Hi, Pankaj here 👋 ![denied.png](https://cdn.steemitimages.com/DQmNw3fAWGK6gPYE6peUcD3jCivASeHRkohRKyNyK5nnnBn/denied.png)

Today a shocking news has arrived from the SEC (Securities and Exchange Commission) stating that it has disapproved the BATS Exchange application to list Winklevoss Brothers' Bitcoin ETF . This isn't the first time that an EFT proposal has been rejected, infact this ETF was the second proposal submitted by the Winklevoss brothers after the last year's proposal which was rejected too. This news has sent in shockwaves among those who anticipated that the ETF might get approval and we could see a price reversal. This anticipation was accompanied by Bitcoin's recent Price surge 🚀, but to their disappointment the news didn't turn out to be positive😟 and following this Bitoin has dropped to around $7800(approx) from it's recent high of around $8400(approx). So what's the reason for the disapproval ? 🤔Let's see.

                         The SEC clearly stated that the reason behind the disapproval is not beacause of Bitcoin or Blockchain being inferior technology or anything like that but, were as follows:
![bitcoinetf.png](https://cdn.steemitimages.com/DQme66TXmjNTknmqa3AgEsWdnXv9AHANi2WaitCHPK9fJbB/bitcoinetf.png)                          *The SEC has also stated that bid-ask spreads varied widely across exchanges and also that the volume of already being traded bitcoinfutures are comparatively low*. ![soisthistheend.png](https://cdn.steemitimages.com/DQmcNa3YzYKR5KSEuMPGsFCTaNzaRzyuEdS2WU1kB7u2HYD/soisthistheend.png) ![howabout no.jpeg.jpg](https://cdn.steemitimages.com/DQmcErDBzRUPhg6d9o9juWF6kdHjbBK6WrG7ttRn8mHCjj6/howabout%20no.jpeg.jpg)
                         Although approval of this ETF could have been a major step, but the rejections was not a complete denial of all ETF's under consideration by the SEC. There are a few more ETF proposal have been made and are currently on hold till September of this year. A prominent one is the proposal filled by **VanEck** on which the SEC has not made any comment as of now. ![price actionof btc.png](https://cdn.steemitimages.com/DQmcuELqc7Hf7W4cGzp4nrTFFwM7UmvnmPTxRXNUhvNL3gQ/price%20actionof%20btc.png) ![btcchart.png](https://cdn.steemitimages.com/DQmP1vbHEXNGt1QmkNa5yA7JAiKRUpvfhyiLYMjAAhoRwSa/btcchart.png) ^{[This chart has been provided exclusively to me by my friend Avinash Debnath, do follow him by clicking on this link](@avinashdebnath)} ![TA.png](https://cdn.steemitimages.com/DQmPJ9zmfEHNtNbg9TMQZSCp9sGTGX4TR23QXR1y87tMJVq/TA.png)

![pankajborah3.jpeg](https://cdn.steemitimages.com/DQmdwAvKYxvfbNcopeTJjeZBRpPPg5GaWySSB7Bx3MVvGfk/pankajborah3.jpeg) ✌️ Follow, Upvote and ✍️ positive comments are welcome ❤️ ![v6mt1ywn00tgjwirh4uv.gif](https://cdn.steemitimages.com/DQmRwsgA2fANyiaUQMLGvAuy7LsJ7oyhRC55Xkyb9pj3axV/v6mt1ywn00tgjwirh4uv.gif)