Yesterday. the U.S. Securities and Exchange Commission (SEC) rejected two more bitcoin ETF applications andcontinuedits stance of hostility toward the much-anticipated crypto investmentproduct.
The ETF proposals, filed by NYSEArca,sought-afterto list bitcoin ETFs from fundsuppliersProShares and Direxion. TheseexplicitETFswouldn’thavecontrolover the physical bitcoinshoweverrather than this they hadlistedwithin thebitcoin futuresproductin a Chicago-based derivatives exchanges CBOE and CME.
The denialsdidn’tcome backas a surprise, as most expert analysts, financial advisers and the authority officers believes that no ETF application is likely to be accepted before the next year.
A month ago, when the SEC rejected the Winklevoss Brothers Bitcoin ETF Application, this didn’t created a panic selling situation within the crypto ecosystem as this is quite acceptable by the community now that this Approval will take time to be accepted by the SEC. However, the disapprovals by the SEC has always lead to some price drops but the crypto market manages to sustain this with a steady stability.
For updated price and market charts, you can visit here.