SEC Rejects 9 Bitcoin ETF Applications Whats Next Target of bitcoin? - 23 Aug18

[newinbtc]

SEC Rejects 9 Bitcoin ETF Applications from ProShares, Direxion and GraniteShares
Sec rejects has rejected a total of nine applications from various btc exchanges

For all three disapprovals, the SEC has stated that:

"[T]he Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices."


many people Predict if SEC approves price jump . Now sec disapproved now price again down to earth ?
Whats prediction now within year end ?
Market is already red - https://coinmarketcap.com/


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Source - https://cointelegraph.com/news/japans-financial-regulator-wants-crypto-industry-to-grow-under-appropriate-regulation

[Herbert2020]

Whats prediction now within year end ?
Market is already red - https://coinmarketcap.com/

"market" is read again because altcoins are still on a dumping spree that has not yet come close to an end. they continue losing value as their bubbles run out of air. talking about it here however is very irrelevant.

as for SEC and ETF, i am wondering how many more times they have to reject ETFs before we stop even caring about them or talk about them. so far i think they have rejected ETFs at least 20 to 30 times starting from last year.

[sunanbonang]

this sounds really bad, the price of bitcoin has fallen like a rock. it looks like bitcoin prices will drop far enough this time. I hope the price of bitcoin will not go below 6k anymore.

[hase0278]

as for SEC and ETF, i am wondering how many more times they have to reject ETFs before we stop even caring about them or talk about them. so far i think they have rejected ETFs at least 20 to 30 times starting from last year.

Don't think about it too much because I think in the next coming ETF which is CBOE's ETF, things might change(I hope).

this sounds really bad, the price of bitcoin has fallen like a rock. it looks like bitcoin prices will drop far enough this time.

It didn't since the fall it has shown for now is not that much since it only had a 3.83% decrease according to coinmarketcap. At least, I'd say the price of bitcoin has just corrected a little after being overbought because of the upcoming ETF that was rejected now.

[haroldtee]

Based on how a lot of people have hugely attached ETF proposal to the movement of the market, even with the quick drop in price, it is still trying to hold up.

This market is very unpredictable and for me, I feel the market just moves in the direction it pleases at its own time or will I say the direction the whales are pleased with. The market could go down but the general sentiment in the market has been very bearish for a while now, and I do not see that changing anytime soon, irrespective of the ETF proposal news.

~snip~

Don't think about it too much because I think in the next coming ETF which is CBOE's ETF, things might change(I hope).

Hopefully CBOE will meet its burden under the exchange act, right? We all hope so too and that is all we can do now until then.

[davis196]

Whats prediction now within year end ?
Market is already red - https://coinmarketcap.com/

"market" is read again because altcoins are still on a dumping spree that has not yet come close to an end. they continue losing value as their bubbles run out of air. talking about it here however is very irrelevant.

as for SEC and ETF, i am wondering how many more times they have to reject ETFs before we stop even caring about them or talk about them. so far i think they have rejected ETFs at least 20 to 30 times starting from last year.

I wish the altcoins continue to be in a dumping spiral untill they "die" and nobody wants to buy them.
They are slowing down the mass adoption of bitcoin and they are pushing the bitcoin price down,because lots of crypto investors think that they will make big profits with altcoin day trading.
There won't be an apocalypse,if the SEC disapproves the ETF proposal.Bitcoin will go to the moon next year,without any major institutional ivestors.

[Slow death]

Whats prediction now within year end ?

it was expected that these ETFs would be disapproved and we still have the most important that will be decided until September 30, if by case on September 30 the SEC disapprove the VanEck ETF I hope that people don't enter in panic because we still have good news for the end of the year, I speak of:

NYSE Operator Announces New Global Digital Assets Platform, Plans Bitcoin Futures Launch

this sounds really bad, the price of bitcoin has fallen like a rock.

In fact the market reacted very well, the biggest problem will be if the SEC rejects the VanEck ETF

I hope the price of bitcoin will not go below 6k anymore.

It will be very difficult for this price to be maintained if we do not have good news, but I believe that in the coming months we will have good news

[adaseb]

What I find funny is this.

When the CBOE ETF was delayed, we had a huge dump. Makes no sense since it wasn't rejected and a delay was expected.

When the Bakkt was announced, nothing pretty much happened around that time.

When all these ETFs were REJECTED not just delayed, there was a little pump.

Basically its impossible to trade the bitcoin news and you might as well flip a coin.

[1Referee]

When the CBOE ETF was delayed, we had a huge dump. Makes no sense since it wasn't rejected and a delay was expected.

Makes perfect sense. Delay with the SEC means rejection by default. The only reason they don't outright reject ETF's is because it's the easiest way out for them.

When the Bakkt was announced, nothing pretty much happened around that time.

Why should something happen? The only one hyping up BAKKT was the mainstream media, and when that happens, you know it won't impact the market. The price went even down afterwards, which once again proves that you should short mainstream media excitement. They're a great counter indicator of what you should be doing.

Basically its impossible to trade the bitcoin news and you might as well flip a coin.

It's not impossible, just not suited for everyone. I opened a short just under $6700 yesterday in anticipation of another delay or rejection (which was pretty much guaranteed to happen), and it worked out pretty well for me. I liquidated my position at $6300 with a 5x leverage. I'll do it again next month with the VanEck ETF.

[bintangkejoraku]

this is bad news, it looks like bitcoin prices will soon drop below 6k again. Looks like the bear market will last longer, I start losing bull run. I'm getting frustrated.

[Pursuer]

many people Predict if SEC approves price jump . Now sec disapproved now price again down to earth ?

"down to  earth"?!!!
if SEC approves ETF there will be a price jump because that would come as a huge shock to the whole market since we don't expect it to be approved!
but if it is rejected, people are prepared for it and all the dozens of rejections so far has prepared them for the worst. additionally most of the investors are waiting for the ETF decision so that they can invest with no risks ahead so after its approval/rejection it would only be a matter of time before the big rise.

[buwaytress]

When I saw the prices drop about 5% instantly last night just before heading off to bed, I knew the decision had come. The market's idiocy is still there for all to see, though. I mean, what else were we expecting? If ETFs backed by physical Bitcoin can't be approved, what more leveraged and futures contract tracking? And if the SEC already says it needs a regulated market before it can ever move to a more positive mindset, what makes people think they've changed their mind in a matter of a few weeks?

ETFs aren't happening for a long time. And Bitcoin doesn't need them.

[exstasie]

What I find funny is this.

When the CBOE ETF was delayed, we had a huge dump. Makes no sense since it wasn't rejected and a delay was expected.

When the Bakkt was announced, nothing pretty much happened around that time.

When the market is bearish, good news hardly matters for price, and bad news can catalyze selloffs. Bad news doesn't cause downtrends (it's strong supply that does that), but it can help trigger them.

When all these ETFs were REJECTED not just delayed, there was a little pump.

Basically its impossible to trade the bitcoin news and you might as well flip a coin.

Right when the news dropped yesterday, there was a 2-3 hour dump from the $6,400s to the $6,200s but it was bought up pretty quickly. If you shorted at that time, you definitely would have sold into a bottom. The reaction to the CBOE ETF delay was much stronger.

I approach news in two ways. I either ignore it and focus on price action, or I buy the rumor and sell into (or before) the news. Both methods work much better than trying to "trade the news" itself.

[rickadone]

I believe the important part is that the bitcoin ETF's got attention, not just around here but on economy channels like bloomberg and cnbc really gave bitcoin ETF some attention and air time because they know that when something gets as big as this there is no stopping it. Now the important next target for bitcoin to become some sort of common investment option for people who do not want to buy bitcoin.

Buying bitcoin has a lot of hassle like selecting a proper exchange, sending your info for KYC and sending your money and getting btc and hoping your funds won't be frozen by coinbase or wherever you buy (keeps happening to many people). However with ETF, you just tell your bank to have some bitcoin etf on your investment portfolio and you are done.

[fabiorem]

I hope that, after these rejections, users stop waiting for a "legitimation" of bitcoin. See where that "legitimation" brought us, after futures markets where announced and investors got burned by Wall Street.

The masses see capitalism as a evil concept, because of these speculators. They gave it a bad name. To "legitimize" bitcoin, I think it will bring us more disgrace than good.

As for the price, I think we will drop to 4000s in September, but it might recover before December. There will be no ATH this year, we might reach 12k in November or December and thats it.

People brought bitcoin for the wrong reasons, waiting for "legitimation", instead of looking for a safe haven against the nation-state. They will sell in the same way.

[Traxo]

This is actually bullish as we move into 2019 because the SEC has specifically stated what is necessary to get approval:

“Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”

As a March 2018 registration statement from the SEC noted, “the [ProShares] Funds do not intend to hold Bitcoin Futures Contracts through expiration, but instead intend to either close or ‘roll’ their respective positions.” This had been specifically designated as a potential risk for the two ETFs in question –– in addition to the “extreme volatility and low liquidity” attributed to both Bitcoin spot and derivatives markets.

”When the spot market is unregulated –– there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”

And hinted they want to approve an ETF:

"[The agency] emphasizes that its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment."

Note the NYSE is planning to offer futures which may settle physically which thus ostensibly would address some of the SEC’s concerns:

The news confirms sources in May that had suggested the NYSE operator was considering launching physically-delivered BTC futures contracts, distinct from those currently offered on CME and CBOE that are ultimately settled in fiat. Analysts said at the time that physical delivery would open “the floodgates” to institutional capital and potentially result in some “big price moves” in the crypto markets.

This chimes with Mike Novogratz’s recent estimation that “a trusted, name custodian — [such as] a Japanese bank or HSBC or ICE or Goldman Sachs — [is what would ultimately] allow institutional investors to feel comfortable.”

But it's coming…

Cboe Global Markets Inc. wants to be the first to list a Bitcoin exchange-traded fund, though there’s still a lot of work needed to win approval from the U.S. Securities and Exchange Commission.

“As we chip away at their issues to make them less concerned, at some point they’ll be comfortable with an ETF,” Chris Concannon, the Chicago-based exchange operator’s president and chief operating officer, said in an interview.

The SEC has been wary of bringing crypto to the masses with an ETF despite speculation one would be endorsed as early as this month. It postponed a decision last week on a proposal that would allow the fund from VanEck Associates Corp. and SolidX Partners Inc. to list on Cboe. The SEC earlier rejected an ETF proposal by Tyler and Cameron Winklevoss, who run the Gemini Trust Co. cryptocurrency exchange. The regulator is concerned about manipulation in the mostly unregulated digital currency markets.

“The SEC is likely to delay until February of 2019 and the chances of a Bitcoin ETF approval in 2018 have always been low,” Hany Rashwan, chief executive officer of crypto startup Amun Technologies Ltd., said last week.

It's likely the VanEck Bitcoin ETF will also be disapproved in Sept:

https://www.coindesk.com/sec-delays-vaneck-solidx-bitcoin-etf-decision-to-september/

But what could possibly come out of that disapproval is wording from the SEC that is very bullish. Remember there is strong possibility of a new ATH in 2019:

https://steemit.com/trading/@anonymint/most-important-bitcoin-chart-ever
https://steemit.com/trading/@anonymint/re-heavyd-re-anonymint-re-anonymint-bitcoin-to-usd15k-in-march-usd8-5k-by-june-then-usd30-k-by-q1-2019-20180819t141422240z

[Jating]

What should be worried is the Van Eyck Solid X proposal because its what people are really hoping to get approved, however we have to tell people not to get excited because we will have the same results as others Bitcoin ETF in the past, a rejection.

That's why I'm not getting myself carried away with this ETF's going on. And we should not think of it getting approved because we are still in the stage wherein all sorts of magic trick can be done in this market by manipulators. And I'm sure as the investors getting smarter nowadays, they won't even bother by another ETF rejection.

[gentlemand]

https://twitter.com/jchervinsky/status/1032431885413228545

This guy is lawyer who has opined on ETFs for a bit. He's not optimistic about any application after the reasons they gave for this latest crop of rejections.

[BitHodler]

And I'm sure as the investors getting smarter nowadays, they won't even bother by another ETF rejection.

I certainly hope so, but I'm afraid that common sense doesn't really apply to most of the traders here. It was clear a long time already that ETFs wouldn't be accepted by the SEC, but the market still reacts to it.

Bitcoin's speculative nature fuels these events to continue to happen because that's what traders can use to either move the market up or down. Just look at how much hype there is around these ETFs, it's ridiculous.

Just before the SEC postponed its Vaneck ETF decision people were talking about how the first gold backed ETF pumped its price significantly, and they blatantly assume that the exact same thing will happen to Bitcoin, which is crazy.

Even with an approval you don't know whether or not there is any significant demand for it.

[pitiflin]

"down to  earth"?!!!

Don't you know? Bitcoin is dying.  If these ETFs ever get approved, then it actually just might die, for good.

And I'm sure as the investors getting smarter nowadays, they won't even bother by another ETF rejection.

What world do you live in,brother? Do tell, we would also move there, for people are "smart" and are in no way, like the dumbfucks on Earth.

SEC Rejects 9 Bitcoin ETF Applications from ProShares, Direxion and GraniteShares
Sec rejects has rejected a total of nine applications from various btc exchanges

How many more are there? Burn them all.