You will wait longer for a Bitcoin ETF: The US SEC postpones VanEck proposal


  • Despite high volatility in the crypto market; US SEC decides to delay and not reject Bitcoin ETF proposal.
  • The commission to further study the proposal and understand the cryptocurrency market.

Investors will have to wait longer for the verdict regarding the proposed Bitcoin exchange-traded fund (ETFs). The US Securities and Exchange Commission in a circular sent out on August 12 said that the regulator intended to study the proposals further.

The delay does not come as a surprise to investors. Many anticipated that a postponement by the SEC due to the high volatility not only for Bitcoin but the entire cryptocurrency market. The delay is not entirely negative for the proposed Bitcoin ETFs by VanEck, Bitwise, and Wilshire Phoenix.

While the SEC could have outrightly rejected the proposals citing high volatility and lack of regulations, the regulator has chosen to better understand the product proposed and study the market.  

At the moment, Bitcoin is trading at $11,228 following a 1.28% loss on the day. Bitcoin price opened the session on Tuesday at $11,386 and has hit a high of $11,439. The prevailing trend is bearish just like the rest of the crypto market.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: Is this just a small blip?

Bitcoin is moving lower on Friday but it has found some short term support. The BTC/USD found support at the 2.00 Fib extension level close to 8,500. On the topside, the area to watch for resistance is marked in red. This red zone has been used as support and resistance in the past and if broken could indicate the move lower was just a blip.

More Bitcoin News

ETH/USD deadly weekly evening star followed up with another bearish candle

Ethereum price is trading in the red by 3.30% in the session on Friday. ETH/USD is running towards a complete reversal of 2020 gains. 

More Ethereum News

XRP/USD is stuck in the middle of a very congested area

Ripple trades 2% lower in another down day for cryptos. The price is now between 3 key support and resistance zones.

More Ripple News

LTC/USD break of $50 would be devastating

Litecoin price is trading in negative territory by 4.50% in the session on Friday. LTC/USD has been pushing south for two consecutive weeks, with bears in control.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP