It was an anticipated result at an unexpected time.
The information broke on August 7 that the U.S. Securities and Exchange Fee (SEC) is kicking the can on its determination to approve or disapprove a proposed rule alter that would let the Cboe BZX Exchange list a bitcoin exchange-traded fund (ETF). Now, the following deadline for anything is September 30, while eventually, the U.S. securities current market regulator could push it ahead yet again into 2019.
As CoinDesk claimed previously, if authorized, it would allow for the initial-ever listing of a bitcoin ETF in the U.S., accomplished in partnership amongst investment decision organization VanEck and blockchain startup SolidX. The two corporations submitted their proposal again in June.
Additional broadly, the listing would be viewed in some quarters as a signal of maturation for the cryptocurrency current market and probable open up the door for buyers to gain exposure – albeit indirectly – to the nascent asset class.
Twitter yawns as current market yells
The delayed determination was, as posts on social media suggest, mainly anticipated by members of the crypto local community.
But even though the collective social media response was not considerably from a yawn, the current market itself reacted badly.
In accordance to CoinDesk’s current market investigation report, the complete price of all cryptocurrencies went down to $227.8 billion on Wednesday, the cheapest level given that November 2017. Bitcoin’s rate alone dropped below $6,300 just after trading higher than $7,000 prior to the announcement.
Maybe unsurprisingly, Twitter’s crypto ecosystem called for quiet. For illustration, OKCoin CEO Star Xu argued that individuals men and women selling in the aftermath have been overreacting.
The current market go led to speculation that the current market hadn’t priced in – that is to say, accounted for the probability of – an SEC punt.
Other people puzzled aloud no matter if more nefarious actors have been at do the job amidst the sell-off, alleging manipulation in the wake of the announcement.
No worries listed here?
Some observers took a decidedly glass-50 %-whole perspective of the information, seeking at the determination hold off as a internet favourable.
Indeed, some argued that the SEC’s deliberative procedure around the bitcoin ETF signals that they are taking the situation severely..
In the long run, as has been the case for a number of many years now, the cryptocurrency local community will have to hold out to locate out no matter if the U.S. will see the listing of a bitcoin ETF.
Cryptocurrency ETF picture illustration through Shutterstock