Categories: Bitcoin

BTC stops losses as SEC rejects Bitcoin ETF, causing investors to miss 12,700% profits

Bitcoin reduced its losses on Nov. 13 as the market showed little interest in US regulators’ rejection of a spot Bitcoin Exchange Traded Fund (ETF).

BTC candlestick chart/USD 4 hours | Source: TradingView

Some people expressed displeasure

Data from TradingView shows that BTC has been stable over the weekend with no more than $ 1,000 trading up and down.

News of the SEC’s refusal to approve VanEck’s spot ETF product pushed the price toward the $ 60,000 support level but did not cause significant volatility.

The first of many spot ETF decisions, the “Shake” for VanEcks ETF, did not surprise many, but the company said it was “disappointed” with the outcome.

Jan Van Eck answer on twitter:

“We are very disappointed with today’s update regarding the SEC’s refusal to approve our physical Bitcoin ETF. We believe that investors can get exposure to BTC through a managed fund and that an ETF structure without futures is the superior approach. ”

Other commentators were more sarcastic, including Matias Dorta, vice president of marketing at asset management firm Roundhill Investments, Note Disadvantages for investors after 8 years of rejection by the SEC.

“The SEC first rejected the BTC ETF in 2013. It successfully protected investors from a 12,700% return. “

Timeline authorize Bitcoin ETF | Source: Arcane Research

Bitcoin’s weekly closing price makes you curious

After the rejection event, traders focused on the weekly closing price.

Prominent trader Pentoshi says BTC needs to maintain resistance above the range since it was fixed at $ 64,900 in April, a major concern in the days ahead.

The source: Pentoshi

Meanwhile, analyst Rekt Capital maintains a solid long-term bullish view.

“All scientific data models suggest that BTC will peak well over $ 100,000 this cycle,” he said in a series of tweets. tweets on Friday.

The others shown that there is no evidence that the bull market is over or even threatened at this point in time.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.