For providers of Bitcoin papers the stock exchange door remains closed - at least in the USA. The supervisor has again rejected applications for Bitcoin ETFs. This is not surprising, said Mati Greenspan, senior market analyst at trading platform eToro.
Bitcoin index funds? Not with us, the stock market watchers say by the US Securities and Exchange Commission. They have again rejected applications for ETFs on the cryptocurrency - this time nine at once. "In the run-up to the decisions, only a few expected the success of their applications anyway" said Mati Greenspan.
At the time of the announcement, Bitcoin's price was stable. The interim high of 6,873 US dollars, he reached a few hours before the announcement, the crash took place in advance. A decision by the SEC is still pending: VanEck has submitted a draft for a Bitcoin index fund, which should be directed to institutional investors. The deadline for the decision is September 20. "The SEC could postpone the decision until March", said Greenspan.
Basically, the relaxation of the Bitcoin course contributed to the development of the network in recent weeks, the eToro analyst: "In addition, the Bitcoin network now scales better." In November and December, Bitcoin struggled with heavy trade, and Miner could not confirm the high number of transactions fast enough. "However, the problems have subsided since the beginning of the year and more or less completely resolved since February," said Greenspan. In addition, the Bitcoin network is preparing for the simultaneous processing of higher transaction volumes.