Bitcoin halts losses amid criticism ETF rejections have cost investors ‘12,700% gains’

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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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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