SEC Postpones Decision on Vaneck Solidx Bitcoin ETF but Previous Concerns 'Resolved'

Bitcoin BTC Price ETF

Bitcoin dropped 5.7 percent to $6,484 as of 12:01 p.m.in NY, after earlier falling as much as 7 percent.

The SEC has delayed this particular decision until September 31 and while some might say this was a good sign and that it meant they were deliberating on approving it, the market has been pessimistic of the news. There are multiple entities applying for an ETF and one of them is the exchange Cboe BZX, whose proposal was recently rejected by the SEC.

The news has had profound effects on Bitcoin price and the entire cryptocurrency market; seeing prices fall 5-15% across major coins. The first date to watch is August 10, which is 45 days since the Securities and Exchange Commission filed a notice on the proposal and when the time in which it would file a response runs out.

VanEck first attempted to submit a bitcoin ETF back in March 2017, though this move was dismissed by the SEC nearly instantaneously due to lack of regulation. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples.

According to CoinMarketCap, Bitcoin (BTC) is now trading at $6,509.67, down -8.50% in 24 hours. The delay discouraged Bitcoin traders and triggered massive sell-off, intensified by the breakthrough below technically essential levels. Optimists are counting on the wider adoption of cryptocurrencies to support prices, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation. What we know, from the Winklevoss ruling, is that the SEC still sees a market that is not mature and with large issues to solve before it can safely be traded as an ETF.

Paul Pogba Appointed Manchester United's Captain By Jose Mourinho
Eric Bailly did superbly to deny Iheanacho, and Vardy bundled Shaw off the ball to send in a cross that Gray nearly flicked home. He added: "The thinking is he is a very good penalty taker and likes the responsibility of it and he is first choice".

USA tariff hike on Turkey fails to make economic sense
With new Iran sanctions coming up, more Turkish banks could face us probing if they are doing business with the Islamic republic. Erdogan on Friday once again urged Turks to exchange gold and dollars into lira to stop the currency from plunging.

Best meteor shower of 2018 visible over Middle TN this weekend
The meteor shower started to break out into the night sky around mid-July and will carry on through to the last week of August. On the evening of Aug.12 to the morning of Aug.13, stargazers will see the best show the meteor shower has to offer.

"It will take a long time before we see SEC approve ETFs". Since Bitcoin has been created to be an endless resource with a total of 21 Million mineable coins, a higher market capitalization means that the value of a single Bitcoin is going to increase.

The markets didn't react well to the SEC delaying its decision on Tuesday.

What do you think of the SEC postponing its decision on Vaneck/Solidx bitcoin ETF?

"The selloff witnessed on Bitcoin continues to highlight how extremely sensitive the cryptocurrency remains to the ETF developments", said Lukman Otunuga, an analyst at FXTM. Of course, the SEC may delay a final thumbs up or down by an additional 240 days if deemed necessary.

Related news:

Hot News

isis-killer-beheading-video-story-top Michy Batshuayi agrees loan exit leaving Blues short of options
Aug 11, 2018 - 18:02
The Belgium global , who impressed big time at Dortmund, will now hope to play a regular first-team football in Spain . Zouma joined Chelsea from Saint-étienne in January 2014 and made 71 appearances for the Blues first team.

isis-killer-beheading-video-story-top America to beam up $8bn for Space Force
Aug 11, 2018 - 15:05
The vice president mentioned four major, fundamental steps that the USA government will take to create a Space Force . It is eventually up to politicians to vote to authorise the new branch of the military.

isis-killer-beheading-video-story-top From bullish to sheepish: Ben Stokes was so nervy on the stand
Aug 11, 2018 - 14:56
Mr Cole showed the jury a photograph of Mr Stokes and teammates James Anderson, Jake Ball and Alex Hales taken outside Pryzm. As soon as the episode started, I knew that not just myself but other people could be a target of these two men.

isis-killer-beheading-video-story-top Holy Fire in pictures: Apocalyptic scenes as wildfires rage in California
Aug 11, 2018 - 14:54
Before he was arrested, Clark told a freelance cameraman he was asleep when the fire started and had no idea how it began. As The Sacramento Bee reported , more than 14,000 firefighters are now battling 16 different wildfires across the state.

isis-killer-beheading-video-story-top IKEA opens first India store in Hyderabad
Aug 11, 2018 - 14:30
The company has said that it is prepared to spend about 10 billion rupees ($145 million) on each store it opens in the country. The store will contain approximately 7,500 products and of this almost 1,000 items will be sold for less than Rs. 200.

isis-killer-beheading-video-story-top Omarosa Says the N-Word Apprentice Tape Is Real in New Book
Aug 11, 2018 - 14:24
The former contestant on Trump's reality show, NBC's " The Apprentice ", asserts in her tome that Trump later told her he did not know the chief of staff had asked her to leave her post .

isis-killer-beheading-video-story-top Stolen Plane Flies From Seattle, Crashes After Jets Scramble To Intercept
Aug 11, 2018 - 12:44
A Coast Guard spokeswoman said the agency was responding to a report of a smoke plume and possible plane crash. Horizon Air chief operating officer Constance von Muehlen issued a video statement describing the incident.

isis-killer-beheading-video-story-top Zimbabwe's Chamisa challenges election result; inauguration halted
Aug 11, 2018 - 11:55
The MDC reported that its foreign lawyers had initially been denied entry into the Constitutional Court on work permit grounds. Chamisa has claimed he won 56 percent of votes and called the election "fraudulent, illegal and illegitimate".

isis-killer-beheading-video-story-top Last Solar Eclipse of 2018 to Occur today
Aug 11, 2018 - 11:54
A total solar eclipse - like the one that took place on August 21, 2017 - occurs when the disk of the moon blocks 100% of the sun. Just over a year ago, millions across North America were anxiously awaiting the " Great American Solar Eclipse " of August 21.

isis-killer-beheading-video-story-top Manchester United prepared to pay £100m for Real Madrid's Raphael Varane?
Aug 11, 2018 - 11:42
He explained: 'I want to make tactical changes but I can't make them because I'm afraid of how the players will react to minutes. The Frenchman, who had been linked with a possible transfer window move to Barcelona , said he remained hungry for more success.

isis-killer-beheading-video-story-top Ryder Cup 2018: Jim Furyk says he's narrowed choices
Aug 11, 2018 - 11:11
But what you have to keep reminding yourself as a player is you really have a job to do this week. He had the lead on the back nine on Sunday at Carnoustie before fading into a tie for sixth.

isis-killer-beheading-video-story-top WONDER WOMAN Joins RALPH BREAKS THE INTERNET ... Sort Of
Aug 11, 2018 - 11:00
Featuring Gal Gadot as the voice of Shank, Ralph Breaks the Internet opens in USA theaters on November 21, 2018 . Gadot announced the casting via her Twitter page with a picture of the character that she will be voicing.

Turkish lira plunges as Trump hits Ankara with increased tariffs
Aug 11, 2018 - 09:23
Turkish President Tayyip Erdogan told a rally Friday that his country would not yield to what he called bullying and blackmail. But experts argue that the central bank should instead raise interest rates to ease inflation and to support the currency.

EPL: Manchester United Overcome Leicester City In Season Opener
Aug 11, 2018 - 08:13
De Gea made a huge stop in the first half on James Maddison, denying the young player in the box with this save. He said: "I have my players, I like my players, I like to work with my players".

isis-killer-beheading-video-story-top Several fake Trump stars reportedly appear on Hollywood Walk of Fame
Aug 11, 2018 - 07:48
Fake stars bearing Donald Trump 's name have popped up on the Hollywood Walk of Fame after his original one was vandalized. Donald Trump's star on the Walk of Fame on Hollywood Blvd. on December 10, 2016, in Los Angeles.