😱😱BITCOIN ETF REJECTED - What happens next ?🤔

in #gsindia6 years ago (edited)

Hi, Pankaj here 👋

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                         Today a shocking news has arrived from the SEC (Securities and Exchange Commission) stating that it has disapproved the BATS Exchange application to list Winklevoss Brothers' Bitcoin ETF . This isn't the first time that an EFT proposal has been rejected, infact this ETF was the second proposal submitted by the Winklevoss brothers after the last year's proposal which was rejected too. This news has sent in shockwaves among those who anticipated that the ETF might get approval and we could see a price reversal. This anticipation was accompanied by Bitcoin's recent Price surge 🚀, but to their disappointment the news didn't turn out to be positive😟 and following this Bitoin has dropped to around $7800(approx) from it's recent high of around $8400(approx). So what's the reason for the disapproval ? 🤔Let's see.


                         The SEC clearly stated that the reason behind the disapproval is not beacause of Bitcoin or Blockchain being inferior technology or anything like that but, were as follows:

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                         The SEC has also stated that bid-ask spreads varied widely across exchanges and also that the volume of already being traded bitcoinfutures are comparatively low.

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                         Although approval of this ETF could have been a major step, but the rejections was not a complete denial of all ETF's under consideration by the SEC. There are a few more ETF proposal have been made and are currently on hold till September of this year. A prominent one is the proposal filled by VanEck on which the SEC has not made any comment as of now.

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SEC is deliberately trying to restrict ETF as they always keep on saying same old things investor protection & Manipulation.

Thank you for your wonderful comment. Yes, you are right, but we also cannot deny the fact that bitcoin is being manipulated to some extent. I am also in favour of Bitcoin ETF and cryptocurrency, but these issues will have to be fixed first for crypto to become mainstream.

You got a 56.54% upvote from @steembloggers courtesy of @pankajborah!

Although I don't know more about ETF and all, as I'm not paying attention on Bitcoin news now a days but while seeing ur article seems u did more ha work on it.
So keep on working. Best of luck.
Take care.

Thank you @luckys for your nice comments.

Whatever the news, I think it doesn't stop Bitcoin to grow.

Absolutely right my friend.