Bitcoin Price Drop: Potential Significant Trigger
Bitcoin did really great pricewise in 2020, and the most important coin in the market was even able to surpass the psychological level of $10k more than once.
But, due to various factors, the coin suffered a really strong correction.
The factors include more elements, according to analysts, and these include the global coronavirus tragedy, the upcoming halving, whales who sold their crypto, and more.
Below, we’ll discuss another potential factor that led to the fall in price of BTC.
US SEC denies another ETF
The US SEC just denied another ETF – Wilshire Phoenix in their proposal for a Bitcoin exchange-traded fund (ETF).
According to the decision, Wilshire has not provided enough evidence to show that BTC is resistant to market manipulation, says the online publication the Daily Hodl.
“The Commission concludes that NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices’ and ‘to protect investors and the public interest,'” according to official notes.
You can check out these notes in order to learn more details.
Boerse Stuttgart listed a new ETP
In other more positive news, Germany’s second-largest stock exchange Boerse Stuttgart listed a new exchange-traded product ETP that is keeping track of the inverse BTC value in euro.
The same online publication mentioned above noted that this is a first in the BTC industry to list a financial instrument wrapped as an ETP with an ISIN/WKN number and trading in EUR.
At the moment of writing this article, BTC is trading in the green, and the most important coin in the market is priced at $8,646.56.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.