A letter posted by SEC to launch a review on Proshare's and other nine Bitcoin ETFs
On August 23rd, the SEC posted a letter on its website to announce the decision to review the rejected nine Bitcoin ETF petitions.
It's said that the previous decision was made by delegated staffs from the SEC, and this time the senior officers and the chairman will review the filling themselves.
The Bitcoin ETF is a derivative product in the crypto market which allows holders make profits from bitcoin without holding actual bitcoin, a similar mechanism to holding stocks: when the stock price appreciates, the holders gain profits and vice verse.
Bitcoin ETF
As a putative practical crypto instrument, many people view the Bitcoin ETF as a clear demonstration of the recognition from the authority. Once achieved, institutional investors pile in together with their capital; people's confidence in cryptocurrency increases and more solid structure is going to be built up.
Therefore, it's foreseeable to see how the market fluctuated as the filling was rejected and is going to review again.
Bitcoin and other major cryptocurrencies' performance on 0823 and 0824(UTC)
On August 22nd, the market experienced a bloodbath, with nine out of ten tokens showed sign of a slump in their value. Then when it comes to August 23rd, many tokens such as Bitcoin, reverse the downward trend, with the current bitcoin price now higher than $6500.
Cryptocurrency and the industry are of volatile nature and vulnerability. They are in the token and the industry. Then how the government's policy is going to influence the crypto world and what's the future of them. It's in doubt.