Bitcoin Slumps as SEC Postpones Verdict on VanEck’s ETF Filing

Bitcoin Slumps as SEC Postpones Verdict on VanEck’s ETF Filing

The SEC has just announced a postponement on global investment manager VanEck’s Bitcoin ETF filing. This would be the second time the Commission is postponing its ruling on the product since its filing earlier this year.

The SEC noted that it needed the judgment of other interested parties on the matter, explaining the delay.

The agency first delayed its ruling on the filing from April to June. However, new reports show that it still has not taken a decision.

The official memo from the Securities and Exchange Commission noted that the agency “seeks and encourages interested persons to provide comments” on the BTC ETF application. It added that those parties should comment on “the suitability of Bitcoin as an underlying asset for an exchange-traded product.”

Furthermore, the agency noted that it wants to know if such products are “susceptible to manipulation.”

The SEC argued that it was only trying to ascertain these details to adequately “protect investors and the public.”

Interested parties have 21 days to comment on the BTC ETF application after the order gets to the Federal Register and 35 days after the application gets to the register’s rebuttals.

While the US continues to avoid approving a Bitcoin ETF, its northern neighbor has approved three this year alone. The Canadian ETFs have recorded significant successes and have amassed over $1 billion in AUM in a few months.

Key Bitcoin Levels to Watch — June 17

After failing to clear the $40.5k resistance yesterday, BTC suffered a plunge to the $38k level and rebounded off the hourly trendline. However, the benchmark cryptocurrency encountered another stumbling block in its rebound at the $39.5k level, which has sent it on a bearish spiral towards the $37.5k low.

BTCUSD – Hourly Chart

That said, we expect the $37.5k support to hold and push the cryptocurrency to higher levels. However, a break below this support level would put the $36k support in focus.

Meanwhile, our resistance levels are at $38,500, $39,500, and $40,500, and our key support levels are at $37,500, $37,000, and $36,500.

Total Market Capitalization: $1.57 trillion

Bitcoin Market Capitalization: $707.6 billion

Bitcoin Dominance: 45%

Market Rank: #1

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.