative SEC answer on ProShares ETF Application will definitely send the price testing 6250 – 6000 zone, for now, this is the main scenario. Today's market will probably be driven by comments and opinions of market leaders about ETFs future, as the picture of Bitcoin ETF that should ignite the next growth leap of bitcoin prices fades away with every new rejection.
Today forecast
Trading in the 6000 – 6600 zone. Possible bearish rally.
Latest news
- Another one SEC rejection
The US Securities and Exchange Commission (SEC) rejected the application for the opening of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF - Bitcoin-oriented exchange-traded funds.
At the same time, a similar fate awaited several more applications for bitcoin ETF, filed by Direxion and GraniteShares.
The application of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF was in partnership with NYSE Arca, but SEC answer was that the proposed changes in the rules of the exchange cannot be accepted.
As noted in the Commission's official response, the exchange was not able to demonstrate that its offer meets the requirements of Section 6 (b) (5) of the Exchange Act, in particular with regard to the requirements for preventing manipulation on the market.
Separately, the SEC drew attention to the fact that its decision does not depend on an assessment of whether bitcoin has value as an innovation or an investment.
Almost the same arguments were brought by the Commission regarding its decision to refuse the launch of five bitcoins-ETF, the applications for the launch of which were previously filed by Direxion, and two GraniteShares funds. The applications describe tools that are directly tied to the rate of bitcoin and other crypto-currencies.
ProShares filed its first application in September 2017 but later withdrew it. The new application was filed in December of the same year, and in the spring of this year, it became known that the SEC began their consideration.
It is worth noting that by now the American financial controller has only rejected or postponed bids for the launch of Bitcoin-ETF. For example, in July, the application of the twins Cameron and Tyler Winklevoss for the opening of the BITS Global Exchange (BZX) - exchange investment fund was rejected for the second time. In early August, the SEC extended until September 30 the deadline for the decision on the applications for the launch of Bitcoin-ETF, filed jointly by New York companies VanEck and SolidX.
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