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Bitcoin has been struggling over the last 12 months due to sky-high expectations after its massive 201[ads1]7 bull run that bitcoin price leap from under $ 1,000 at the start of the year to almost $ 20,000
The bitcoin price has steadily fallen over the last 12 months slipping to lows of near $ 3,000 as bitcoin and cryptocurrency investors fret over delays to network upgrades lackluster institutional investment and heavy-handed regulators
Now, in a surprising development, the on-going US government shutdown has forced the withdrawal of a closely-watched proposal to list a bitcoin exchange-traded fund (ETF) on the CBOE BZX Exchange —dealing to those who'd hoped the long-awaited bitcoin ETF would Bring a fresh round of investment into the stagnating market. [19659003] The bitcoin and cryptocurrency market has lost direction over the last few months, moving steadily lower than the investors feel for a floor. Getty
The bitcoin ETF proposal, brought by investment firm VanEck and financial services provider SolidX, has faced an uphill battle for approval from the U.S. The Securities and Exchange Commission (SEC) due to the bitcoin price is susceptible to market manipulation.
government shutdown, announced in a SEC filing saw the bitcoin price slightly though it remains around the $ 3,500 it's been trading at early January.
With & nbsp; many SEC staff furloughed because of the partial closure of the US federal government and the regulator's deadline to decide on the application fast approaching, Cboe Global Markets decided to pull the VanEck and SolidX application with the view to later on.
" The SEC is affected by the shutdown … we were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just got the application pulled and we will re-file and re-engage in the discussions when the SEC gets going again, " Jan van Eck, the chief executive of VanEck , Customs CNBC
The bitcoin price has been on a steady downward trend for the last 12 months. CoinDesk
The SEC had set a deadline of February 27 to decide on the bitcoin ETF proposal after repeated delays and calls for industry input.
" Cboe's decision to withdraw its file with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust government shutdown as the end of the review period approaches, " Cboe said in a statement. " We plan to resubmit a file at a later date and look forward to continued discussions with the SEC. "
" This proposal had a very good chance of success, " Mati Greenspan, senior market analyst at eToro said in an email to clients. " SEC Chairman Jay Clayton has been stressing that the bitcoin market is not yet enough for an ETF. "
" Recent price action seems to confirm this, as we've seen a number of price spikes due to the low liquidity lately. The government shutdown seems to have put further strain on this process. If there was a hope of convincing the SEC before the deadline, it has now disappeared. The market's lack of responsiveness to this news is a clear sign that investors are starting to understand: the crypto market is not dependent on any government or financial institution and no single product or service has the power to make or break bitcoin. .
The latest development in the long-running battle to see a US bitcoin ETF follows the SEC rejection & nbsp; a second attempt by the Winklevoss twins of Facebook founding fame, who went to start their own crypto exchange to list shares of a separate bitcoin ETF last summer.
With a US bitcoin ETF now out of the immediate agenda, investors will be looking towards major global stock exchanges offering bitcoin futures contracts and the highly-anticipated baking bitcoin platform
Bitcoin and other major cryptocurrency prices have been trading sideways since the start of the year as the market looks for signals. CoinMarketCap
The Baked & nbsp; bitcoin platform, which is being developed with New York Stock Exchange owner Intercontinental Exchange as well as partnership with Starbucks and PC giant Microsoft, plans to offer bitcoin futures trading from the first quarter of this year and open bitcoin and cryptocurrencies up to a wider retail market.
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Bitcoin has been struggling over the last 12 months due to sky-high expectations after its massive 2017 bull run that saw the bitcoin price leap from under $ 1,000 at the start of the year to almost $ 20,000.
The bitcoin price has steadily fallen over the last 12 months, slipping to lows of near $ 3,000 as bitcoin and cryptocurrency investors fret over delays to network upgrades, lackluster institutional investment, and heavy-handed regulators.
Now, in a surprising development, the on-going US government shutdown has forced the withdrawal of a closely-watched proposal to list a bitcoin exchange-traded fund (ETF) on the CBOE BZX Exchange —dealing with those who'd hoped the long-awaited bitcoin ETF would bring a fresh round of investment into the stagnating market.
The bitcoin and cryptocurrency market has lost direction over the last few months, moving steadily lower than the investors feel for a floor. Getty
The bitcoin ETF proposal, brought by investment firm VanEck and financial services provider SolidX, has faced an uphill battle for approval from the US The Securities and Exchange Commission (SEC) due to the bitcoin price is susceptible to market manipulation.
government shutdown, announced in a SEC filing, saw the bitcoin price slightly though it remains around the $ 3,500 it's been trading since early January. [WithmanySECstafffurloughedbecauseofthepartialclosureoftheUSfederalgovernmentandtheregulator'sdeadlinefordecidingontheapplicationfastapproachingCboeGlobalMarketsdecidedtopulltheVanEckandSolidXapplicationwiththeviewtoreactatalaterdate
" in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled and we will re-file and re-engage in the discussions when the SEC gets going again, "Jan van Eck, the chief executive of VanEck, duty CNBC.
The bitcoin price has been on a steady downward trend for the last 12 months. CoinDesk
The SEC had set a deadline of February 27 to decide on the bitcoin ETF proposal after repeated delays and calls for industry input.
"Cboe's decision to withdraw its filing with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust is a function of timing related to the U.S. government shutdown as the end of the review period approaches, "Cboe said in a statement." We plan to resubmit a file at a later date and look forward to continued discussions with the SEC. "" This proposal had a very slim chance of success, "Mati Greenspan, senior market analyst at eToro said in an email to clients." SEC Chairman Jay Clayton has been stressing that the bitcoin market is not yet enough for ETF. "" Recent price action seems to confirm this, as we've seen a number of price spikes due to the low liquidity lately. The government shutdown seems to have put further strain on this process. If there was a hope of convincing the SEC before the deadline, it has now disappeared. The market's lack of responsiveness to this news is a clear sign that investors are starting to understand: the crypto market is not dependent on any government or financial institution and no single product or service has the power to make or break bitcoin, "Greenspan said. 19659001] The latest development in the long-running binary to US bitcoin ETF follows the SEC rejecting a second attempt by the Winklevoss twins of Facebook founding fame, who went to start their own crypto exchange, to list shares of a separate bitcoin ETF last summer
With a US bitcoin ETF now off the immediate agenda, investors will be looking towards major global stock exchanges offering bitcoin futures contracts and the highly-anticipated Bakken bitcoin platform . [19659033] Bitcoin and other major cryptocurrency prices have been trading sideways since the start of the year as the market looks for signals. CoinMarketCap
