Bitcoin enthusiast were full of fate that the next approval date for listing of a bitcoin futures ETF ( Exchange Traded Fund) is drawing closer by August 16th, 2018 after that the Security and Exchange Commission rejected the ETF request of the Winklevoss twins Cameron and Tyler ZyCrypto Reported last month although that the reasons for the rejection was stated as manipulative nature of the market, need to guide investors and that majority of bitcoin transactions are not done within the United States. Optimists are counting on the wider adoption of cryptocurrencies to keep prices supported, but regulators and many institutional investors have remained wary amid concerns over security and market manipulation.
Bitcoin was down 5.6 pe rcent to $6,484 as of 8:19 a.m.in NY, recovering from a 7 percent drop earlier while extending its 2018 decline to 55 percent, according to Bloomberg composite pricing. All but one of the 100 biggest virtual currencies tracked by Coinmarketcap.com slumped over the past 24 hours.
The SEC now has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" a proposed rule change from Cboe Global Markets Inc. that would allow the listing of an ETF from VanEck Associates Corp. and SolidX Partners Inc., the regulator said in a statement. The SEC announced that it would postpone the initial deadline next week on whether to allow the listing of a fund from VanEck Associates and Solid Partners.
According to a release published on Tuesday, the SEC has received more than 1,300 comments on the proposed rule change to the Cboe BZX Rule that would open up the ETF regulations to include digital asset-backed funds.
News hasn't been all negative this week for digital currencies and their acceptance by Wall Street.