Pantera Capital's Morehead Says Bitcoin Investors Have Overreacted to ETF News

Pantera Capital's Morehead Says Bitcoin Investors Have Overreacted to ETF News

The US Securities and Exchange Commission (SEC) has delayed a decision on a proposed bitcoin ETF, pushing its final determination to September.

"After a torrid start to August for digital currency owners, participants have shifted their focus to a potential decision on the VanEck and SolidX application for a bitcoin-related exchange-traded-fund".

"The Commission is extending this 45-day time period".

The SEC now "designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change". This is the company's third attempt to get a bitcoin ETF through the SEC's door, and the group has consistently shown that it is either completely unaware of what to do, or simply isn't interested. Last month, the SEC denied the Winklevoss twins' latest bid to create such a financial instrument, and the agency has delayed ruling on almost a dozen other bitcoin funds.

The SEC is scheduled to either give or deny approval to nine new Bitcoin ETFs over the course of the next two months.

In general, the SEC has the power to postpone specific decisions if it considers that the proposal is controversial.

Ryanair flights grounded as pilots strike
The airline said the strikes were "regrettable and unjustified" and called for unions to come back to the negotiating table. Unions have strongly condemned what they see as Ryanair's attempts to play countries off against each other.

The SEC said it will decide whether to allow the ETF to move forward by September 30.

"The ETF decision is going to be the next catalyst for the market". At the time of writing, Bitcoin has now found a "home" at $6,475 and seems to be holding at this level for the time being. The market cap at the time of press had fallen to just above 231 billion, a new low since November 2017.

On Thursday morning, the cryptocurrency market saw a nice influx of buying volume, with Bitcoin quickly recovering by 3% and altcoins following closely behind.

In an official report entitled " Blockchain and Digital Assets: US Equity Research, " Canaccord researchers Michael Graham and Scott Suh have now written that a Bitcoin ETF in the US is expected to arrive in 2019.

"I believe the postponement suggests that the USA regulatory agency wants to issue a well-thought-out ruling on how to protect cryptocurrency investors while nurturing innovators", Sewell said.

The application received positive feedback, and the SEC later announced it was looking into newer, less stringent legislation that would make it easier to apply for open-ended ETFs.

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