Bitcoin's Second Wind: Appealing the SEC Decision
Quebex Fintech Inc. Mar 23, 2017
Bitcoin gained a second wind on March 22, 2017, peaking at just over 1,465CAD after it dropped to under 1,330CAD just a short time before. The highly-anticipated Winklevoss ETF was rejected on March 10, but the SEC’s decision has been appealed by the Bats Exchange.
The Bats Exchange issued a letter to challenge the SEC’s ruling. The petition was filed on March 17, 2017, and can be viewed from the SEC archive here:
https://www.sec.gov/rules/sro/batsbzx/2017/batsbzx-petitionforreview.pdf
Had the Winklevoss ETF been approved, it would have secured a listing on the Bats Exchange, one of the largest U.S. equity markets. Bats filed the petition under Rule 430(b)(1) of the Securities Act:
https://www.law.cornell.edu/cfr/text/17/230.430B
If the decision were reversed, bitcoin could see an influx of buys from general market traders, sending the value of bitcoin higher yet again.
The recent buying pressure for bitcoin may have been related to this challenge by the Bats Exchange. Another strong potential motivator is speculation of a possible 2,530CAD bitcoin price by the middle of April according to a Gann diagram displayed on CryptoCoinsNews.com.
In a recent post, we highlighted the safety of bitcoins in a wallet for which a user controls the private key--a topic that is driving significant tension in the bitcoin market because users will have to rely on the exchange where their funds are kept to determine the allocation of their assets.
The Bats Exchange issued a letter to challenge the SEC’s ruling. The petition was filed on March 17, 2017, and can be viewed from the SEC archive here:
https://www.sec.gov/rules/sro/batsbzx/2017/batsbzx-petitionforreview.pdf
Had the Winklevoss ETF been approved, it would have secured a listing on the Bats Exchange, one of the largest U.S. equity markets. Bats filed the petition under Rule 430(b)(1) of the Securities Act:
https://www.law.cornell.edu/cfr/text/17/230.430B
If the decision were reversed, bitcoin could see an influx of buys from general market traders, sending the value of bitcoin higher yet again.
The recent buying pressure for bitcoin may have been related to this challenge by the Bats Exchange. Another strong potential motivator is speculation of a possible 2,530CAD bitcoin price by the middle of April according to a Gann diagram displayed on CryptoCoinsNews.com.
In a recent post, we highlighted the safety of bitcoins in a wallet for which a user controls the private key--a topic that is driving significant tension in the bitcoin market because users will have to rely on the exchange where their funds are kept to determine the allocation of their assets.
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