The SEC has rejected the Grayscale Investments application to turn its $13bn Bitcoin trust into an ETF. Given the easy access to ETFs, this is considered a massive blow to the crypto industry. This repudiation comes despite Grayscale Investments retaining the services of Donald Verilli Jr., a top White House Lawyer from the Obama administration, to push for the approval.
Bitcoin bulls have been defending the 20K level since 15 June. However, this spurning by the SEC to endorse a bitcoin ETF has pushed its price to 19K. Although the H4 RSI is oversold, any rallies from current levels are targets for crypto shorts.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.