The price of Bitcoin ETF COIN on March 10 was said to drop but The Securities Exchange Commission (SEC) denied the Winklevoss twins.
Bitcoin price reduced from $1,350 to $980 within seconds after SEC public statement was made known to the public.
Also Read:Blockchain-Enabled Smart Contracts the New Bitcoin Enhancer
That same day, Bitcoin price was recovered so fast, maintaining stability at the $1,100 margin.
What is the Future of Bitcoin ETFs?
While most analysts agree that a Bitcoin ETF is not important at this period of Bitcoin development and
growth , the SEC believes that regulated Bitcoin-related markets will increase over time and is willing to approve or introduce ETFs in the future that agrees with the basic needs of the Exchange Act.
According to cointelegraph some ETFs including the SolidX Bitcoin ETF are still under the consideration of the SEC. If the SolidX development team can get more information on the failure of the Winklevoss twins’ Bitcoin ETF and use
that to their advantage for their approval, the Bitcoin
industry could see the introduction of a Bitcoin ETF relatively soon.
However, if the SEC’s core argument on not allowing a Bitcoin ETF revolves around surveillance issues and unregulated OTC markets, then it looks as if it would be a great compromise for Bitcoin security to push for the approval of a Bitcoin ETF
Tag : bitcoin news