Crypto Market Witnesses Boost As Bitcoin ETFs Get Approved By SEC

Anurag Ganguly

April 3, 2019 1:27 pm

13768 Total Views


The US Security Exchange Commission surprised the crypto market by affirming two Bitcoin-controlled trade exchanged assets (ETFs.) applications. US-based BTC fans are happily boosting the market upward.

In the beginning of coming month, Bitwise is intended to launch Bitcoin exchange-traded funds with an investment management company, viz, VanEck. BTC fans had a keen eye on the six-month had-to-be taken decision while investing and trading day-in and day-out. Trend shows SEC kept postponing the date of giving a final verdict on the submitted Bitcoin ETF application. Last Friday, a confirmed date of the final result was too, postponed.

The market responded to the news in a positive way, all after the result being in favor of the market itself. After SEC announced the result, capitalization of the total market has expanded by $13.7 billion. The price of BTC/unit is now $6000, rising from $4080.

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In the midnight of April 1st, before making a final call, the US SEC conducted an emergency meeting. Members and participants of the meeting rethought the whole decision, counting the recent public outrages over the delayed decision.

Members of the Commission were reportedly called by the SEC Chairman, Jay Clayton. The members were told to give the final decision without any further delay.

One of the MIT Prof. said,

“I believe Clayton was attempting to counteract the narrative that the American government is unable to act without shutdowns and other shades of political chaos.”

“However, this kind of rash action could send the message that the SEC is perhaps not acting with as much caution as it should be exercising.”

The crypto-network has reacted to this update emphatically; however a few specialists are calling this choice silly, the present market isn’t. Some crypto-fans are notwithstanding saying that this choice could work an impetus and fix the bear market which has been recoloring the market throughout recent months.

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