The new trend in the cryptocurrency ecosystem in the last week was dominated with Bitcoin ETF rejection. A new decision to review previous rejections by the U.S. SEC ought to have created a ray of hope in the crypto community, however, the feeling is that of weariness and a careless view to the importance Bitcoin ETF adds to the cryptocurrency community.
The Bitcoin ETF Brouhaha
The past week was filled with, fear and shock over the news of the rejection of the Bitcoin ETF application of three firms by the US SEC.
The previous rejections of the Winklevoss Twins by the SEC did not deter the hope of many cryptocurrency enthusiasts on the possibility of its approval, as the community were hopeful of the ProShares, Direxion, and GraniteShares proposals. Disappointingly, many hopes were dashed when nine proposals in all by the three firms were rejected.
Surprisingly, this did not affect the price of Bitcoin as it was still able to muster a 3.45% increase as it trades at $6734.51.
However, the announcement set in weariness into the community as many Bitcoin enthusiasts believe the approval of the ETF is key to the bullish trend investors are awaiting since the beginning of the year.
A day after the rejection, the SEC announced its decision to review past proposals through a voting system to be done by the commissioners. Notedly, review of ETF proposal is not new, as the previous reviews haven’t yielded any good returns either.
This circumstance has spurred less regarding its approval as members of the cryptocurrency community shares their view on social media.
A Twitter user noted that "the Bitcoin ETF is unlikely to get approved before there is a qualified custodian. Stop worrying. The market infrastructure isn’t ready yet."
And another stated that "after reading through the SECs Bitcoin ETF rejection notices, it is very clear that there will not be a Bitcoin ETF any time soon."
The Ray Of Hope in Disbelief
While most enthusiasts are wearied and careless for the approval to come anytime soon, the intending review and the postponed application of the VanEck and SolidX Bitcoin ETF to 30th of September still sparks a glimmer of hope as noted by a Twitter user.
"I am hoping that the #SEC Sept 30th #deadline #due date for #Vaneck #Solidx #Bitcoin #crypto #ETF is really the next major milestone."