BTC/USD drifts in sideways on shooting star after SEC clamps down derivatives-based BTC ETFs

Yesterday, although BTCUSD prices have attempted to bounce back from the lows of $6,350 levels to the recent highs of $6,527.2 levels, a sharp shooting star has occurred yesterday at $6,363.80 levels to signal bearish sentiment on the news of US SEC’s rejection of series of ETF proposals from three different companies.

The trend for the day, has gone sideways with minor bearish sentiments as the U.S. Securities and Exchange Commission (SEC) declined all of the pending derivative-backed Bitcoin exchange-traded funds (ETFs) filed by ProShares and Direxion.

A government enforcement defence & securities litigation attorney for Kobre Kim LLP, the SEC disapproved all ETFs because of the risk of market manipulation and fraud involved, according to Jake Chervinsky.

It is clear that the SEC is attempting to foresee arduous transaction monitoring by an ETF that is based on a regulated market of significant size. 

With the track record of VanEck and CBOE, the two ETFs have the highest probability of being approved to be available in U.S. markets, although it is quite hard to satisfy all of the demands from the SEC.

FxWirePro Currency Strength Index: FxWirePro's Hourly BTC spot index was at 87 (which is bullish), while hourly USD spot index was at 12 (neutral) at 07:10 GMT. 

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