Bitcoin Price Shows Resilience Above $3,500, Despite ETF Rejection
Bitcoin price is showing resilience in the face of adversity. The latest bad news has failed to knock BTC to the floor. So is there a bull run ahead?
Yesterday, the Chicago Board Options Exchange (CBOE) BZX equity exchange withdrew its request to list a Bitcoin ETF (exchange-traded fund). The news surely has disappointed Bitcoin traders, but it has yet to be reflected in Bitcoin price.
CBOE requested a rule change by the US SEC that would have allowed a Bitcoin ETF listing to be plausible. This potential ETF was backed by VanEck and SolidX.
At the time of writing, BTC is selling for $3,606 USD and down by a slight -0.24% according to CoinMarketCap. But this could be far worse considering the negative climate, if the history of the coin is anything to go by.
The cryptocurrency market has been eagerly anticipating a Bitcoin ETF for some time now. Approval for one would not only give the coin increased legitimacy in the eyes of governmental and financial bodies, but it would more than likely trigger a massive bull run.
To date, applications for a Bitcoin ETF have been sent in and rejected by the SEC in their droves. These have included applications from the Gemini exchange, Bitwise, Proshares, and Direxion, to name only a few. Rejection tends to reflect negatively on the market and on Bitcoin price in particular, which usually decreases steeply on the news.
It is interesting to note that today’s rejection is barely affecting Bitcoin price. BTC continues to trade in a sideways manner above $3,500 as it has done all week.
The calm response to the bearish news may simply be market exhaustion. It could also be that this ETF approval was never really expected anyway considering the ETF history. Perhaps the blow was almost anticipated anyway.
Either way, some analysts are predicting a bull run ahead as investors choose to stay calm over the news rather than panic.
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