CNBC Uses Tricky Headline to Confuse Bitcoin Market to Thinking the Big Bitcoin ETF Application was Rejected

This rejection reported by CNBC is not related to the CBOE Bitcoin ETF or the Bitwise index ETF. The SEC will be making more rulings on these more important crypto ETFs in the next few months. But let’s breakdown this controversial CNBC tweet

Founders of crypto exchange Gemini, Cameron and Tyler Winklevoss, applied for the first-ever crypto ETF awhile back. Last year, the SEC denied the “Winklevoss Bitcoin Trust”, and in-response they challenged the SEC rejection. Today, the SEC rejected this proposal (the one challenging the original application) three to one because the SEC disagreed that crypto exchanges are “uniquely resistant to manipulation.” To be clear, this is not major news because this is a very similar application to the one that was turned down last year. Read the 92-page SEC ruling here

However, the SEC “emphasized that the disapproval does not rest on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment” according to CNBC. Another interesting statement from the SEC was regarding the lack of volume in the United States relative to the rest of the world. They note that 95% of the bitcoin volume occurred on non-U.S. exchanges.

In response to the rejection, bitcoin has dropped around $300 and is currently trading at $8006.

Source : CNBC

Current price : $8006