- The VanEck Bitcoin ETF proposal relies on Bitcoin price as opposed to using the value of Bitcoin futures.
- Bitcoin price leads the crypto carnage as assets set new monthly lows.
The “crypto winter” has progressed into an ice age as cryptocurrencies drown even further. Bitcoin price, for example, traded lows of $3,299.73 after sliding from the intraday high of $3,433.77. The asset is still in the red at the time of writing with declines of 2.1% on the day. The drop is not unique to Bitcoin as Ripple’s XRP and Ethereum (ETH) values are dwindling as well. XRP broke below the line in the sand at $0.3 to touch lows of $0.2924. Ethereum, on the other hand, is trading at $84 after retracting from the low traded at $82.15.
The entire crypto market is a sea of red rough waters as assets set new monthly lows. The ongoing crypto carnage is likely ignited and fueled by the news from the United States Securities and Exchange Commission (SEC) following the postponement of a Bitcoin exchange-traded fund proposal until 2019. The proposal, which is being delayed for the second time this year was sent by the fund manager VanEck in collaboration with a blockchain start referred to as SolidX.
The guidelines within the law state that the regulatory authority will not have the mandate to delay the ETF again. However, on the incoming deadline, the SEC will either have to approve or reject the proposal.
The current delay pokes in fresh wounds after the SEC had rejected several other BTC ETF proposals five months ago. In fact, in August the SEC rejected all 9 proposals from three companies ProShares, Granite Shares, and Direxion. Although the rejections were nullified the following day, it is still unclear when the regulator will rule on the proposals. CoinDesk reports that the VanEck is varied from the other proposals due to the fact that it relies on the value of BTC directly as opposed to Bitcoin futures.
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.