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bitcoin vaneck etc denial rejected
Nexo

Bulls Put On The ‘Spot’ As VanEck Bitcoin ETF Is Rejected

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin
0
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Bitcoin ETF season has come to an abrupt halt as the spot-based ETF proposal by VanEck has been rejected by the Securities and Exchange Commission. Here is a closer look into why the SEC rejected the proposal, what this means for future approvals, and what it could mean for the cryptocurrency’s continued bull run.

The SEC Denies VanEck Spot Bitcoin ETF Proposal

The United States Securities and Exchange Commission announced Friday that it had rejected a proposal for the VanEck Bitcoin ETF. The application was filed in March by the CBOE BZX Exchange, but the SEC claims that CBOE has failed to demonstrate it could protect investors from fraudulent trading.

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The VanEck Bitcoin ETF proposal would have tracked the spot price of Bitcoin directly. Other, similar proposals are up for approval or denial in the coming weeks and this latest development puts them in jeopardy.

Bitcoin price fell sharply around 3% on the news, but has recovered since.

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 Support broke down after the VanEck news circulated around. | Source: BTCUSD on TradingView.com

Caution And Doubt Dominates Cryptocurrency Continuation Optimism

Rewind to just a couple weeks earlier, and the leading cryptocurrency by market cap was the talk of finance. The first ever Bitcoin-based ETF was approved last month, which tracks the price of CME BTC Futures.

Related Reading | Time For Plan C? S2F Followers Expect $288K Bitcoin Price In Two Months

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The spot price of Bitcoin followed, setting a new all-time high. Momentum thus far has failed to sustain, and volume remains weak. Making matters worse, there has been abundance of leverage from derivatives traders in the market because of expectations of significant price appreciation.

Long positions plummeted after the news made waves. | Source: BTCUSD on TradingView.com

However, as the chart above shows, the negative news regarding the ETF rejection has prompted a large portion of long positions to begin closing. Allowing the market to cool off and reset leverage, without a drastic selloff, could be healthy for Bitcoin price action.

BTC-related ETFs are up for approval for the remainder of the year and into the new year, meaning there is ample room for several more approvals and denials to keep volatility coming. Bulls will need to defend the spot price of Bitcoin at around $62,000 where weekly support lies. Losing the level could result a return to the $50,000 range, while pushing beyond $68,000 could result in highs closer to what the Stock-To-Flow model predicts.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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