Bitcoin (BTC), which suffered losses from the U.S. regulatory refusal to allow an exchange-traded funds (ETF) on November 13, saw little interest.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Few market problems can be caused by ETF rejection
Cointelegraph Markets Pro and TradingView data showed that BTC/USD was trading calmly into the weekend. The pair was acting within a $1,000 range.
The Securities and Exchange Commission (SEC), declined to approve VanEck’s spot ETF product. However, it did not cause significant volatility.
VanEck was the first of many decisions on spot ETFs. However, it came as no surprise to most, with the firm expressing disappointment at the outcome.
Jan Van Eck replied on Twitter that “We are disappointed by today’s update of the SEC declining to approve our physical bitcoin ETF.”
“We believe investors should have the ability to gain BTC exposure via a regulated fund, and that a nonfutures ETF structure would be the best approach.”
Others were louder, including Matias Dorta (Vice President of Marketing at Roundhill Investments), who pointed out the negative impact on investors resulting from eight years worth of rejections by SEC.
The SEC rejected the first $BTC ETF in 2013. He argued that they had succeeded in protecting investors from gains of +12,700%.
Timeline for Bitcoin ETF. Source: Arcane Research
Weekly close keeps everyone guessing
The rejection was overthrown by traders, and traders now focus on the weekly close.
Related: Bitcoin expected to reach $90K “in the coming weeks” despite pullback — Latest technical analysis
Popular trader Pentoshi stated that BTC/USD had to maintain a level of resistance above the range since April’s initial $64,900. This will be the key feature for the next days.
There are only 2 days to go, but that’s basically what I will be keeping an eye on.
— Pentoshi Won’t Dm You. Dm’s are a hateful thing. DM’s are frauds (@Pentosh1) November 12, 20,21
Rekt Capital, a fellow analyst, maintained a bullish outlook on the longer-term potential for price.
He tweeted, “All data science models suggest BTC will peak significantly higher than $100,000 in the current cycle,” in one of a series tweets on Friday.
Others pointed out the absence of evidence that the bull market was over or threatened at the current stage.
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