Pantera Capital CEO Thinks Crypto Investors Are Overreacting to Bitcoin News

10 August, 2018, 23:47 | Author: Eric Barnett
  • Wall Street Bitcoin ETF

Bitcoin attempted a short-lived recovery on Tuesday, but bulls' hopes for recovery were ruined by SEC's decision to postpone a verdict for VanEck, the first bitcoin-related exchange-traded-fund.

So, is the bitcoin ETF some to look forward to?

According to cryptocurrency analysts cited by the Independent, considerations causing the delay are centred on the issue of bitcoin custody, where a financial institution would store bitcoin for the exchange.

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency. They are required to take action within 45 days after the date of the publication in the Federal Register.

In March a year ago, the SEC rejected the proposed rule change filed by NYSE Arca to list and trade shares of Solidx Bitcoin Trust.

After the SEC postponed its decision on a Bitcoin 00 ETF Wednesday, a bearish dip ensued. To do so would, though, require a rule change from CBOE Global Markets Inc for that to happen, and that's what the SEC has been mulling over.

All told, more than 100 comments were submitted through mid-July.


Negative sentiment towards the latest SEC delay tactic on approving Bitcoin ETFs was left accountable to the broad based market sell-off, with Bitcoin sliding through the first major support level at $6,544 and second major support level at $6,374 to an intraday low $6,128.2.

Over $9 billion has been completely erased from the cryptocurrency space, and it appears bitcoin isn't alone in its descent.

Generally, the U.S. Securities and Exchange Commission (SEC) has been hesitant in approving ETFs because of nascent assets and commodities.

Potential manipulative activity would be identified immediately, providing the "necessary deterrent to manipulation" described in the March 2017 disapproval notice.

While the well-respected technician did not give a clear price prediction for the price of Bitcoin, it has become apparent that the asset looks more bearish than it does bullish. The presentation also claims that existing bitcoin investments do not provide investors with sufficient protection, naming GBTC and XBT Provider as examples.

"I think it's going to be quite a long time until an ETF is approved".

What's Your Thought On This?, Let Us Know In the Comment section Below.

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