VanEck Investment Firm Joins The Bitcoin ETF Race

Roman Schwartz
August 11, 2018

After the final decision has been made on the 30th of September though, that's when we could see some real changes.

The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC's market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies.

According to the official document, the SEC has until September 30 to "approve or disapprove, or institute proceedings to determine whether to disapprove" the proposed rule change.

Rumour, regulation, and panic - these three things seem to define cryptocurrencies and their leader Bitcoin (BTC).

Morehead also noted that current perceptions of a listless Bitcoin market are largely based on perspective and reminded viewers that Bitcoin prices are up "82 percent year-on-year, so it's still doing very, very well".

Bitcoin began to plummet fast and hard, for the next couple of hours, bitcoin had broken the $6,900 support level and followed to bottom at $6,487.

What this means is that if VanEck-SolidX is attacked by hackers after SEC approves their ETF, then any loss suffered during the incident will be shouldered by the company while the investors' assets are insured.

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For a second day, the price of cryptocurrencies took another hit pretty much across the board following the news that the Securities & Exchange Commission (SEC) in the U.S. delayed a key decision earlier this week.

A broad sell-off in coins of all sizes reduced the market value of virtual currencies tracked by Coinmarketcap.com to about $230 billion, the lowest level since November. People get really excited about the price and overreact, I think, to announcements. This ETF is the only "physical" ETF which is now being analyzed by the regulatory agency. A physical ETF is one where the underlying asset - in this case, BTC - is physically held by the issuing company.

10 Bitcoin ETFs are either to be accepted or rejected.

ETFs are seen as a safer way for investors to invest in bitcoin and cryptocurrency exchanges. "The former is better for pumping price, but the latter is much better for actual adoption".

Despite the fact that the SEC's decision was exclusively for Bitcoin's ETFs, it is the smaller-cap altcoins that have been hardest hit, reporting losses much worse than the world's number one cryptocurrency.

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