Bitcoin Reclaims $6,500 After the SEC Announces Review of ETF Denials
According to a recent post by Hester Peirce, the SEC commissioner who notably spoke out against the last month decision to shoot down the Winklevoss Twins’ second attempt to list a Bitcoin ETF, the Commission is set to review the denials of ETF proposals made by Proshares, GraniteShares and Direxion, as these decisions were actually made by staff members.
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.
— Hester Peirce (@HesterPeirce) August 23, 2018
While the timeline is currently unclear, senior SEC officials are now slated to review the disapprovals made by staffers. There is no indication that this review will result in a reversal of any previous decision.
Despite a tumultuous week of trading, largely driven by a pump after the leveraged cryptocurrency trading platform, BitMEX, entered into a scheduled maintenance period, Bitcoin has recovered to overtake the $6,500 mark. Given that there is significant resistance in the $6,600-6,900 range, and trading volumes have looked to drop off, it will likely take a significant macro event to help push the price higher.
The broader cryptocurrency market has also been mostly positive over the last 24 hours. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up 1.62%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.