SEC Rejects ETF Filings, Crypto Market Reacts
Just as bitcoin seemed poised to break the $31,000 price level, the SEC delivered a blow by rejecting all the latest ETF filings. The news came as a shock to the crypto market, which had been hopeful that institutional ETF filings would finally be approved. However, Gary Gensler at the SEC is determined to hinder the crypto industry, even if major institutional players like Blackrock and Fidelity are interested. The Wall Street Journal reported the SEC’s rejection with the headline “SEC Says Spot Bitcoin ETF Filings Are Inadequate.”
Key Points:
– The rejection sent bitcoin and the rest of the crypto market plummeting. Bitcoin dropped to the bottom of its bull flag before bouncing back to $30,200.
– Altcoins saw even more drastic declines, with the Total 3 chart losing over 4% in value.
– Bitcoin Cash, previously riding high, fell over 13% before partially recovering.
Bloomberg Analyst Eric Balchunas offered a more optimistic take on the news, suggesting that the SEC’s concerns were focused on the crypto exchange and the details of the surveillance-sharing agreement. This could be seen as a positive development, as it indicates the SEC is looking for more transparency.
Hot Take:
While the SEC’s rejection is a setback for the crypto market, there may still be hope for ETF approval. If the market can digest this news and the ETFs address the SEC’s concerns, we may see a surge in the opposite direction. Hold on tight!
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