Another refusal by the SEC on bitcoin ETF. The market reaction was expected: the coins lost in value.
The application for Bitcoin ETF and ProShares Short Bitcoin ETF from ProShares to the SEC failed to meet the expectations of the crypto community. It became known that the US Commission issued a negative verdict.
Official answer: the application does not fully comply with the requirements prescribed for the conduct of exchange activities. In an attempt to reduce the degree of tension in society, SEC representatives noted that their decision was not associated with negative value judgments about the very nature of bitcoin..
Refusal was not the first — previous applications were rejected with similar wording. The next decisions are awaiting VanEck and SolidX, previously the SEC postponed the consideration of their application to September 30.
The reaction of the cryptocurrency market was expected — the negative decision of the SEC caused a slight decrease in the value of the main coins. Bitcoin managed to demonstrate touchdown of the 6300 level, after which a correction began against the background of a strong fall. In any case, the growth in anticipation of the decision is over. Another transition to a sideways movement is likely and the expectation of positive decisions from the SEC and general changes in the news background.
Earlier we wrote about the implications of crypto ETFs for the market..