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Bitcoin halts losses amid criticism ETF rejections have cost investors '12,700% gains'
Bitcoin (BTC) tapered losses on Nov. 13 as the market showed little interest in U.S. regulators refusing to allow a spot exchange-traded fund (ETF).BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewETF rejection causes few market headachesData from Cointelegraph Markets Pro and TradingView showed calm conditions for BTC/USD into the weekend, the pair acting within a $1,000 corridor.News that the Securities and Exchange Commission (SEC) had declined to approve VanEck's spot ETF product saw a dip towards $60,000 support but failed to spark significant volatility.The first of multiple decisions regarding spot ETFs, the VanEck episode came as little surprise to many, but the firm expressing "disappointment" in the result."We are disappointed in today’s update from the SEC declining approval of our physical bitcoin ETF," Jan Van Eck responded on Twitter. "We believe that investors should be able to gain BTC exposure through a regulated fund and that a non-futures ETF structure is the superior approach." Other commentators were more vocal, with Matias Dorta, vice president of marketing at asset manager Roundhill Investments, noting the disadvantages to investors from eight years of SEC rejections."The SEC first rejected a $BTC ETF in 2013. They successfully protected investors from +12,700% gains," he argued.Bitcoin ETF timeline.
Bitcoin halts losses amid criticism ETF rejections have cost investors '12,700% gains'
Bitcoin (BTC) tapered losses on Nov. 13 as the market showed little interest in U.S. regulators refusing to allow a spot exchange-traded fund (ETF).BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewETF rejection causes few market headachesData from Cointelegraph Markets Pro and TradingView showed calm conditions for BTC/USD into the weekend, the pair acting within a $1,000 corridor.News that the Securities and Exchange Commission (SEC) had declined to approve VanEck's spot ETF product saw a dip towards $60,000 support but failed to spark significant volatility.The first of multiple decisions regarding spot ETFs, the VanEck episode came as little surprise to many, but the firm expressing "disappointment" in the result."We are disappointed in today’s update from the SEC declining approval of our physical bitcoin ETF," Jan Van Eck responded on Twitter. "We believe that investors should be able to gain BTC exposure through a regulated fund and that a non-futures ETF structure is the superior approach." Other commentators were more vocal, with Matias Dorta, vice president of marketing at asset manager Roundhill Investments, noting the disadvantages to investors from eight years of SEC rejections."The SEC first rejected a $BTC ETF in 2013. They successfully protected investors from +12,700% gains," he argued.Bitcoin ETF timeline.