- Bitwise exchange BTC proposal rejected on grounds of failure to demonstrate the ability to deal with market manipulation.
- The managing director of Bitwise hopes to refile the proposal after working on SEC’s concerns.
- The cryptocurrency market retreats led by Bitcoin, Ethereum and Ripple.
Cryptocurrency enthusiasts have been forced to deal with the fact that a Bitcoin exchange-traded fund will take longer than expected to get approved. This follows the news that the United States Securities and Exchange Commission (SEC) has rejected the proposal for a BTC ETF filed by Bitwise Asset Management and NYSE Arca. The rejection also comes after multiple delays.
The SEC in its statement on Wednesday says that Bitwise failed to demonstrate its ability to deal with fraud and market manipulative acts and practices outlined in the Exchange Act. The Managing Director of Bitwise Matt Hougan responded positively to the rejection saying:
“We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF.
We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.”
Bitcoin market update
Bitcoin made an eye-catching move from the support I discussed earlier on Wednesday at $8,100. The compelling move was strong enough to pierce through both $8,400 and $8,600 resistance levels. The buyers’ intent to push the fireworks move higher above $8,700 occurred as planned. However, the momentum hit a snag at $8,712 giving way for a retraction move. Bitcoin is teetering at $8,570 in the midst of a building bearish momentum focused on slashing the accrued gains.
Ethereum and Ripple market update
The two largest altcoins in the crypto market were not sidelined during Bitcoin’s majestic move. Ethereum was elevated to highs above $180 after several days of consolidation around $180. Although the focus was on $200, Ethereum formed a high at $196.23. A correction from the high is underway while Ether exchanges at $193.22.
On the other hand, Ripple is trading under $0.28 key level. The digital asset reacted relatively to Bitcoin’s brief surge but failed to breach $0.29 barrier. The ongoing retreat is seeking support at $0.2750. Other key support areas likely to come in handy are $0.27, $0.25 and $0.24.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.