Bitcoin’s fall after trouble with ETF, and now stagnation

Bitcoin price BTC

Bitcoin’s fall after trouble with ETF

Bitcoin prices declined below $8,000 today, falling slightly after the U.S. Securities and Exchange Commission (SEC) opted to reject the second BTC Exchange-Traded Fund (ETF) proposed by Cameron and Tyler Winklevoss. However, bitcoin price has dipped below the 100 SMA dynamic inflection point to signal some bearish pressure. The 200 SMA might be the line in the sand for a pullback, as it lines up with a former resistance around $7,500. 

Bitcoin price could wait for another round of positive developments to sustain its climb. Earlier on, expectations for a second-half rebound and the pickup in institutional interest were seen as factors propping prices higher.

Bitcoin’s price was growing like crazy

As You know, bitcoin course has beaten 8,000 in recent days. dollars. Less than a month ago, the most popular cryptocurrency was listed below 6,000. dollars. This means that in less than a month bitcoin gained over 40 percent. on value.

Holders of cryptocurrencies fail this year to be successful. Since the beginning of the year, the monthly rate of return from bitcoin has been almost 75%. the session is below zero. The downward trend prevails in the charts, sometimes only interrupted by upward rallies. And since March, the bitcoin rate has remained at four-digit levels.

Another information to confirm the inflow of capital are reports of Jeremy Allaire. He is the head of a cryptocut business, supported by the bank Goldman Sachs, who said on CNBC television that in May his company recorded a 30 -percent increase in the number of institutional clients. Allaire also announced a 15-fold increase in the trade volume in “Circle Trade” in relation to the same period of 2017.

Rejection

The SEC raised concerns about the reliability of trading and volume data for Bitcoin, according to a filing posted on the regulator’s website. The agency’s staff specifically called into question the ability of BTC exchanges to sufficiently police trading. The SEC is considering several other applications for crypto ETFs, which could still be approved. The Cboe also can appeal the agency’s decision in federal court. However, the SEC indicated it remains concerned that crypto markets aren’t mature enough to support an ETF. SEC commissioners opposed the Cboe’s request in a 3-1 vote. The SEC’s decision sends a strong signal that innovation is unwelcome in our markets.

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