Bitcoin in the $6300 range and falling.
This week’s decision by the United States Securities -amp; Exchange Commission (SEC) to delay the decision on the pending SolidX-VanEck Bitcoin ETF application had caused a storm in the markets, according to CryptoDaily.
An ETF is a financial product that tracks the price of an asset and is listed on an exchange. It means that investors don’t actually have to buy the underlying asset.
This is VanEck’s third attempt to push a bitcoin ETF through, having been rejected by the SEC twice previously. On this occasion, the SEC said that it is pushing out its decision until September 30
The same price drop phenomenon happened a few weeks earlier when the SEC also rejected a Bitcoin ETF application made by the Winklevoss twins and Gemini.
That’s why it is expected that over the next two months, it is estimated that there’s a total of nine current ETF applications that are due for a decision.
“This means that during the rest of August and September, we could see some very big changes in the markets indeed. The more ETFs are rejected, the less of an impact they will have (in theory) but, as the application system is still in its infancy, we expect these nine to cause a bit of a storm. Especially if a few are accepted.”
“Combined with past submissions from firms ProShares, Direxion and GraniteShares, a total of 10 bitcoin-related funds are being weighed by SEC officials, according to public records, although the VanEck/SolidX bitcoin ETF is the only “physical” ETF among all the proposals. September will see a series of deadlines for bitcoin ETFs, starting on September 15, the date by which two funds by GraniteShares will receive a thumbs-up or thumbs-down. The funds were initially proposed on January 5. The deadline for Direxion’s four funds is September 21, as indicated by public records, after being first submitted on January 4.”
Down down down
According to the Bitcoinist, the price of Bitcoin fell sharply and
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