Institutional investors are said to be the hope of today’s crypto market in order to recover and get to its all-time high of near $20,000 once again. And though there are regulatory changes today, many are optimistic that a Bitcoin-ETF could change the landscape of a bearish crypto market. Many believe that a Bitcoin ETF could attract institutional investors. Despite Andreas Antonopoulos thinking that a Bitcoin ETF is a terrible idea, many are still attempting to send their application to the SEC.
Cameron and Tyler Winklevoss, for the second time around, were denied by the agency. The SEC noted the possibility of price manipulation. In addition to this, the Solid X and VanEck Bitcoin ETF will be releasing its decision by September. However, there is also a possibility that it can be delayed for one more time in February. In fact, this is the reason why there is also a speculation that a Bitcoin ETF is likely going to happen by February next year.
Proposals Earlier This Week
There were a number of proposals that filed for Bitcoin ETF earlier this week that were denied by the SEC. But this isn’t exactly a rejection considering that the agency agreed to review its decision. Though of course, it is still quite too soon to get excited. There is still a possibility that the SEC isn’t going to approve a Bitcoin ETF soon.
What makes the situation a bit tricky is the fact that the Securities and Exchange Commission reiterated the same reason why the agency is rejecting all the applications.
SEC Commissioner Hester Peirce has gained popularity recently from the crypto market. She’s the one who argued in behalf of the crypto market why there is a need for a Bitcoin ETF. She also announced that the orders are under review in accordance with the Rule 431 of the Commission’s Rules of Practice.
She wrote that “The Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here”.
Crypto Market is Up
Since there is a glimmer of hope on the Bitcoin-ETF applications, the rest of the crypto market experienced a sudden surge. In fact, in just 24 hours, Bitcoin price was able to hit $6,700 and the crypto market went from $210 billion to $215 billion.
However, if you will look at other cryptocurrencies such as Ethereum, Ripple, Bitcoin Cash, EOS, Ripple, the top five cryptocurrencies based on market cap only demonstrated minimal recovery of around 0.3% to 1% gain. Normally, it is quite common that altcoins are getting 10% to 20% gains if Bitcoin increase in price by around 3% to 5%.
Now, is Bitcoin going to reach $7,000 soon? There is a chance that this is happening in short-term especially depending on how the SEC is going to handle the situation. But of course, keep in mind that SEC isn’t exactly easy when it comes to approving ETFs. A gold-backed ETF has only been approved in 2003.