Bitcoin’s Price Remains Steady Post Withdrawal of Vaneck-Solidx Bitcoin ETF Proposal

Cboe is one of the world’s largest exchange holding companies. The exchange offers high-class trading and investment solutions by providing trading platforms across a diverse range of products in multiple asset classes including options, futures, currency, and equities across the globe. Cboe on Jan 22nd, 2019 withdrew a proposed rule change. Had this been approved, it would have cleared the way for a bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX.

Eduardo Aleman, deputy secretary of the U.S Securities and Exchange Commission (SEC), published a notice on Wednesday and wrote that Cboe had withdrawn its VanEck-SolidX Bitcoin ETF proposal. The said proposal would have enabled it to list shares of the VanEck SolidX Bitcoin Trust had it been approved.

The proposal was reportedly filed last year somewhere in June when the investment firm, VanEck along with the financial services provider SolidX teamed up to provide a Bitcoin ETF which would be backed by the market.

The decision making took a while and was delayed by the SEC by asking for public comments a number of times and conducting meetings time and again.

Jan van Eck, the CEO of VanEck, in an interview with CNBC, clarified that the company would be withdrawing the proposal and the same would be submitted sometime later after several talks and discussions with the SEC. However, he also went on to clarify that the discussions with the SEC were silent at the moment as the result of the ongoing partial government shutdown in the United States.

In the interview, he said,

“We were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled and we will re-file when the SEC gets going again,”

In spite of the withdrawal of the proposal, the Bitcoin price seems to be unaffected. Traders in the crypto market believe that there is a possibility that the Bitcoin price might go up, although the market continues to remain bearish.

If we track the last week’s performance of the Bitcoin, the price remained to put near the $3600 mark. Crypto Trader Moon Overlord stated,

“ETF withdrew, and we didn’t move an inch… hmm. It looks like people don’t want to sell at $3500. I’m starting to sense a bottom.”

Another crypto trader said Benjamin, Blunts share,

“A market that doesn’t go down on bad news is a strong market’ I do not think the bear market is over. However, I do think we go up from here.”

Andres M. Antonopoulos recently explained the bitcoin’s area of specialization and said that it was not just to build companies, but economies instead. He also said that the future of the crypto world would see many currencies, but not many would be able to compete.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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