United States Security and Exchange Commission just announced their decision for the Bitcoin Trust ETF
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The United States Security and Exchange Commission just announced their decision for the Bitcoin Trust ETF presented by Winklevoss twins. The Bitcoin Trust ETF has been Denied. The U.S. Security and Exchange Commission cited susceptibility to fraud as the main reason for the decision and without any regulations added this will likely not change. The decision made by U.S. SEC has sent Bitcoin price down to the lowest level it has seen in weeks.
The Bitcoin Trust ETF was set to be a common stock fund that would be pegged to bitcoin’s price. This would have allowed investors from the major markets to invest into Bitcoin without any additional knowledge or requirement for running Bitcoin wallet. With the final Denial decision made the U.S. SEC today, Bitcoin will likely start to fall downward in price, altcoins may see a huge rise in the next few days.
All hope is not lost for those that wanted the Security and Exchange Commission to approve the Bitcoin trust ETF. Currently 2 other Bitcoin ETF have been submitted to the U.S SEC, which has significant changes when compared to the winklevoss ETF fund. These changes may sway the decision of U.S. SEC and finally approve atleast one of the new ETFs.
You can expect the Bitcoin and all other Cryptocoin markets to be very volatile over the next few weeks as Bitcoin finds the support level. Since most trading of cryptocoin is done in Bitcoin, the price swings of Bitcoin will affect all crypto markets. Hopefully you are able to pull your investments out without much loss and play the waiting game until things settle down, unless you are a risk taker.
Quick video from Cyrpto on the latest decision below: