The SEC Rejected WisdomTree’s Application for a Bitcoin Spot ETF

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Today’s Cryptocurrency Headline 

The SEC rejected WisdomTree’s application for a Bitcoin spot ETF. The decision comes seven months after regulators said they would begin a review of WisdomTree Bitcoin Trust. The SEC extended its deadline in June and July, as well as several Bitcoin spot ETFs. SEC Chairman Gary Gensler reiterated his concerns about Bitcoin’s lack of regulation and its potential for fraud and manipulation. He said that even if non-U.S. regulators approved spot Bitcoin ETFs, the SEC’s decision would not be affected.

BingX’s Bitcoin Chart

Bitcoin price analysis predication
Source: TradingView& BingX

BTC price is falling back to a monthly low. The approach of the Christmas holidays, the novel Coronavirus outbreak and expectations that the Federal Reserve will raise interest rates next year continue to cast a shadow over Bitcoin bulls. The listless nature of Bitcoin’s price action has sent most traders into a tailspin. If BTC fails to hold support at $46,000, the target for further retracement could be around $40,000.

 

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