[2018-07-27]SEC rejects Winklevoss’s Bitcoin ETF, BTC Bull Loses Momentum

[SlipMart]

The US Securities and Exchange Commision (SEC) rejected the application for bitcoin-related exchange-traded-fund submitted by Cameron and Tyler Winklevoss. That was their second attempt to create the first ETF tied to the digital coin; however, the regulator expressed concerns related to liquidity and custody issues. Two more proposals for Bitcoin ETFs, submitted by VanEck and SolidX are still to be reviewed by the SEC.

The news pushed the biggest cryptocurrency below $8,000 handle, signaling deeper correction after the recent rally. Currently, BTC/USD is changing hands at $7,887, which is 3.7% lower on a daily basis. From the short-term point of view, Bitcoin moved to the oversold territory, but the trend still remains bearish...

Read More: https://news.bitzamp.com/sec-rejects-winklevosss-bitcoin-etf-btc-bull-loses-momentum/

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[BitHodler]

It's nothing more than a healthy correction. It went up from $5800 to $8500 which is enough reason to secure profits. There doesn't always need to be a specific reason for the price to go up or down.

The market has to deal with different traders all having different targets. No one even gave a damn about their ETF and no one was even talking about it. At best it might have been a trigger to secure profits sooner.

I don't think the price will go down much further with the other ETF still being relevant, but even if so, let the market tank deeper, I'll gladly use that as an opportunity to buy more coins for the same amount of fiat.

[Kprawn]

The SEC is looking for excuses to deny these applications, because they know Bitcoin is not under their control. The Wall

Street investors are used to protection mechanisms to protect their investments and they do not have this with Bitcoin,

because they cannot control it. They have been making sure that the system provide them with checks and balances to

enable them to manipulate the markets and they use that to their advantage to enrich themselves and to exclude some

people from this system. These people will destroy Bitcoin, if they can control it.    {Can you imagine what will happen if

these people are allowed to invest Billions of Dollars of our pension fund money into Bitcoin to destroy it?}

[dunfida]

It's nothing more than a healthy correction. It went up from $5800 to $8500 which is enough reason to secure profits. There doesn't always need to be a specific reason for the price to go up or down.

The market has to deal with different traders all having different targets. No one even gave a damn about their ETF and no one was even talking about it. At best it might have been a trigger to secure profits sooner.

I don't think the price will go down much further with the other ETF still being relevant, but even if so, let the market tank deeper, I'll gladly use that as an opportunity to buy more coins for the same amount of fiat.

Even myself doesn't really care at all about those fundamentals and I don't even believe that each news would really be the main reason on such price decrease I do agree on your point that short traders wont really be affected too much yet they do only focus or serious on taking out profits depending on their own decision. They do just tie up those recent news to take of profit. We do have a strong support on 7.8k and if it do break out it would go in 7400 and then 6800 supports.

[IconFirm]

Nobody in crypto cares about the SEC or the Winklevoss's ETF. It has no influence on anything apart from the Winklevoss's bank balance.

As for the source coming from bitzamp - they're a junk outlet that will post anything here for clickbait.

[darkangel11]

Sure, nobody cares because it's been bound to be rejected and the headline is a typical manipulation meant to create the wrong impression. SEC rejected that ETF a year ago, saying it's unsafe and doesn't have any insurance. They didn't change anything and didn't even re apply. All they did was file a complaint on that previous rejection. So, their ETF got rejected a year ago and now the SEC decided that the previous decision was correct. It has nothing to do with the much bigger ETF  everyone is waiting for.

[richardsNY]

The SEC is looking for excuses to deny these applications, because they know Bitcoin is not under their control.

I don't really blame their rejections, because 9 out of 10 ETF applications are junk. Most people here just read ETF this or ETF that while they don't know anything about them at all. At the end of the day wall street doesn't need these ETF's to enter this market, where I am sure that they are already invested with pocket change. No way they are waiting for ETF's and other garbage to get a feeling of how this market works and how easy it is to move. Once the regulatory framework becomes clear enough for them, and it's not crypto related services offering custody but banks themselves, they will flood this market with their capital....

[veleten]

as this is the first time Winklewoss's ETF has been rejected
this is a long process and there is none that can say:this year they ae going to approve it
besides don't blame the usual correction on the ETF rejection,if there is  a connection,it is not that simple
as ETF rejected-price dropped (or didn't rise as much as it could)

[chaoscoinz]

I think they may not pass any ETF proposal of Bitcoin anytime soon because of the ability of manipulation of the the market through the Wales, or other high stakes holders. It would have been groundbreaking if it they did pass it through though!
 Eventually someone will work out all of the regulatory kinks that's preventing any expansion of crypto reaching new heights.

[mazdafunsun]

It makes me think, how long they will keep rejecting it..

If you havent heard a signifant part of crypto heads are sending their love to SEC comissionair which had different opinion about this ETF rejection.
https://www.chepicap.com/en/news/2484/crypto-has-a-new-crypto-mom-and-her-twitter-following-is-growing-by-the-minute.html