SEC Denies Valkyrie and Kryptoin’s Spot ETF Proposal

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Today’s Cryptocurrency Headline

Valkyrie and Kryptoin have both been rejected by the U.S Securities and Exchange Commission (SEC) for their physically-backed Bitcoin exchange-traded funds (ETFs) proposals. According to the Commission, Valkyrie and Kryption’s products failed to fulfil their obligations under the Securities Exchange Act. The SEC stated that this relates specifically to the requirement that a national securities exchange must be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”

BingX’s Bitcoin Chart

Bitcoin price analysis predication
Source: TradingView& BingX

According to The Block Research, the crypto companies have completed over $25 billion fundraising in 2021. BTC has almost broken through its first major resistance level at $ 51,000 today. However, we have not seen an increasing amount of volume in the market. Thus, BTC needs to inject a bigger volume to continue its uptrend. 

 

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