Will SEC deny Bitcoin again?
March 15th was marked as a deadline for submitting the documents required for the Winklevoss Bitcoin ETF petition to be reviewed by SEC. The decision can be made any moment as the financial world waits with bated breath.
Last week was quite eventful for Bitcoin. The digital currency has been setting a new All-Time High almost daily, reaching the historical maximum on Thursday, May 11th when Bitcoin traded for $1,848.75 USD.
What stopped the upward trend?
The situation, however, has changed drastically on the next day after setting a record high. On Friday, May 12th, over 150 countries were hit by a massive series of cyber attacks, affecting 200 000 computer systems and numerous companies all over the world.
The ransomware payments being submitted via public Bitcoin addresses negatively affected the image of the digital currency and its reputation. The impact on market value was immediate – on Friday, the price dropped $200 to $1,644.64 per Bitcoin, remaining still over the weekend and reaching $1,676.42 USD on Monday, May 15th.
Bitcoin market share is down to 50%
Today brought more saddening news for Bitcoin fans – for the first time ever, the cryptocurrency holds less than 50% of the value of all digital currencies. Bitcoin market share went down from 80% to just under 50% within the past two months. There is a fair number of successful competitors to Bitcoin fighting for their place in the sun, such as Monero, Dash, Ethereum, Litecoin, and now Ripple. Thanks to them, the digital market capacity has reached $57 billion, adding $10 billion a week for the past three weeks.
It is worth mentioning that Bitcoin is unable to grow in value as quickly as the alt-currencies due to its limited capacity affecting the utility. However, the cryptocurrency has been going up since Bitcoin has pretty much gone global and became a mainstream trendsetter.
It is obvious that, after an impressive Bull-run, Bitcoin has found itself in some sort of a crisis. The question is, will the cryptocurrency recover and the prices continue to climb, or are we witnessing the possible beginning of the most popular cryptocurrency losing the digital currency market leadership for good?
In the near future, Bitcoin price will depend on whether SEC denies the Winklevoss Bitcoin ETF once again. The benefits of changing the original decision have been voiced by Philip C. Chronakis, Attorney, Adjunct Professor of Law:
“Denial of the proposed rule will not stop Bitcoins progress, but approval of the proposed rule and the underlying COIN ETF, will put the SEC in the ideal position to oversee Bitcoins development as an investment asset – and provide fair, broad-based investment opportunities for not only the connected (or technologically savvy) few, but to all Americans who deserve the same chance to benefit from this technological breakthrough and financial opportunity.” said
Should SEC give the green light to ETF, the average investors will be able to participate in buying Bitcoin, making the already wild market go crazy and prices rocketing to astronomical heights.
Those of you who want to be the first to know the news, keep an eye on this page.