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The cryptocurrency markets are quite stable, even if the umpteenth negative news coming from the Securities and Exchange Commission has turned off the bullish push of the last days. The control body of the American markets, in fact, denied the possibility to enter the market to 9 exchange traded funds (ETF) that had been proposed for today's date.
The refusal of the SEC, which actually took place a few hours before the deadline of August 23rd, was quite expected by the operators. In fact the quotation of Bitcoin (BTC), cryptocurrency of reference for all the others, does not seem to have suffered much, suffering a slight decline from $ 6,700 to $ 6,300. It is not the first time that the SEC rejects an ETF. A few weeks ago he had already said no to the proposal of the Winklevoss twins, and therefore there was little hope for this new application.
This time the main proposal was that of ProShares, in collaboration with the New York Stock Exchange, which evidently did not provide enough guarantees for the SEC to approve it. The problems identified are connected to the manipulation of the price, which the cryptocurrencies suffer, which is due, among other things, to extreme volatility and to trading volumes that are not yet comparable with those of traditional assets.
The approval of the first derivative Bitcoin ETF is expected spasmodically from the community and could mark an entry of unprecedented liquidity in the cryptocurrency market, making profits profitable.
Despite all the agency leaves the door open for a future rethinking, when, perhaps, there will be conditions that make the investment safer for a wider audience of investors. In fact, in the statement released by the SEC on this subject, it is aware that cryptocurrencies and especially blockchain technology have an important innovative and technological value.
As a color note to close today's article it is worth noting that Steve Wozniak, cofounder of Apple and a highly respected man in Silicon Valley, started working with Equi Capital, a startup focused on investments in new digital currencies.
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Source: IQOption blog 2018-08-23 14:26:42
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Saturday, 20 October 2018