Related: Bitcoin Remains in a Tight Trading Range

Prior Bitcoin ETF Rejections

In previously turning back the bitcoin ETF applications, the SEC stated, “Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”

“The NYSE Arca Inc. Bitcoin ETF had received 13 comments, out of which most of the comments were against the approval,” reports AMB Crypto. “The comments claimed the market to be manipulative and prone to Ponzi schemes, quoting the example of BitConnect, Kraken, one of the leading exchange platform, and the pump & dump schemes orchestrated on Telegram.”

Bitcoin, the largest digital currency by market value, traded slightly higher Monday, just over the $6,400 level.

For more information on the cryptocurrency market, visit our Bitcoin category.