- 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.
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