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12 June 2021
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Bitcoin

Bitcoin ETF approval is inevitable, SEC commissioner reckons: BTC/USD stays in a bear range

  • “Eventually, do I think someone will satisfy the standards,” for a BTC ETF.
  • Bitcoin buyers lack a catalyst to overcome resistance heading to $3,400 supply zone.

The approval of a Bitcoin exchange-traded fund is a matter of when and not it. This is according one of the United States Securities and Exchange Commissioners, Robert J. Jackson Jr. Robert was speaking in an interview with Quarterly where he expressed his confidence in the approval of a Bitcoin ETF.

The regulatory has already rejected several proposals for the ETF including one from the Winklevoss twins. SEC said that it is taking time to monitor the cryptocurrency market for various risks and price manipulation. At the moment, it is holding on to another proposal by VanEck and Solid X supported by Cboe.  Jackson explains:

“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so. Getting the stamp of approval from the deepest and most liquid capital markets in the world is hard, and it should be. Once we make it available to everyday mom and pop investors, we are taking risks that Americans can get hurt.”

While commenting on the case of the Winklevoss twins ETF rejection, Jackson added:

“The case that we had last year involving the Winklevoss trust, in my view, was not a difficult case. So there you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.”


Bitcoin price update

Bitcoin price is seen trading at $3,362.40 after failing to break past the stubborn resistance at $3,380.  Bitcoin spiraled below the support at $3,400 yesterday but managed to find support at $3,350. While the buyers pushed for correction to the upside, they still the momentum to overcome the pressure towards $3,400 (supply zone). Meanwhile, short-term support is established at $3,360 (demand zone).

BTC/USD 15-minutes chart



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