QUICK TAKE: SEC Cautious On Bitcoin ETF

Bitcoin BTC Price ETF

The United States Securities and Exchange Commission (SEC) has chose to delay the decision to approve a Bitcoin ETF until September 30, 2018.

The recent fall likely stems from the Securities and Exchange Commission's (SEC's) recent decision to...

"The Commission is extending this 45-day time period". Meanwhile, the ETF team has submitted to the SEC key changes addressing all concerns cited as reasons for rejecting Solidx Bitcoin Trust ETF past year.

The SEC now "designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change". However, if there's good news to investors who firmly believe about the possibility of a Bitcoin ETF, now is actually a good time to purchase your Bitcoin.

A commissioner of the U.S. Securities and Exchange Commission (SEC) has voiced her opinion that the agency overstepped its bounds to reject a bitcoin ETF recently based on the underlying asset, bitcoin.

In an attempt to account for Bitcoin's August 4 price drop, one source claimed that the "Sec engage [d] in insider trading over the bitcoin ETF decision". Canaccord predicts that the SEC will not decide on current ETF applications this year, and will exercise its right to postpone the decision to 2019 next year. "The SEC has been very cautious with an ETF".

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At time of writing, the total market cap is at $221,803,776,183 (4pm, ET), down about 11 per cent in 24 hours.

Bitcoin is down nearly 6 per cent to $US6313 over the past 24 hours (to 10.30am AEST). Since Bitcoin has been created to be an endless resource with a total of 21 Million mineable coins, a higher market capitalization means that the value of a single Bitcoin is going to increase.

"We believe that collectively we will build something that may be better than other constructs now making their way through the regulatory process..."

Yesterday, Bitcoin was comfortably hovering around the $7,000.00 region, a region that seems to suggest investors were playing it cool, in anticipation for something big that could have accelerated the markets.

After the SEC postponed its decision on a Bitcoin 00 ETF Wednesday, a bearish dip ensued. To do so would, though, require a rule change from CBOE Global Markets Inc for that to happen, and that's what the SEC has been mulling over.

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