21 May 2019 Jane Whitmoore
The U.S. SEC Further Delays Bitcoin ETF Decision Whilst Bitcoin Price Continues Rising
The Securities and Exchange Commission of the United States (SEC) is again postponing their decision about approving a Bitcoin ETF by Cboe Global Markets Inc. The delay let down crypto enthusiasts who wanted to trade with Bitcoin in the form of an exchange-traded fund (ETF).
The commission declared the need for additional information from Cboe about their plan to list the ETF from SolidX Partners Inc. and VanEck Associates Corp. Nevertheless, Bitcoin remains its position at around $7929.09 as of time of publishing.
Attorney Jack Chervinsky, the delay for comments by the SEC, was an anticipated move and a further delay is possible, pushing the deadline to October 18th. According to SEC, commenters must answer at least 14 questions about the ETF’s functionality, such as Bitcoin futures manipulation, the relation between futures and spot markets for BTC, size, transparency, number, and liquidity for market participants.
The Cboe listing delay comes after Bitwise’s ETF took a similar approach. Despite the delays, however, Bitcoin didn’t show signs of a bearish trend. Trading volumes are stable since the drop from May 17th, with Bitcoin regaining its price. Support zones are set at $ 7700 and $7750, while the resistance is at around $8000.
In terms of market capitalization, Bitcoin is close to surpassing $140 billion with 56,8% dominance over the other cryptocurrencies. Ethereum follows the trend, but with fewer price fluctuations. 1 ETH is traded at $249,83 as of press time. Ripple, on the other hand, is still trying to erase the losses from the mid-May drop. Nevertheless, the third strongest cryptocurrency based on market capitalization is reaching the $0,40 level sitting at $0,3913 as of press time.
Bitcoin Cryptocurrency SEC SEC USA
