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- Bitcoin price failed to spark further volatility due to criticism for rejecting spot-based ETF
- The rejection of the product’s launch caused few market headaches
- Maria Dorta highlights that since the first rejection of such a product in 2013, the US SEC has successfully protected investors from more than 12,700% of gains
Bitcoin price has been rallying after facing several turbulent months. Earlier this month the flagship cryptocurrency achieved a new all-time high near the price level of $69k. Notably, the price began to achieve new highs following the launch of the first BTC ETF in the United States. However, after securing a new high, the price retraced back near the level of $62k. Notably, further losses have been suspended as the recent rejection of BTC spot-based products by the US Securities and Exchange Commission (SEC) has caused some market headaches.
VanEck expresses disappointment
Bitcoin price tapered further losses on Saturday, as the rejection of BTC spot ETF faced criticism in the market. After the news attracted several headlines that the US SEC has rejected VanEck’s spot-based crypto product, BTC saw a significant dip. However, the price failed to spark further volatility due to criticism. Following the rejection, VanEck expressed disappointment. According to VanEck, the firm is disappointed following the dismissal of its filing.
Furthermore, the global investment manager underscored that it believes that the investors should be able to gain BTC exposure through a regulated fund. Indeed, to offer such exposure, a non-futures ETF structure is one of the superior approaches.
US SEC faced criticism for rejecting Bitcoin spot ETF
The rejection of the product’s launch caused few market headaches. Several commentators emerged being more vocal. Maria Dorta, the vice president of marketing at Roundhill Investments, noted disadvantages to investors from the last eight years of the financial regulator’s rejections. Furthermore, Dorta highlights that since the first rejection of such a product in 2013, the US SEC has successfully protected investors from more than 12,700% of gains.
Bitcoin’s traders are focused on weekly close
Bitcoin price moved on after the spot-based ETF rejection. Meanwhile, the Bitcoiners are observed being more focused on the weekly close. According to analysts in the cryptosphere, the price of the coin designed by Satoshi Nakamoto, needed to remain above range resistance in play since the initial $64k from April. Following the scenario, Pentoshi, a popular trader, tweeted that the Bitcoin price actions are forming a vital feature in the coming days. Simultaneously, Rekt Capital, another analyst in the industry tweeted with a firm bullish perspective on the longer time-frame. According to Rekt Capital, all data science models suggest that the leading crypto coin will soon peak higher than $100k in the recent bull cycle. Likewise, others have also failed to evidence to suggest the bull market has ended or is under threat.
