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Cryptocurrency Pullback was an Overreaction to Bitcoin ETF News

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Apparently, we’ll have to wait just a bit longer on the Bitcoin ETF.

The crypto-universe is abuzz with news the U.S. SEC delayed their decision on the fund. Unfortunately, that news helped wipe out over $9 billion of value from BTC.

Still, there’s good news.

For one, the herd overreacted. While much of the news was expected, perhaps the community didn’t get the memo. Instead, many lost their marbles and ran because every one else was running and panicking.

A decision has now been pushed to September 30th, 2018

As noted by the SEC, “The Commission is extending this 45-day time period. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change.”

We have to consider this wasn’t unexpected news, nor was it worth overreacting too.

Instead, according to Ethereum World News, “The delay can be considered a good thing for the SEC is now listening to public opinion as well as internal opinion from SEC officials who believe a Bitcoin ETF should be highly considered by the body. The chances of the Bitcoin ETF now being accepted in September have increased tremendously.”

No Reason for Rejection

Smart investors are also using the latest pullback to buy even more cryptocurrency.

That’s because there’s no reason for rejection, as pointed out by SEC Commissioner Hester Peirce has pointed out. She has made it very clear there is “no reason to not allow” the ETF.

The only reason the Winklevoss Bitcoin ETF was rejected was because it was deemed to be inconsistent with the Securities Exchange Act.

By the way, Peirce says that claim was unfounded.

Instead, according to Crypto Disrupt, “she believes the proposed change is not only consistent but that the SEC,” but, “went beyond its jurisdiction with the decision. She believes the focus should have been on the market where the ETF product would be traded rather than the less relevant issues of price manipulation within the cryptocurrency market.”

 

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