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The SEC just rejected 9 bitcoin ETF applications, citing manipulation fears — but bitcoin is actually rising
Late on Wednesday, the SEC rejected an application for two products from ProShares, two from GraniteShares, and five other proposals from Direxion. It means the world is still waiting for its first fully regulated bitcoin ETF product.
The Fundstrat cofounder Tom Lee said in his report that there was "significant volatility" in bitcoin's price around the expiration date of CME Group and Cboe futures contracts.
Cboe Global Markets president Chris Concannon addressed the SEC's concerns about a bitcoin ETF in a letter date March 23.
Futures are down 7%, with institutions pricing bitcoin at $13,355 by January 18.
Fears now abound that a major crash in the cryptocurrency's price could be underway.
The Frankfurt-based exchange made clear that it will take 'some time' before any decision on launching futures contracts is made.
Belinda Boa, BlackRock’s head of active investments for Asia-Pacific, said bitcoin "isn’t a financial asset like we would trade."
Ed Tilly, the CEO of Cboe, told Business Insider that volumes and the number of participants in the market were picking up.
The front-month bitcoin f...
The regulator has already taken action to ban initial coin offerings (ICOs) in the country.