The U.S. SEC once again postponed its decision over the Bitcoin ETFs. The regulatory authority has set the new deadline for February 27, 2019, for further review. The applications for bitcoin ETF’s are submitted both byVanEck and SolidX firms; the applicants want SEC to accept Bitcoin ETF’s request based on previous precedents of allowing commodity-related ETF’s.
“The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change,” SEC says.
Bitcoin ETF’s Could Come Tomorrow or in 20 YearsInvestors and traders across the cryptocurrency industry have aggressively been seeking to get Bitcoin ETF’s approval from SEC over the last year. The market participants believe the listing of Bitcoin ETF’s would take crypto coins to the list of mainstream assets. It’s true that the approval of bitcoin ETFs would enhanceinvestor’s confidence in emerging markets – which is likely to result insignificant cash inflow from retail and institutional investors. However, SEC commissioner Hester Peirce claimed that SECcould approve Bitcoin ETF tomorrow or in 20 years.
“Don’t hold your breath. Look, it took a long time for [the] SEC even toestablish Finhub.”SEC has repeatedly raised their concerns over the illegaltrading activities, price manipulation, hacks, and money laundering activities;SEC wants higher security and full compliance with SEC trading and investmentrules before approving Bitcoin ETF request.
Cryptocurrency Markets Plummet to New Low of This YearCryptocurrency markets crashed to a new weekly low on Friday following the report of bitcoin ETF decision postponement. Bitcoin price declined to $3300 for the first time in 2018; the largest coin lost more than80% of its value in the past eleven months. Top 10 CryptoCurrency Price Analysis Today
Bitcoin Cash (BCH)
Altcoins are also fumbling at a robust pace. Ethereum is among the biggest loser in the top ten coins. ETH price plummeted to $80 in Friday trading, the lowest level since May 2017. Ethereum has lost almost 90%of its value since it had hit an all-time high of $1400 at the beginning of fiscal 2018. The bearish trend in bitcoin and altcoin price has dropped total cryptocurrency market capitalization to $107 billion at present – the lowest level since May 2017. Henley Business School professor Dr. Ben Laker claims thatthe digital coins are likely to feel selling pressure for months.
“Bitcoin’s price is freefalling as its bearmarket deepens, so what does all of this mean for the wider industry? The previous bear market was sizeable – this, unfortunately, indicates more monthsof pain.”Some investors and market pundits expect bitcoin price tocreate an upside momentum in fiscal 2019 amid the expected launch of bitcoinfuture contracts trading on Bakkt. The investments from NASDAQ and otherprominent institutions in new cryptocurrency exchange EricsX would also help in strengthening investors confidence. Despite all these activities, investors are suggested to take an in-depth review of crypto markets before taking investment initiative.
Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.