As SEC Rejected Bitcoin ETF, Bitcoin Price Rally Can Still Be Ahead
As the news of the Winklevoss exchange traded fund not being approved by the Securities and Exchange Commission sinks, the CEO of CryptoCompare, which brings the latest streaming pricing data of cryptocurrencies, hints at what could have been responsible for the rejection.
Charles Hayter states in an email that the SEC does not like Bitcoin being unchained from all regulation and the rejection move is, in essence, a form of consumer protection.
“Whether other jurisdictions will allow a Bitcoin ETF remains to be seen – but for the time being all is not well – and it seems as if the other ETFs in the pipeline for the SEC are facing the same stone wall. The markets are digesting the information at the moment – we expect continued volatility and high volume. The hopes that Bitcoin would move towards mainstream finance have been dashed.”