Bitcoin ETF Delayed Approval: Will Happen After November 5

One of the things that make the crypto market interesting nowadays is the fact that there is a possibility of a bull run once institutional investors get involved. Many believe that a Bitcoin ETF can make it easier for investors to participate in the market. However, things are going slow. Over the last months, a good number of crypto observers and investors are pinning their hopes on a possible Bitcoin ETF. Unfortunately, the US Securities and Exchange Commission has denied a good number of Bitcoin ETF applications. The last time around, the agency even cited concerns on price manipulation.

Even Cameron and Tyler Winklevoss already attempted to have their own Bitcoin ETF application on two occasions. However, the twins failed in both attempts.

The SEC announced that the nine Bitcoin ETFs that were previously reviewed will be reviewed. However, the deadline was extended yet again. Supposedly, the decision was going to be made this November 5, 2018.

In August, the SEC rejected nine Bitcoin ETF applications. The NYSE Arca Inc Bitcoin ETF even received 13 comments from the agency. The comment is that the market can be manipulated by a Ponzi scheme. It has noted examples such as Kraken, BitConnect, and pump and dump schemes that are quite common on Telegram.

The next day, the SEC announced that they will be going to review the “Division’s actions pursuant to the delegated authority”. It stated that “On October 4, 2018, the Commission issued an Order Scheduling of Statements on Review, settling November 5, 2018 as the date which any party or other person may file a statement in support of, or in opposition to, the action by the Division pursuant to delegated authority”.

Not Any Time Soon

It has already been speculated in the past that the approval of a Bitcoin ETF won’t be happening any time soon. Reggie Brown who was dubbed as the Godfather of ETF mentioned that this. He even said that “It’s very difficult for the Commission to wrap their heads around a positive approval because there’s no data yet… the markets just aren’t here”.

But the good news is that there is still the VanEck and SolidX Bitcoin ETF application that is still pending approval. Many believe that it has the strongest chance of getting approved.

How It Affected Bitcoin Price

The anticipation of the BItcoin ETF has affected the movement of Bitcoin price. In fact, Bitcoin has remained around $6,200 to $6,500 range for the last weeks. It has even been considered to be less volatile than tech stocks such as Amazon and Netflix. Many believe that people are holding on to their Bitcoin waiting for the time that it a Bitcoin ETF is going to be approved.

There is also a research that was made by Morgan Stanley saying that Bitcoin is no longer just a store of value but an institutional asset class as well.

Is Bitcoin going to skyrocket any time soon? Are experts correct that we are going to see the influx of institutional investors soon now that it is possible that some are buying while it is still low while others are also waiting for the decision of the SEC?