April 01, 2019 | AtoZ Markets – Last Friday, the U.S. Securities and Exchange Commission (SEC) postponed again its decision making on the Bitcoin ETF application of VanEck and SolidX. This announcement caused turmoil in the markets globally. Therefore, the regulator held today an emergency meeting. As a result, the SEC unexpectedly approved Bitcoin ETFs applications of both firms today. Reigniting the bulls in the crypto market!
Bitcoin ETFs Applications: The never-ending story?
The bitcoin ETF application of VanEck seemed like a never-ending story. Back in June 2018, the New York-based investment management firm VanEck joined SolidX to file for listing of a “physically-backed Bitcoin ETF” on the CBOE’s BZX Equities Exchange. Since then, the SEC has delayed multiple times its decision to approve or reject the Bitcoin ETF application.
The last drop for the crypto community was on Friday, the 29th of March, when the SEC decided to postpone its decision making for the 3rd time. This caused an outcry in the market, with the crypto community questioning the credibility of the SEC. In return, the SEC Chair Jay Clayton called for an emergency meeting. As a result of this meeting, the SEC unexpectedly approved Bitcoin ETF of VanEck, keeping the firms no longer in anxiety. The SEC tweeted today:
The SEC has proceeded with the Bitcoin ETF application of VanEck. Read here the full decision. pic.twitter.com/Xh3H7Myoy4
— SEC_News (@SEC_News) 1st of April, 2019
SEC unexpectedly approved Bitcoin ETF: Crypto market sees green!
With the arrival of Bitcoin ETF, the cryptocurrency will become open to a diverse set of investors. This means that investors who wants to buy Bitcoin can now do so in similar like they would invest in mutual funds, pension funds, and bonds. Analysts believe that with the Bitcoin ETF being approved, it will mark a new bullish run for the entire crypto market.Bitc
As the SEC unexpectedly approved Bitcoin ETF today, the crypto market saw green today, with Bitcoin leading the pack of cryptos and trading at $4160.81, at the time of writing. Is this the market reversal of which we all have hoped for? Has the SEC made a fool out of itself with a rush action, by listening to the public opinion?
Happy April’s Fools day 2019!
If it sounds to good to be true, then it probably is! Happy April’s Fool day to the AtoZ Markets’ community. The actual news is that the SEC postponed the Bitcoin ETFs until mid May, whilst the rest was just a pun! Thus, our team hopes that you had fun reading the prank article. Enjoy the reminder of April’s fools day and don’t forget to share your best April Fool’s day experiences down below in the comment section!