The U.S. Securities and Exchange Commission on Friday denied a request to approve the listing of what would have been the first digital currency exchange-traded fund (ETF) built to track digital currencies. This is the first of an estimated three applications filed with the SEC in total.
Prior to this announcement, major digital currencies, including Financecoin hit record high price levels on speculation that the SEC would approve at least one of the proposed digital currency-focused ETF. Immediately after the decision was announced, most of these digital currencies witnessed a huge dive, with Bitcoin’s price plunging some 18 percent in trading though it later recovered from the lows.
A dark horse has however emerged amidst this disappointing news for the virtual currency industry, in the form of FinanceCoin. FinanceCoin’s price levels appear to have been almost unflinching despite the slew of news released around the decision. Experts seem to be optimistic that the digital currency’s price will continue to head higher.
It may be premature to forecast exactly the direction of FinanceCoin’s price movement from here, but industry insiders have suggested that FinanceCoin’s price could continue to trend higher, as traders seek to place positions ahead of what could be a prolonged rally. It has been suggested that FinanceCoin’s diversified userbase which comprises of not only retail investors but also institutional investors and accredited investors which it initially was made accessible to only, can be attributed the credit of being less sensitive to market shocks and much more resilient.