After rallying over Bitcoin ETF expects in July, after which pumped over ETF anxieties in August, the store didn’t even fl1 as the SEC rejected 9 Bitcoin ETFs at once on August 22nd. 
NOTE: The commissioners are going to review the denials and make a final decision according to commissionerHester Maria Peirce. In other words, there is still a silver of hope.
In 1,2,3orders published, all of which essentially say the equal thing, the SEC rejected a total of 9 ETFs fromProShares, Direxion and GraniteShare (although it didn’t deny the sacred grail SolidX ETF, those rejections along side the Winkevoss ETF denying all paint quite a clear picture).
That film is the:
The SEC signifies it gets that Bitcoin and Blockchain are crucial, and believes they make feel as investments and innovation, and continue to be ready to accept the next together with Bitcoin services and products as the distance matures… however also for that moment with all these coins in a couple hands, using this a lot of trading happening out the U.S., as well as so a lot of possible manipulation, even the SEC doesn’t think Bitcoin is in a state where it is ready for an ETF yet.
Thus, ALL ETFs look like they are getting a blanket rejection for the equal set of reasons for now (after-all this is the equal reasoning given for the Winkevoss ETF).
It is what it is. Bitcoin is a peer-to-peer global currency, and with the free store comes great whales from across the world accumulating and messing with the cost. That helps produce a store in which we sometimes see 1,000% gains, that creates a store where we sometimes see 90% losses, and that creates a store where we [from the retail HODLer to the biggest whale] don’t even obtain an ETF yet.
What else could you state a side from crypto made its mattress now its lying init. I am talking about we pump ETF hopes, wreck at the before all else symptom of a rejection, then get yourself a collection of rejections to the specific type of sense people simply pumped and ditch. This really is karmatic to mention at the least.
That covered, I presume you can find certainly a couple bullish simply take mentioning here no matter.
- To paraphrase profoundly: the typical public belief, held by partially Chairperson of the SEC, is the fact that adoption of services and products such as ETFs will actually help encircle the manner BTC is consolidated and ward off manipulation.
- In my estimation: it really is not easy to contend with the SEC with that one. I believe that the ordinary crypto fan understands there exists just a bit more manipulation at the crypto distance than is best. Most of us think it’s great blesses us with Lambos, and most of us despise it runs for the online money. Even the SEC has eyesthey are able to observe that. Obviously, the distance may grow eventually. This is actually a condition we all come in, perhaps not how it needs to be for ever. The simple fact that the distance may grow is good.
- The store type of shrugged from the ETF blues and it has proceeded on. Which usually means that the upcoming rejection shouldn’t result in a major drop.
- The SEC ripped the bandaid off and made it clear there won’t be an ETF anytime in the future. We can prevent with the ETF play for the time being. It makes sense to pump over ETF expects, and thus there must be no further ditching over ETF worries.
BOTTOMLINE: That has been a large rejection by the SEC, and they also will have made their stance clear. Nevertheless, since the distance evolves the SEC is receptive to the concept of all Bitcoin services and products later on (that will be bullish). The long run may possibly be attract, however, we aren’t there yet. For now we just have global free store, in a bear store. Hang onto your hats.