The crypto community is in a bad mood, especially after the latest Bitcoin news which show that one of the giant pioneers of a new Bitcoin revolution, CBOE, seems to have withdrawn its application to list the VanEck SolidX Bitcoin Trust on the CBOE BZX Exchange.
As a document published by the Securities and Exchange Commission (SEC) said on Wednesday, CBOE withdrew its application to list the physically-backed Bitcoin ETF on January 22nd.
The letter was attributed to the SEC Deputy Secretary Eduardo A. Aleman, who did not explain why CBOE – which was the first exchange operator to list Bitcoin futures – decided to pull the application.
Some analysts right now say that it was the prolonged government shutdown which made it increasingly unlikely that the application would be approved before the February deadline. On top of this, the exchange operator may have decided to withdraw the application and re-file rather than have it denied by SEC and its skeleton crew.
Despite the previous attempts by different firms to list Bitcoin ETFs, the SEC has yet to approve a Bitcoin ETF. The bad news is that many traders and analysts considered CBOE and the VanEck Bitcoin ETF as the best hope for one, mostly because of its structure – designed to attract wealthy investors.
The Bitcoin price dipped following the application’s withdrawal and is now trading at $3,573 with a 0.88% decline.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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