The SEC recently responded to Wilshire Phoenix’s Application for the approval of a proposed rule change to launch a Bitcoin ETF. SEC rejected the citing insufficiently weak strategies for combating major common financial crimes such as Market manipulation and Money laundering.
The US SEC has finally revealed it’s long awaited position on the bid filed by Wilshire Phoenix for a Bitcoin ETF. Wilshire Phoenix filed its application for a Bitcoin Exchange Traded Fund in mid 2019, but SEC only responded to it recently. The financial regulator cited fraud concerns as the major reason for rejecting the ETF application.
Bitcoin (BTC), the flagship cryptocurrency in the world, started a new cycle on its 10th birthday. Bitcoin was officially released on Friday, October 31, 2008. Let's first see how the BTC/USD 4H chart below stands and ascertain how BTC ended its correction on Wednesday, October 31, 2018, and how it started its next cycle. BTC finished its correction in 2014 the same way it happened at the end of last month, by first going above the triangle and thereafter correction above it.
From recent revelation of fake trading volumes at OKEx showing how sell-offs can manipulate the prices of cryptocurrencies at exchanges to ongoing ambiguity in crypto regulation with news from Japan issuing a warning against Binance and recent SEC hearing with Coinbase stating that the government is harming the innovation - crypto exchanges seem to be taking a hit.