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It’s not the Coronavirus, why did Bitcoin fall?

6


Coronavirus cases 🦠 continue to increase worldwide. Days go by and more and more countries in Latin America continue to join the terrifying statistic. Mexico 🇲🇽, Ecuador 🇪🇨, Brazil 🇧🇷 and the United States 🇺🇸 so far. And not to mention the European Union 🇪🇺 where the situation has begun to overflow in France 🇫🇷; Italy 🇮🇹 and now in Spain 🇪🇸.

World markets have not reacted well to this news. It does not matter if it is a commodity like oil; or is it the New York Stock Exchange, or the gold; or if it’s called Bitcoin (BTC). Everyone has had a lousy behavior in recent weeks.

But, at the beginning of this crisis many analysts bet that both gold and Bitcoin (BTC); considered refuge assets were to be revalued; as they have normally done in other situations not favorable to human life. But it has not been that way.

It is not the coronavirus

As noted by several crypto experts; the coronavirus that has collapsed the price of BTC is not 100%; but last Wednesday; The SEC again rejected an ETF request from the New York financial firm Wilshire Phoenix and the NYSE brokerage.

Both had requested the approval of these ETFs, in which US Treasury bonds were to be mixed in the short term; and bitcoin.

The Commission concludes that NYSE Arca has not established that the BTC market is really relevant; nor that it has a resistance to manipulation; so that it is inherently resistant to tampering, the SEC said in the statement.

Unless you haven’t followed criptotendencia.com; You will know that the SEC has rejected a large amount of Bitcoin ETH over the years. So this decision is not surprising.

But, although the decision is not a surprise; as has happened in the other cases in the past; The price of the world’s first cryptocurrency reacts negatively.

On this occasion the comments accompanying the ruling suggest that the SEC may not give the green light to a Bitcoin ETF in the near future; least in a situation where the US economy already shows signs of overheating; suggesting that a new crisis of capitalism is just around the corner.

For its part; Wilshire Phoenix said that every effort was made to prove to the SEC that Bitcoin ETFs do not pose greater danger to the US economy, as well as to investors who decide to acquire them.

I’m very disappointed; We present an exhaustive analysis together with the same SEC team.



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