Stop ‘Overreacting’, Crypto Hedge Fund Vet Tells Bitcoin Investors

Stop ‘Overreacting’, Crypto Hedge Fund Vet Tells Bitcoin Investors

The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC's market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies.

Bitcoin fell sharply on Wednesday after the U.S. Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF), which would have been the first financial product of its kind. With Canaccord, the largest investment firm in Canada, another major investment firm on similar lines said that it is highly unlikely to admit a Bitcoin ETF in 2018.

Morehead went on to say that the same ETF story has been repeated over the last five years, and he doesn't see the narrative changing anytime soon given how the SEC has treated other approvals in the past.

VanEck first attempted to submit a bitcoin ETF back in March 2017, though this move was dismissed by the SEC nearly instantaneously due to lack of regulation.

BCH/USD: The Bitcoin Cash, was also not spared from the aftermath of the bitcoin ETF decision postponement and dragged itself to April lows, following the footprints of its wider peers in terms of price action.

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The SEC is slated to give its final decision on the VanEck-SolidX proposal during late February 2019.

A document published on the SEC website dated August 1 details a meeting the previous day between 15 SEC officials and six representatives from Van Eck Securities Corporation, Solidx Management LLC, and Cboe BZX Exchange Inc. This means that investors don't actually need to buy a Bitcoin.

Created by Intercontinental Exchange (ICE), the operator of the New York Stock Exchange (NYSE), Bakkt has already inked partnerships with Microsoft and Starbucks to develop ways to take cryptoassets mainstream. According to Gallancy, the launch of this Trust is now set for early 2019 assuming they get a positive decision. VanEck and SolidX submitted their proposal in June 2018 and had reportedly elicited numerous comments from the public.

When asked by CoinDesk about how he feels about the likelihood that his firm might have the green light to trade Bitcoin ETFs, Gabor Gurbacs said that he doesn't know an answer to this question.

However, given the recent price plummet, it would seem that there is really need for much emphasis on bitcoin ETFs and a real need for a bitcoin ETF to be approved.

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