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.

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"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.

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