While VanEck/SolidX application has been withdrawn, two Bitcoin ETF applications are still pending, with Wilshire Phoenix. The decision is expected at the end of September while a ground for Bitwise Asset Management will be reached before the 13th of October.
Bitcoin Price Remains Unaffected
VanEck had recently announced the ‘limited Bitcoin ETF‘ product. It was made available only to institutional investment entities like hedge funds, bank and large brokerage firms. SEC continues to be concerned about the impact of an ETF on retail investors. The volatility and manipulation in the crypto markets.
Interestingly, this is not the first time VanEck has withdrawn their application it was also pulled in January amid the US government shutdown that threatened to leave the SEC with no choice but to reject it without review.
The price of Bitcoin remains unperturbed following the announcement of VanEck/SolidX’s application withdrawal. Bitcoin is still looming around the $10,200 level of support following three months of significant consolidation.
Digital asset strategist/director at VanEck/MVIS, Gabor Gurbacs, said:
“We are committed to supporting Bitcoin and Bitcoin-focused financial innovation. Bringing to market a physical, liquid, and insured ETF remains a top priority. We continue to work closely with regulators and market participants to get one step closer every day. I hope that SEC would make life easier for Bitcoiners”
Analyst Joe Saluzzi said that there will be no Bitcoin ETF till legitimate surveillance measures are put in place. He further said it is futile wasting SEC’s time with such filings.
Leading lawyer, Jake Chervinsky said that per his best guess there will be no traces of a Bitcoin ETF in 2019.
Skew Markets also posted that since Bitcoin does not show any price movements it is sure that there will be no Bitcoin ETF in October 2019.
While SEC’s stance continues to not favor of Bitcoin ETF, it seems that a viable Bitcoin ETF is still a distant reality. Let us know, what you think!
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Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.