More Bitcoin ETF Rejections Drive The Market Down

[iconoclast]

The Securities and Exchange Commission (SEC) has issued rejections to bitcoin exchange-traded fund (ETFs) proposals from ProShares, Direxion and GraniteShares.

https://www.coindesk.com/sec-rejects-7-bitcoin-etf-proposals/

I think it is getting pretty apparant that the SEC has no intention of allowing any sort of Bitcoin ETF in the near future. It always struck me as the wrong approach for the development of cryptocurrencies. Putting a decentralised cryptocurrency that anyone can trade on a centralised exchange where it can only be bought through regulated intermediaries defeats the entire purpose of the blockchain. It seems to me that actually tokenising assets (like ETF's, Shares, Bonds etc.) and putting them on a blockchain where they can be traded is the future. That future is good news for Alts that can tokenise assets and bad news for Bitcoin which seems to hoping that ETF's will save them from their technological limitations.

[BitcoinHodler]

market would have gone down even if SEC approved ETF. its rejection was just another excuse for the pumpers to dump their altcoins and drive their prices lower and take another step towards that bottom that is still far away. otherwise you can see that bitcoin is still keeping its price up and it is still around $6400 and strongly above $6k while others go down.

I think it is getting pretty apparant that the SEC has no intention of allowing any sort of Bitcoin ETF in the near future.

from day 1 i said ETF is not going to be approved, i got caught up in the hype for a short time and became unsure but i came back to being nearly sure that they will continue rejecting all of them.