One of the most eagerly awaited ETF decisions, the VanEck SolidX Bitcoin ETF decision, has been delayed until the end of September, according to a publication released by the SEC on August 7. The crypto community was expecting the decision to come around on August 10.
This particular ETF decision had received a huge response from members of the crypto ecosystem. According to the SEC, it has received more than 1,300 comments on the proposed rule change. Thus, the commission thought it would be appropriate to assign a longer period within which to take action on the proposed rule change so that it has ample time to consider the proposed rule change.
That is why, it is quite understandable that after receiving the flood of comments, the SEC has decided to extend the deadline for the decision on the ETF. Investors will now mark September 30 in their diaries expecting a favorable decision to come through.
Impact Of The Bitcoin ETF Decision Delay On The Markets
No sooner did the SEC announcement was made, the Bitcoin fell from $7,100 to $6,670 on one of the leading cryptocurrency exchange, Binance. However, after the markets fully acknowledged this news, the Bitcoin price recovered a little and moved up to $6,740. For a cryptocurrency that regularly witnesses movements of 10 percent or more in a single day, these market fluctuations are fairly modest.
Further price movements are expected as the Asian cryptocurrency investors were sleeping when this announcement came around, as per the Crypto Disrupt report. According to the latest update received as of August 8, crypto investors in Japan, South Korea, China and the rest of Asia woke up this morning to the news of the Bitcoin ETF decision being delayed. The crypto markets immediately saw a decline further leaving bitcoin trading at around $6,500.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]