Bitcoin Forum

💥ETF Rejection💥

The Proshares ETF application was denied by the SEC.

The application required a rule change to be accepted by the SEC. When handing down their decision the SEC explained that the rules could not be changed and that the decision in no way means the SEC does not believe in the viability of blockchain technology.

The Proshares application included a long and a short $BTC product tied to $BTC futures contracts. It came as no surprise that the application was rejected as the Proshares products were tied to a highly volatile and leveraged 9 month old asset class.

It should also be noted that this product is not physically backed by $BTC.

This may play well into the hands of the Vaneck-SolidX application which is due to be decided in one months time.

The SEC is tasked with protecting retail investors. The Vaneck-SolidX ETF product has a unit size of 25 $BTC with a target audience of institutional investors.

In comparison to the failed attempts of previous ETF applications, the Vaneck-SolidX application appears far superior.

The proverbial red herring rejection today will undoubtedly send the market into a downward spiral, a great shorting opportunity.

The market is already in a downward spiral, I do not even know what will happen now. Although on the other hand I think a few people really believed in taking bitcoin ETF so there could be no disaster.

Bitcoin still works like it was created to? Moving on...

I will like correct you on this bitcoin ETF rejection , it was not rejected but more further hearing will be open on 30th of September 2018. SEC is the process of checking security of Bitcoin .although banks are behind this delay. But we all know that the SEC can't fight the blockchain technology. They will definitely accept it, is just a matter of time.

Kindly read it again. "The Proshares ETF application was denied by the SEC".

why so many hype around ETF? Do you guys at least understand what is it and why we need it? Because it is not something 100% good for Bitcoin.

LOL!
considering market moves very fast and the reaction to the news is nearly instant you can say that this is already old news and looking at the price it did NOT make a move at all as a reaction to this news.

in fact many analysts believe that people stopped giving a shit about ETF ;)

This delays or denial by the almighty SEC, I don't think its the end of the world. So many innovations have been denied several times by some regulatory bodies over the years and later the world found out that they can not do without that same innovation that was rejected. Blockchain technology and bitcoin can be rejected a thousand times but it makes no meaning.

I agree. Sooner or later they will have to take bitcoin ETF. They just can not miss such a chance to make a lot of money.

When all countries start using blockchains, even the SEC will be affected, and they cannot ignore the use of blockchains! And I believe that even without ETF, Bitcoin can develop very well!

It seems to me, those guys from the SEC just delay the inevitable. Bitcoin has already been adopted in most countries and stores around the world, they just have to accept the ETF whether they want it or not.

It's not only Proshares ETF, it was about 9 ETF applications rejected, from 3 aplicants (https://cointelegraph.com/news/sec-rejects-9-bitcoin-etf-applications-from-proshares-direxion-and-graniteshares).
Even more, they've done this yesterday, one day early. So it's already almost old news, so the ones that wanted to short had plenty of opportunities yesterday, at way better prices.
I don't expect today anything big on the market.

The market reacted sharply as the news of the rejection happened. The market showed signs of downtrend again as Bitcoin dipped some dollars. We await to see if the bitcoin ETF would be accepted in September 30th

This ETF is an attempt to hoodwink bitcoin and blockchain. It will never work because both are incompatible. The earlier they understand it the better. Bitcoin is unstoppable.

Verybad news for whole crypto ecosystem, we are still in the bearish months and this sad thing come in. Looks making an extension for the market recovery. I predict this year 2018 will not have bull market or buyers choice. Sad to hear, even one of my campaign pause their ICO. Therefore im confuse if crypto will be okey

However, nothing surprising. The SEC does not want to take bitcoin ETF for a  more then year now. But I think that they will have to do it. Sooner or later.

 Not yet reject my friend. The Sec is having a final decision on september 30 ,2018. Etf still have a chances to approved and hope no matter sec decision made hope it will not made more depth of bitcoin and other crypto

I fully support your opinion. And anyway, we cannot depend on the SEC, it's just a fiction that makes us believe in a policy that is bought with the money.

If I understood correctly it can mean that cryptocurrency is facing the greatest discouragement and frustration from all the times before and we will go down even deeper.

The market is already in a downward spiral in the world. I do not know what will happen now. Although on the other hand I think a few people really believed in taking bitcoin ETF. So there could be no disaster. ;)

and they ask "why do i lose money"! it is because you don't have enough experience in this market and in trading in general!

the market doesn't react to news when YOU find out about the news. the market reacts to the news when The News is released which means about 24 hours ago and if ETF rejection could cause any damage to the price then it would have already done it.

Another sad news, the market has gone down too much

Yeah I already read the news and it's not a good news, but from the start I already expected this will be the result, so I am not surprised, I just afraid the price fall down too deep and make the investors run away, hopefully there will be a better news on September

The market reacted sharply as the news of the rejection happened it show the decreased of price of bitcoin and ETF is an attempt to hoodwink bitcoin and blockchain.

The new trend in the cryptocurrency ecosystem in the last week was dominated with Bitcoin ETF rejection. A new decision to review previous rejections by the U.S. SEC ought to have created a ray of hope in the crypto community, however, the feeling is that of weariness and a careless view to the importance Bitcoin ETF adds to the cryptocurrency community.

It doesn't matter. Bitcoin will find its way. It just need new stories.

Hi, everybody. Sooner or later the SEC will accept bitcoin ETF. Adopted seems to me to be when no one will not wait.

We'll never let others win on our freedom - so we are preparing for fighting stronger and stronger. Bankers those fat eggs that are still controllig the whole financial economy want to mantain their power but with this thing is different: you can no longer control us! We are born free and so our currency.

in case you missed it this topic and the news of it belongs to about 1 month ago not last week. and even then it had no effects on price whatsoever. the price didn't even move downwards. in fact there was even a rise right after that ETF rejection that happened 1 month ago.

Most of the early adopters agree that a ETF approval will do more harm than good in the long run. The short-term impact will be a sharp increase in the price, but this will be short lived, because the injection of large amounts of speculator based investments might cause higher volatility.

These speculators will be very jumpy and they will panic at the slightest indication of any bad news, so we might see large amounts of money coming into Bitcoin, but as soon as we see any bad news, these investments will be pulled and the price of Bitcoin will take a nose dive.  ::)