Hours after the SEC officially announced that it rejected a proposed Bitcoin ETF that was submitted by the Winklevoss Twins, the Bitcoin price reacted – dropping below $8,000 and stopping the (bullish) momentum.
After reviewing the application for a second time – with an included appeal from the Gemini co-founders Cameron and Tyler Winklevoss – the SEC opened a fresh round of public comment and officially rejected the application for a Bitcoin exchange-traded fund.
The last rejection for the same Bitcoin ETF by the SEC was in March 2017. However, the new ETF submission was modified by the Winklevoss twins, after which the SEC performed a completely “new” review with the revised application – meaning that they treated it like an entirely new application.
In order to combat the comments on the first ETF rejection, the new application stated the following:
“The geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin”13—and that therefore the bitcoin market “generally is less susceptible to manipulation than the equity, fixed income, and commodity futures markets.”
However, we did not see the SEC buying these comments. Instead, they argued that the “surveillance-sharing agreement” is a necessary protection against fraud and manipulation. According to them, Bitcoin does not have sufficient surveillance built to prevent fraud.
Some of the additional reasons for the rejection revolve around Bitcoin’s current market regulations and the fact that they are still in their early phases. However, SEC concluded that they are open to future applications that have sufficient modifications to support the surveillance agreement.
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“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings. Currently, Bitcoin is trading at $6,351.
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“Starting today, Coinbase supports the Basic Attention Token (BAT) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store BAT, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.”The decline in the price of BAT was abnormal because of the integration. Similar to the case of ZRX and its dump following the listing of Coinbase, analysts think that these integrations demonstrate the typical 'buy the rumor and sell the news' moves by investors in the cryptocurrency market. To sum things up, the price of BAT is very likely to have undergone major pressure as more investors seek to profit from it on short-term events.
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