BTC Holds on to $3,500 Support After Cboe Withdraws Bitcoin ETF Proposal

BTC Holds on to $3,500 Support After Cboe Withdraws Bitcoin ETF Proposal

BTC Holds on to $3,500 Support After Cboe Withdraws Bitcoin ETF Proposal

Cboe has asked the Securities and Exchange Commission for approval to list and trade a new Bitcoin exchange-traded fund called the VanEck SolidX Bitcoin Trust however the application was pulled this week claiming that "timing related to the USA government shutdown as the end of the review period approaches". The withdrawal, which was filed on January 22, brings to a close the Bitcoin ETF filing which was initially presented last June, at least temporarily. "We plan to resubmit a filing at a later date and look forward to continued discussions with the SEC".

The Cboe are aiming to re-submit the application after the US Government shutdown is over.

"Cboe's decision to withdraw its filing with the SEC to list and trade shares of the VanEck SolidX Bitcoin Trust is a function of timing related to the US government shutdown as the end of the review period approaches", Cboe said in an emailed statement. But in light of the ongoing government shutdown, which has derailed agendas and furloughed government staffers, the final deadline was unlikely to have had a positive outcome. The agency has rejected the Bitcoin ETF application previously saying that Bitcoin continues to be a vulnerable and manipulated asset, as well as other issues affecting it.

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Elsewhere in the market, Gemini's Winklevoss twins confirmed their commitment to getting a bitcoin ETF off the ground during an Ask Me Anything on Reddit. Many in the crypto world believed that the inflow of capital into the Bitcoin market from the VanEck SolidX Bitcoin ETF could lead to a major rally. "Will keep you updated".

Further, the VanEck SolidX Bitcoin ETF would have been available on major stock trading platforms, making it a great way for institutional investors and stock traders to diversify into Bitcoin.

The lack of surveillance and market manipulation questions were particularly harsh, since there was nothing the people behind the VanEck SolidX Bitcoin ETF could do to fix those problems. He says holding actual Bitcoin is more important. The crypto market is not dependent on any government or financial institution and no single product or service has the power to make or break bitcoin. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor.

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