The US Securities and Exchange Commission (SEC) has adjourned the decision on the upcoming Bitcoin ETFs. Therefore, the agency still needs some time to weigh the reasons for and against the exchange-traded funds for the leading cryptocurrency. The Bitcoin price continues to rise.
The crypto community is anxiously awaiting the decision of the US Securities and Exchange Commission. Right now, the SEC is deliberating on whether to allow Bitcoin ETFs in the future. The authorities postponed the decision a little behind. Ultimately, it’s all about balancing the reasons:
“The Commission considers it appropriate to specify a longer period within which an order may be issued to approve or reject the proposed rule change [to Bitcoin ETF]. Because the SEC needs enough time to carefully consider this proposal. Accordingly, in accordance with section 19 (b) (2) of the Law, the Commission has designated 21 September 2018 as the date […]. “
Approval by the SEC would have a significant positive impact on the Bitcoin price. Above all, it would be the official confirmation of an authority that would signal security to investors. It would also be easier for newcomers to invest in cryptocurrencies such as Bitcoin, Ether & Co. through the exchange-traded index funds. (Why the Bitcoin ETFs have such a strong influence on the price, we explain here.) Already the introduction of Bitcoin Futures in December last year had a significant impact on the Bitcoin price. In addition, the expiration of the short positions of the futures contracts can be combined with the current price rise. (More here).
The Bitcoin price currently stands at $ 8,284.53 (7,086.91 euros), an impressive 34 percent increase. The market capitalization is 142 billion US dollars (122 billion euros). Within the last month, the market dominance of bitcoins rose from 42 percent to 47 percent.
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Categories: Crypto Currency