Bitcoin (BTC) Drops 4% as US SEC Delays VanEck Bitcoin ETF Bid

After trying to consolidate at around $40,000 for the past two days, Bitcoin (BTC) is down 4% as of the time of this writing, falling below the $38,500 levels. At the time of writing, the BTC price is training at $38,282, down 4.21% with a market cap of $720 billion. Bitcoin is coming under pressure as the US Securities and Exchange Commission (SEC) further delays its decision to approve the VanEck Bitcoin ETF. The SEC said it will seek further public comment on this derivative product to be listed on the CBOE Global Market Inc. In Wednesday's announcement, the SEC asked the public to weigh in and voice their opinion on aspects of the CBOE proposal. According to Bloomberg, the SEC set a new deadline in July for receiving public comments on the proposal and has been extended until August. Some of the key questions asked by the securities regulator are: Are ETF-linked trusts and stocks open to manipulation? Is Cboe's plan set up to prevent fraud and manipulation? How transparent is Bitcoin? Has the regulation of the Bitcoin market changed significantly over the past five years? What do commentators think about the size and regulation of CME's Bitcoin futures contracts? Bitcoin ETF approval long awaited Approval of the first Bitcoin ETF in the US takes a long time. Other markets like Canada have already given green signals to financial players floating Bitcoin ETFs. The Target Bitcoin ETF has accumulated massive amounts of BTC in the last months since its launch. SEC Commissioner Hester Pierce, who is also popular as a crypto mom, has expressed her views several times in support of Bitcoin ETF approval. In an interview with Forbes, Pierce also stated that delaying the approval of the Bitcoin ETF will have repercussions as investors will move on to other options as they try to gain exposure to Bitcoin. Pierce said the refusal to approve the crypto ETF creates an "investor protection problem" and that the US

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