Market Rallies After US SEC Delays Decision on Bitcoin ETF Applications From VanEck and Bitwise

The U.S. Securities and Exchange Commission (SEC) is delaying its decision on both the VanEck/SolidX Bitcoin exchange-traded fund (ETF) proposal and the Bitwise Bitcoin ETF proposal.

Bitwise filed its application with NYSE Arca on Feb. 15 . The SEC’s decision to delay means the Commission now has another 45 days, until May 16, to approve or reject the proposal. The new deadline for considering the VanEck/SolidX ETF falls on May 21.

NYSE Arca intends to launch five separate ETFs associated to both bull and bear futures contracts, the exchange reportedly filed for permission to launch Bitcoin-related ETFs in 2018. However, Bitwise first publicized plans to launch Bitcoin ETFs in January.

Gabor Gurbacs, the digital asset strategist and director at VanEck, says the SEC’s decision to delay was expected.

A large step forward for the mass adoption of Bitcoin, ETF will play a significant role. An ETF, or exchange-traded fund, is a marketable security that tracks a stock index, a commodity, bonds, or a basket of assets.

Some industry experts have voiced doubt over the likelihood of a Bitcoin ETF. In January, crypto entrepreneur and CNBC contributor Brian Kelly said that there is “no shot” for a Bitcoin ETF approval in 2019.

Despite this news, Bitcoin crossed $4,100 on Friday  and is currently trading at $4158. Ethereum made a high of $145 while XRP gained 1.71% in the last 24hours, currently trading at $0.31.

It was also reported by MarketWatch:

Options trading in the bitcoin market is garnering more attention with volumes on the rise. According to Emmanuel Goh, a former equity derivatives trader at JPMorgan and the co-founder of skew, a data analytics firm that tracks bitcoin futures and options data, daily volume in the options market has doubled since the beginning of the year with around $10 million traded every 24 hours.

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