How Crypto Reacted to This Week’s SEC Bitcoin ETF Delay

It has been an expected result for an unexpected moment.

The information broke on August 7 the U.S. Securities and Exchange Commission (SEC) is kicking the can on its own decision to approve or disapprove a proposed rule change which will allow the Cboe BZX Exchange record a bitcoin exchange-traded fund (ETF). Now, another deadline for something is September 30, although finally, the U.S. securities market regulator might push it forwards into 2019.

As CoinDesk reported before, if accepted, it would allow for its first-ever set of a bitcoin ETF from the U.S., performed in partnership involving investment company VanEck and blockchain startup SolidX. The two firms filed their proposal back in June.

More widely, the list would be observed in certain quarters as a indication of maturation for its cryptocurrency marketplace and probably open the doorway for investors to get exposure — albeit indirectly — into the nascent asset category.

Twitter yawns as marketplace yells

The postponed choice was, as articles on societal media imply, mostly due to members of the crypto community.

But while the collective societal networking response was not much out of a yawn, the marketplace itself responded poorly.

According into CoinDesk’s market evaluation report, the entire value of cryptocurrencies went to $227.8 billion Wednesday, the lowest amount as November 2017. Bitcoin’s cost alone dropped under $6,300 after trading above $7,000 before the statement.

Perhaps unsurprisingly, Twitter’s crypto ecosystem known for calm. For instance, OKCoin CEO Star Xu contended that those folks selling at the wake were overreacting.

The marketplace movement resulted in speculation that the marketplace was not priced in — which is to say, accounted for the chance of an SEC punt.

Others wondered whether more nefarious celebrities were at work beneath the sell-off, alleging manipulation in the aftermath of this statement.

No anxieties ?

Some observers took a glass-half-full perspective of the information, taking a look at the conclusion delay as a net positive.

Indeed, a few contended that the SEC’s deliberative procedure around the bitcoin ETF indicates they are taking the problem seriously. .

Ultimately, as has been the case for many decades now, the cryptocurrency community might need to wait to figure out whether the U.S. will visit the record of a bitcoin ETF.

Cryptocurrency ETF photo illustration through Shutterstock

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