Hester Maria Peirce, a US SEC commissioner, said that the Securities and Exchange Commission has invited specialists for advising it on cryptocurrencies as well as the prospects of Bitcoin ETF.
Reports say Hester completely disagrees with the assessment of SEC that Bitcoin (BTC) is not ripe enough for oversight of the commission. According to her, the SEC is acting like an interventionist and is, therefore, stepping ahead of their mandate. She feels that this stance is dangerous, especially from the innovation point of view. Interventionist attitude of SEC may stifle innovation.
Peirce was recently in the news as she dissented against the decision of the US Securities and Exchange Commission (SEC) to ban a Bitcoin ETF proposal – Winklevoss Bitcoin Trust. During a podcast, she reportedly said that Bitcoin ETF is surely a possibility. However, she stopped short of divulging its inevitability.
Will Approval of Bitcoin ETF Affect the Crypto Market?
Cryptocurrency market is currently in a bearish mode and is in dire need of a catalyst. Approval of Bitcoin ETF by SEC will definitely act as a catalyst for the Bitcoin market, in particular, and cryptocurrency market, in general.
If the 9 pending BTC ETF proposals are approved by SEC then it’ll automatically regulate the space indirectly. Once the regulations are in place, the high net-worth investors, as well as institutions, will automatically enter this unexplored cryptocurrency domain.
Analysts believe the Bitcoin and cryptocurrency market will witness a bull run once the Bitcoin ETFs are approved by US SEC.
Bitcoin BTC/USD Price Analysis
Since November 14, 2018, Bitcoin price has dropped by US$1,500. At spot rate, BTC against USD has fallen by around 22% during last week. In the last 2-weeks, the bear breakout pattern is valid and clear.
At Coinbase, Bitcoin price is currently trading at US$3,764.4, which is -99.9 points in the red in the 1-day chart. It seems US$3,700 is acting like a decent support now. However, it’s likely to break this level to trigger the next sell pressure towards the first bear target at US$3,000.
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