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We’ve witnessed that the constant upsurge in the price of Bitcoin above $8k from the lows of $5,755, but from Wednesday, bears have resumed their business as the BTC price slides back below $8,000 on today after the U.S. Securities and Exchange Commission (SEC) declined the Winklevoss twins’ second attempt to launching a bitcoin ETF.
The US regulatory agency, Securities and Exchange Commission (SEC) has yet again denied the approval of an application filed by Cameron and Tyler Winklevoss, the reputed cryptocurrency investors and the founders of cryptocurrency exchange Gemini, to launch an exchange-traded fund (ETF) product that tracks the price of bitcoin.
Commissioner Hester Peirce has stated, “her cause of concerns on the Commission’s approach that undermines investor protection by prohibiting greater institutionalization of the bitcoin market. More institutional participation likely to revolutionize many of the Commission’s concerns with the bitcoin market that cause its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs (exchange-traded products).”
The Commission indicates an aversion to innovation that may convince entrepreneurs that they should take their ingenuity to other sectors of our economy, or to foreign markets, where their talents will be welcomed with more enthusiasm, SEC Commissioner Peirce clarified.
While the accurate date of the SEC clear decision on the ETF has been expected by many as being August 16th due to the clause that the authority usually makes an announcement 45 days after a filing is published on its website. However, some other source indicates that the SEC would most likely postpone the Bitcoin ETF filed by the CBOE as they have already postponed several others to September also.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -90 levels (which is bearish), while USD is flashing at 43 levels (which is bullish) while articulating at (08:28 GMT). For more details on the index, please refer below weblink:
