Bitcoin, Crypto currency, Blockchain

Price drops: SEC postpones decision on VanEck ETF on September

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The U.S. Securities and Exchange Commission (SEC) has postponed the decision on an exchange-traded Fund (Exchange Traded Fund, ETF) for Bitcoin on September. Then most of the Top responded crypto-currencies with price slumps in the two-digit percentage range.

Like the SEC, on 7. August was known, the decision about the Bitcoin ETF proposal of the company VanEck on the 30. September laid.

“Accordingly, the Commission determines […] the 30. September, 2018 as the date by which the Commission either approved the proposed rule change, or refuses or procedure for voting on the proposed rule change sets.“

VanEck, filed on 6. June, its third application for admission of a Bitcoin ETF. She has partnered with the block chain company SolidX. The SEC has on 1. August a presentation of SolidX published in the SolidX the ETF proposal is explained in more detail. In relation to the target group of the VanEck SolidEx Bitcoin Trusts, the presentation leaves no questions unanswered. Here it is a question of institutional investors. Accordingly, it is on slide ten of the presentation:

“Regardless of the letter of rejection from the March 2017, has expressed the SEC’s concerns about Bitcoin ETF and retail investors. To address these concerns, an output price that ensures that only institutional […] investors will be able to buy shares.“

In the above-mentioned issue price at around $ 200,000, which corresponded to the date of the presentation of 25 BTC.

Price drops according to adjournment

Except for the Tether, to the US Dollar coupled “Stablecoin”, recorded Bitcoin as Altcoins significant price drops. This reveals a look at the Top 10 on coinmarketcap.com where crypto-currencies by market capitalization are listed.

The temporal coincidence of the SEC announcement and the drop in Price is so obvious, that one can speak of a causal relationship, without the need to crystal-ball gazing. Many of Hodler hope to a regulated Bitcoin ETF on the entry of big capital in the crypto space and the associated gains.

Idealists see in a Bitcoin ETF, however, the grim Reaper for the original idea behind Bitcoin, which was actually to create a decentralized Peer-to-Peer payment system. The strong focus on the investment aspect that is embodied, among other things, by the continued ETF-debate and the associated price twitching, is a crypto-idealist, a thorn in the eye. Others think the whole debate is overheated.

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