Impact of a Market Downturn on Bitcoin ETF Decision
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Answer Impact of a Market Downturn on Bitcoin ETF Decision
At a time when many are awaiting the decisions of the US Securities and Exchange Commission (SEC) in the matter of Bitcoin ETFs, the cryptocurrency market continued to decline for the second day in a row, until today the price of Bitcoin reached the levels of 6265 dollars.
Perhaps those who benefited from this decline are the traders of the high-risk leveraged platforms such as BitMEx.
It is worth noting that the trading volume of BitMex platform exceeded 990 thousand bitcoins during the past 24 hours, and one million bitcoins may be traded for the third time since the launch of the platform.
Read:UK shuts down cryptocurrency that defrauded investors of more than $700,000
Many see the reason for this rapid decline in the crypto market as a result of the unwillingness of influencers to approve the launch of Bitcoin ETFs any time soon.
Note that the US Securities and Exchange Commission (SEC) is the governmental body responsible for protecting individual investors in the world of investment and financial assets. Looking at the authority’s official website, we find that its mission is:
“To protect investors and maintain fair, orderly and efficient markets. With more investors heading to new markets with the aim of securing their future, our role in protecting investors is more important than ever. As our stock exchange has become a competition to attract foreign funds for investment, the need has become urgent for the proper regulation of the market. So the common goal is to provide all Americans with a growing economy that can improve lives, produce new jobs, and protect the value of our savings to sustain economic growth.”
Bitcoin’s 12.52 percent drop in the last 24 hours indicates that the market is still immature and stable and this may directly influence the decision of the US Securities and Exchange Commission (SEC) to approve Bitcoin ETFs.Read:Bitcoin’s correlation with stocks hits a two-month low…Will they break up?
Does the cryptocurrency market need a Bitcoin ETF?
Going back to the Bitcoin working paper by Satoshi Nakamoto, we don’t need Bitcoin ETFs to attract more funds.
We must work to adopt blockchain technology, start using decentralized applications (dApps), deal in a decentralized manner, and rely on digital currencies for remittances so that the digital currency market attracts new investments.
In conclusion, we are waiting for an important month, but we have to expect the worst against the impact of this decline on the decisions of the US Securities and Exchange Commission (SEC), and that may be to postpone the issuance of its decision regarding the postponement of the issuance of the decision of the Bitcoin ETF or its rejection.
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