US SEC Delays Decision Concerning Bitcoin ETF Until September 30

Securities Exchange Commission Review Bitcoin Broker Behavior

Speaking with CNBC on Wednesday, the Pantera Capital CEO said that he has a simple message for bitcoin investors selling into a market that has already experienced a 67 percent decline from its all-time high: stop overreacting.

The ramifications of the SEC delaying a decision that would help cryptocurrency are felt for a second day, as prices tumble...

On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind.

While the bitcoin ETF proposal has been in the works for about three years now, it was only revealed around June.

Furthermore, citing the SEC's "concerns regarding bitcoin ETFs and retail investors", the presentation notes that "the initial share price will be set at a level created to ensure that only institutional and "non-retail" investors will be able to purchase shares", which is a price per share of $203,750 as of July 30. Around the time the SEC announced on their delayed approval, all seemed well and the market was looking like it was going to hold up and ignore the news.

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Bitcoin began to plummet fast and hard, for the next couple of hours, bitcoin had broken the $6,900 support level and followed to bottom at $6,487.

At the time of press, Ethereum was around $368, EOS was at $6.03, Ripple was at 0.3500, all representing a massive loss since their recently found 2-month high. At press time, the total cryptocurrency market is sitting at just above $225 billion, which is $75 billion lower than what it was just two weeks ago. There's no reason for us not to allow this product to go ahead and trade on the exchange therefore i would have let it go forward whereas my colleagues believed that it should not go forward.

In July, Van Eck submitted a 13-page report to the Commission addressing various concerns the SEC has related to the ETF such as valuation, liquidity, custody, arbitrage, and potential manipulation. "The former is better for pumping price, but the latter is much better for actual adoption".

The approval of a Bitcoin ETF is now seen as a holy grail to bring the bull back into the crypto market and flood the market with fresh capital. What's particularly unique about this situation is that the VanEck ETF would have been backed not by futures, but by actual bitcoins. The organization has repeatedly postponed all decisions regarding such ETFs or outright rejected them. There's been a couple of big things coming out in the last week and the ETF rejection is the same story we've had for five years.

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