Previously we’ve talked about Bitwise, the San Francisco-based company that joined the race in launching the first cryptocurrency exchange-traded fund (ETF) filed with the U.S. Securities and Exchange Commission (SEC). They’re looking to launch an ETF that would track a basket of 10 cryptocurrencies, including bitcoin.
In the meantime, though, others in the crypto ETF race are getting delayed. The SEC revealed on Tuesday that it will be delaying a decision on a proposed bitcoin ETF backed by three well-established firms, including the Cboe, VanEck, and SolidX. The SEC wants to take its time in approving the very first crypto ETF, keeping us all at the edge of our seats. Many of the industry leaders took to Twitter to weigh on the delaying news, mainly saying they were expecting this from the SEC.
So take that, authorities! Nothing new here. In fact, most analysts speculate the first Bitcoin ETF to get approved would come sometime in early 2019.
Despite this delay being anticipated, major cryptocurrencies including Bitcoin took it badly. BTC/USD continued its journey inside the daily Ichimoku cloud below the $7,000 psychological pivot level and towards our key support level of $5,850. Ripple’s XRP took a wilder route, dropping below $0.42 for the first time in 8 months. Next stop for XRP/USD could be the $0.24 level.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.
