What does this really mean for Bitcoin?

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In recent months, the cryptographic community has been waiting for an event that is supposed to be the next stage of its growth. The event in question was a decision that was to be made by the US SEC regarding the possible approval of a Bitcoin ETF.

Although many Bitcoin ETF applications submitted for approval in the past year have been rejected, a request, particularly that made by CBOE and supported by VanEck and SolidX, has received a lot of attention and, after many delays , the SEC provide their decision until February 27, 2019. However, a sprain occurred two days ago, Jan. 22, when the claim was withdrawn by the same entities that l & rsquo; have filed in the first place.

Reasons behind the withdrawal

The decision was a surprise. A spokesman for the CBOE said the decision to withdraw the request was made because of the prolonged closure of the US government. According to them, the date of the decision was approaching and the government still has many issues to settle. For this reason, the company has decided to withdraw their application and resubmit it once the situation is resolved.

The market response

The situation regarding Bitcoin ETF approvals may not depend on this particular application as much as everyone previously thought. In fact, there are, and there will be many other ETF requests, submitted by other companies and entities. Among the applications that can be mentioned are the Winklevoss Twins ETF, Bitwise, as well as several similar proposals presented by European countries, Japan and others.

In other words, while the CBOE application was considered the most interesting, other applications are developing.

Another interesting thing to note is that the news did not affect the price of Bitcoin as much as everyone thought. For months, experts have estimated that the approval of Bitcoin ETFs could trigger a new rally in the field of Bitcoins, with institutional investors having to start investing in the cryptographic space.

Although no one foresaw this result, the price of the BTC was barely affected. The price of the coin fell slightly, with a slight correction that followed almost immediately after.

A recent survey on Twitter concluded the above: 81% of respondents said they did not care about the withdrawal of the ETF proposal.

You care #Bitcoin The ETF proposal has been withdrawn? $ BTC

– Alex Saunders (@AlexSaundersAU) January 23, 2019

It seems that for the moment at least, the withdrawal has not affected the market or the cryptographic investors. CBOE still plans to resubmit the application at a later time, but it is equally likely that some of the other applications will be approved first. However, before that happens, the US government will have to deal with the current closure, which has had far greater consequences than withdrawal.

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