Bitcoin (BTC) reduced its losses on Nov. 13 as the market showed little interest in US regulators’ refusal to allow spot exchange-traded funds (ETFs).
The rejection of the ETF is a headache for the market
Data from Cointelegraph Markets Pro and TradingView show stable conditions for BTC / USD over the weekend, with the pair operating in the $ 1,000 corridor.
News that the Securities and Exchange Commission (SEC) refused to approve VanEck’s spot ETF product fell to the $ 60,000 support level but did not cause significant volatility.
The VanEck episode was the first of many spot ETF-related decisions that came as little surprise to many, but the company said it was “disappointed” with the outcome.
Jan Van Eck: “We are very disappointed with today’s update as the SEC refuses to approve our physical Bitcoin ETF” answered on twitter.
“We believe that investors can get exposure to BTC through a managed fund and that an ETF structure with no future is the superior approach.”
Other commentators were more insistent, including Matias Dorta, vice president of marketing at wealth management firm Roundhill Investments, who noted the downside for investors after eight years of rejection by the SEC.
“The SEC first rejected the $ BTC ETF in 2013. They successfully protected investors from a + 12.70% gain, ”he said. To discuss.
At the end of the week for everyone to guess
Based on the rejection, traders are now focusing on the weekly closing price.
Related: Bitcoin Will Hit $ 90,000 ‘In The Coming Weeks’ Despite Retracement – Latest Technical Analysis
Prominent trader Pentoshi said BTC / USD has had to hold USD 64,900 above the resistance as of April, which should be an important trait in the days ahead.
2 more days, but what will I actually be looking at?
– Pentoshi won’t bother you. hate DMs. DM is a scam (@ Pentosh1) November 12, 2021
Meanwhile, analyst Rekt Capital maintains a solidly bullish view of the long-term upside potential.
He said in one a series of tweets on Friday.
Others point to Lack of evidence indicates that the bull market is over or even threatened at this point in time.