It was a result expected at an unexpected time.
On August 7, the news was published that the US Securities and Exchange Commission (SEC) is kicking the can on its decision to approve or disapprove a proposed change in the rules that would allow the CBOE exchange BZX lists a fund traded in bitcoin (ETF). Now, the next term for something is September 30, although eventually the US stock market regulator could carry it forward in 2019.
As previously reported by CoinDesk, if approved, would allow the first -this list of a bitcoin ETF in the United States, done in collaboration between the investment company VanEck and the startup blockchain SolidX. The two companies presented their proposal in June.
More generally, the listing could be seen in some quarters as a sign of maturation for the cryptocurrency market and probably open the door to investors to gain exposure, albeit indirectly, to the nascent asset class.
Twitter yawns when the market screams
The late decision was, as suggested by the posts on social media, widely expected by members of the crypto community.
But while the collective response to social media was not far away from the yawn, the market itself reacted badly.
According to the CoinDesk report's market analysis, the total value of all cryptocurrencies declined to $ 227.8 billion on Wednesday, the lowest level since November 2017. The price of Bitcoin alone fell below $ 6,300 after passing $ 7,000 before the announcement.
Perhaps it is not surprising that Twitter's crypto ecosystem invoked calm. For example, OKCoin's CEO, Star Xu, said the people selling the next day were exaggerating.
The market move led to speculation that the market had not taken for granted – that is to say, it represented the possibility of – a point SEC
Others wondered aloud whether other nefarious actors were at work in sales, accusing them of manipulation following the announcement.
No problem here
Some observers clearly took a half-screen view of the news, considering the delay of the decision as a positive net result.
In fact, some argued that the decision-making process of the SEC around the bitcoin The ETF reports that they are taking this issue seriously.
Illustration of photos of the ETF in cryptocurrency via Shutterstock