Bitcoin (Bitcoin) Ended the decline on November 13th because the market showed little interest in the US regulator’s refusal to allow spot exchange-traded funds (ETFs).
ETF rejection will not cause market headaches
Data from Cointelegraph Markets Pro with Transaction view BTC/USD showed a calm state over the weekend, with the currency pair operating in the corridor of $1,000.
News from the U.S. Securities and Exchange Commission (SEC) Refuse to approve VanEck’s spot ETF product fell to the USD 60,000 support level, but failed to trigger significant volatility.
As the first of multiple decisions on spot ETFs, the VanEck incident was not surprising to many people, but the company expressed “disappointment” with the results.
“We are disappointed that today the US Securities and Exchange Commission refused to approve the update of our physical Bitcoin ETF,” Jan Van Eck Responded On Twitter.
“We believe that investors should be able to obtain BTC exposure through regulated funds, and a non-futures ETF structure is a better approach.”
Other commentators were even more outspoken. Matthias Dolta, vice president of marketing at the asset management company Roundhill Investments, pointed out that the eight-year rejection of the US Securities and Exchange Commission had adversely affected investors.
“The SEC rejected the BTC ETF for the first time in 2013. They successfully protected investors from +12,700% gains,” he debate.
Every week closes makes everyone guess
Starting from the rejection, traders also pay attention to the weekly closing price.
Popular trader Pentoshi stated that BTC/USD needs to stay above range resistance since the initial $64,900 since April, which constitutes a key feature in the coming days.
2 days left, but basically what I will focus on
— Pentoshi will not call you. Hate Dm. DM is a scam (@Pentosh1) November 12, 2021
At the same time, analyst Rekt Capital maintains a firm bullish view on long-term price potential.
“All data science models indicate that in this cycle, the peak value of BTC will be much higher than $100,000,” he said. one A series of tweets on Friday.
Someone pointed out Lack of evidence Indicates that the bull market has ended or is even threatened at the current stage.
