Bitcoin And Altcoins Rise, Despite SEC’s Denial of Winklevoss ETF Application

SEC denied an application by the Winklevoss twins that would have allowed trading of the first bitcoin ETF, but still bitcoin recovered back above $8,200 hours later. The cryptocurrencies broke above the trend in the past month and bitcoin went over $8,300 for the first time in two-months after rumors that another ETF could be approved in August.

One SEC Commissioner, Hester M. Peirce, was supportive of a cryptocurrency bitcoin ETF and published a dissent following the agency’s decision.

“I am concerned that the Commission’s approach undermines investor protection by precluding greater institutionalization of the bitcoin market,” Peirce said in a statement. “More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order.”

“I would be skeptical of an ETF being approved this year,” said Brian Kelly, founder and CEO of BKCM. “Answers to the questions the SEC has aren’t complete yet.”

 

SEC rejects Winklevoss bitcoin ETF proposal for the second time from CNBC.

Tags: Bitcoin, technology, bitcoin price, bitcoin price prediction, bitcoin price rise

Mohsen Daemi
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