And when it comes to discretion, the Securities and Exchange Commission's decision to further explore the creation of Bitcoin-backed exchange traded fund products is good for the market, according to cryptocurrency industry insider and founder of Blackwell Capital Brian Sewell. With Canaccord, the largest investment firm in Canada, another major investment firm on similar lines said that it is highly unlikely to admit a Bitcoin ETF in 2018.
While the well-respected technician did not give a clear price prediction for the price of Bitcoin, it has become apparent that the asset looks more bearish than it does bullish.
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In postponing their decision over the VanEck proposal, the SEC has yet again proven its capacity to have a dampening impact on the cryptocurrency market. To do so would, though, require a rule change from CBOE Global Markets Inc for that to happen, and that's what the SEC has been mulling over.
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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. New York Stock Exchange has already partnered with Starbucks and Microsoft to come up with ways of taking cryptocurrency assets mainstream.
The market has been waiting for a long time for a regulated ETF product to hit the market as traders believe it will bring new money into the market. This proposed rule change was published for comment in the Federal Register on July 2.
Bitcoin Cash also tested fresh 2018 lows when it careened to the $620 level or a 10% drop.
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The same report noted that the concept of an ETF goes against bitcoin creator Satoshi Nakamoto's original proposal to remove middlemen financial institutions that have the "inherent weakness" of the trust-based model, adding that the token therefore doesn't need one to maintain value.