April 1, 2019, | AtoZ Markets - After thorough consideration of the two Bitcoin ETF applications, the U.S. Securities and Exchange Commission (SEC) has decided to delay its decision on them to May 16 and May 19.
SEC Bitcoin ETF decision update in a brief
The announcement from the US authority came last Friday. The US authority decided to delay its decision on two Bitcoin ETF applications from the following company collaborations:
- Crypto index fund platform Bitwise Asset Management with NYSE Arca
- Investment management company VanEck and blockchain startup SolidX in partnership with Cboe BZX Exchange.
The US SEC statement reads:
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change,”
Bitcoin ETF and SEC relation in a brief
The US SEC Bitcoin ETF decision making, seem like a never-ending story, which started a year ago from the initiative of VanEck, the New York-based investment management firm. The company’s proposal was filled in 2018. Although the companies decided to withdraw it due to the U.S. government shutdown which happened in January, in February 2019, VanEck refilled their application on the SEC's website. Bitwise applied for a physically held Bitcoin ETF in January 2019. Despite the positive moods from both sides, The U. S. regulator decided then to commence the countdown of 45 days to the approval or disapproval of VanEck Bitcoin exchange-traded fund (ETF). Bitwise Investment Management and NYSE Arca exchange, which also applied for their Bitcoin ETF approval, received from the US SEC same response.
SEC Bitcoin ETF decision impact
A few months ago the market forecasters suggested that the Bitcoin ETF proposals approval could help the Bitcoin market to recover. However, the experts also outlined, it could still take a couple of months before the SEC can reach a final decision on ETF. And now it seems that they were right. However, despite the uncertainty surrounding the US SEC decision on Bitcoin ETFs, this crypto investors remained bullish.
Bitcoin technical analysis and important price levels
Bitcoin price has stayed over three days above the $4,000 level. Price hit $4,100 for the first time in a month and will continue upside if the bullish momentum grows. There are two major resistance levels at 4190 (February high) and 4239 (December high) which price will have to overcome to make a fresh high since the November 2018 bearish breakout.
Ethereum gained 0.99% to $142.99 and Litecoin added 0.89% to $60.967. Although XRP dropped 0.19% to $0.31021, the bullish sentiment sent the crypto market cap higher to $143 billion.
Bitcoin ETF- next step in cryptocurrency adoption
ETF stands for an exchange-traded fund and it is a kind of investment fund where the price of assets like gold, oil, and stocks can be tracked. These kinds of assets can then be traded on exchanges, just like normal stocks. Many see the Bitcoin ETF as a potential step towards the wider adoption of cryptocurrencies. Elsewhere, Hong Kong’s Securities and Futures Commission issued official guidance on security token offerings (STO), intending to clarify the legal and regulatory requirements for parties that engage in activities related to them.
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