Following the SEC announcement delaying a decision on VanEck/SolidX hitting the wires last Tuesday, BTC lost market share. Fortunately, bitcoin found this as its new support level as it steadily climbed back to settle at around $6,500 where it is now dancing around.
The price of bitcoin is slipping on Wednesday, extending a poor run for the digital currency. Tom Lee even mentioned that the price drop experienced by Bitcoin recently is quite consistent with its history of corrections in the past.
For the Bitcoin bulls, the only good news on the day was that sub-$6,000 levels were avoided, with Bitcoin also managing to avoid striking a new swing low, a comfort that numerous other major cryptos were unable to enjoy.
VanEck for its third attempt teamed up with Solid X which is a financial service company.
At time of writing, the total market cap is at $221,803,776,183 (4pm, ET), down about 11 per cent in 24 hours.
In an official report entitled " Blockchain and Digital Assets: US Equity Research, " Canaccord researchers Michael Graham and Scott Suh have now written that a Bitcoin ETF in the US is expected to arrive in 2019.
A broad selloff in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to $230 billion, the lowest level since November. "People get excited about the price and overreact", said Morehead, whose investment firm has recorded a lifetime return of about 10,000 percent. She explained that her colleagues cited "a number of reasons for that decision, and specifically what I think they did is they looked through to the underlying asset - in this case, that would be bitcoin, and they raised some concerns about the market for that underlying product". "We have had this ETF rejection story for the last five years and SEC still seems to be very cautious about the same".
"We believe that neither the volatility nor the current volume in the bitcoin futures market will inhibit the creation and redemption process by authorized participants and that these creations and redemptions will keep the proposed ETF's market price in line with its NAV".
When asked by CoinDesk about how he feels about the likelihood that his firm might have the green light to trade Bitcoin ETFs, Gabor Gurbacs said that he doesn't know an answer to this question.