The SEC rejected investment firm VanEck’s proposal for a spot bitcoin exchange-traded fund (ETF) on Friday.
- The choice was broadly anticipated as SEC chair Gary Gensler has indicated his desire for a bitcoin futures ETF over a spot bitcoin ETF a number of occasions previously.
- Two bitcoin futures ETFs, the ProShares Bitcoin Technique ETF (BITO) and the Valkyrie Bitcoin Technique ETF (BTF), started buying and selling final month, resulting in a major rally within the worth of bitcoin. VanEck has its personal bitcoin futures ETF that has received permission from the SEC to launch, but it surely has not begun buying and selling but.
- The worth of bitcoin briefly dipped lower than 1% following the discharge of the SEC’s resolution, however rapidly recovered. Bitcoin was trading down about 3.1% over the previous 24 hours to $63,182.
— Eric Balchunas (@EricBalchunas) November 12, 2021
This can be a creating story and might be up to date.
UPDATE (Nov. 12, 17:10 UTC): Added BTC worth info.