VanEck’s Spot Bitcoin ETF Rejected By SEC

There were high hopes that the bull season for Bitcoin has started, especially when Bitcoin stayed comfortable around $65k price value for the past two days. There were even much more hope that the approval of VanEck’s spot Bitcoin ETF will send Bitcoin to $100k value.

When the Securities and Exchange Commission (SEC) made known publicly, their disapproval of VanEck’s spot Bitcoin ETF, the news came as a surprise to many investors who had high hopes that Spot Bitcoin ETF will be approved since SEC are comfortable with Bitcoin ETF.

In their defense, SEC believes that Spot Bitcoin ETF will present an opportunity for market manipulation and fraud. They went further to say that,

“It is essential for an exchange listing a derivative securities product to enter into a surveillance-sharing agreement with markets trading the underlying assets for the listing exchange to have the ability to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules.”

The news influenced the crypto market, and investors observed a dip in major cryptocurrencies and altcoins, with bitcoin dropping below the $63k price value and Ethereum dropping to $4300. Many Bitcoin Lovers use the opportunity to buy more Bitcoin in preparation for the upcoming Bitcoin Bull.

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