Back in late July, Bitcoin’s price surged to over $8,000 as cryptocurrency market speculators began buying the leading cryptocurrency by market cap in advance of a potentially impending Bitcoin ETF approval. However, an ETF from the Winklevoss-owned Gemini exchange was rejected by the United States Securities and Exchange Commission, and it sent the price of Bitcoin plummeting back down to the $6,000 range.
As hope for an ETF faded, and turmoil brewed in the cryptocurrency space, Bitcoin’s price further dropped down to a new 14-month low of $3,500. Investors are grasping for any glimmer of hope, and are looking to Wall Street mainstays like Nasdaq, Fidelity, and Intercontinental Exchange – through their Bakkt Bitcoin Futures trading platform – to create a relief rally and potentially spark the next bull run.
The Bitcoin ETF that analysts said had the best chance of passing the SEC’s review, an ETF proposal from VanEck and SolidX, is another beacon of hope for Bitcoin investors. However, even the SEC’s pro-crypto commissioner is telling those awaiting a Bitcoin ETF approval not to “hold your breath.”
"I do caution people to not live or die on when a crypto or Bitcoin ETF gets approved,” SEC Commissioner Hester Peirce said, adding that it could come tomorrow, or in “20 years”.
Peirce made the comments during a fireside chat at a cryptocurrency conference in Washington D.C.
"You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto],” she added.
Back in July after the Winklevoss ETF rejection, Peirce issued a dissenting statement, disagreeing with her SEC colleagues. Peirce explained that her disapproval over the rejection was over concerns the rejection would undermine innovation and investor protections.
“We have a really dynamic economy and we've got lots of people with really interesting ideas and I think that as a regulator we have an important role to play, but our role is not to stand in the way of innovation”, Peirce said.