A cryptocurrency-based ETF has not yet been received approval from the SEC. VanEck and SolidX filed a joint application for a bitcoin ETF, which was published for comment on July 2 has until August 16 for the SEC to take action on the proposal.
Bitcoin prices rallied amid speculation the SEC could soon approve a bitcoin ETF, but the cryptocurrency has subsequently tumbled, sliding below the technically critical $7,400 range. At this writing Monday, the largest digital currency traded slightly below $7,000.
“In Lau’s opinion, boosted bitcoin demand is being driven primarily by organic demand from everyday people around the world – a pattern that he says will not change in the run-up to the end of the year,” according to CCN.
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