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The U.S. SEC has always reserved an eagle eye for the crypto regulation, while having embraced the market even fighting to fend off fraud.
Despite the crypto market downturn which began after the news of the US Securities and Exchange Commission’s (SEC) delayed decision on an ETF product approval, bitcoin has been seeing a lot of developmental activities.
Well, BTCUSD is now stuck in the range between $6,100 and $6,850 levels over the past few weeks, we’ve got mixed bag of analysts who have been differed on the influence of the presiding of the US SEC (Securities and Exchange Commission) of Bitcoin ETFs applications.
The US regulatory authority is now inviting commentaries either in favour of or against to nine previously rejected applications for the creation and listing of Bitcoin (BTC)-related exchange-traded funds (ETFs).
The regulators are now re-examining proposed rule changes that could enable the nine ETF proposals to move forward. The SEC lodged for three separate amendments, any interested parties have to submit their statements within the deadline of October 26th.
While on a broader perspective, until then, with an intention of mitigating cryptocurrency price volatility risk, as universally tradable hedging and speculative derivative vehicles are conducive that were introduced by regulated financial institutions and the liquidity of Bitcoin considerably improved at CME and CBOE, it has been arduous for the price manipulation of Bitcoin.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards -82 levels (which is bearish), hourly USD spot index was at 1 (absolutely neutral), while articulating (at 08:02 GMT). For more details on the index, please refer below weblink:
