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A blow for Bitcoin due to US Government shutdown

A blow for Bitcoin due to US Government shutdown

2017 was an excellent year for Bitcoin during which its value had a leap from less than $1000 to a massive $20,000. However, since last year cryptocurrency has been struggling to keep up with the enormous expectations and fallen steadily during the previous term.

Since the past 12 months, the Bitcoin value has been fluctuating. There was a time when its value had dipped to less than $3000. After this fall, a lot of Bitcoin and cryptocurrency investors had started fretting. They had to face the regulators, lackluster investments and massive delays in their network upgrades.

Now, due to some surprising turn of events caused because of the shutdown of US government was forced to withdraw the proposal which suggested to list Bitcoin exchange-traded fund on the boards of Cboe BZX Exchange. This news is a big blow for those Bitcoin investors who had pinned their hopes on this proposal so that it will bring a fresh series of investments into the cryptocurrency’s stagnating market.

SolidX, a financial service provider firm along with VanEck, an investment firm were the first to bring up this Bitcoin proposal. They had to face a massive battle from Securities and Exchange Commission of the US to bring it out. SEC had expressed its objection regarding this proposal since the price of Bitcoin is susceptible to the manipulations of the market.

Amidst the news of government shutdown, the decision to bring down this proposal has led to a dip in the prices of Bitcoin. Currently, its value remains stuck at $3500 since early this year.

Jan van Eck, the Chief Executive Officer of VanEck has explained that the government shutdown has affected the schedule of SEC. The company was engaged with SEC related to Bitcoin proposal which was regarding its market manipulation, prices and other issues that needs a full stop. When the SEC gets functional again, the company will still apply for this proposal.

Aniket Tak
About Author
Sr. Business Writer At Industry Journal

Aniket has extensive experience in the field of financial and business analysis and provides a comprehensive and accurate view of market trends. Aniket has practical skills in statistics and numbering, which makes him expertise in the field. He also participates in several surveys and important interviews with industry experts, professionals and various organizations. He is the true adherent of yoga and meditation, which makes him calm personality on the ground.


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