According to the analyst firm, the main reason behind the dullness in the performance of the digital currency market is caused by the delay of the US Securities and Exchange Commission, which postponed the approval of exchange-traded fund applications.
Overall, the report mentions numerous factors weighing in on the depressed fluctuation patterns of BTC in the cryptomarket, citing adoption of the most dominant digital currency as a store of value, the supposed rise in the efficiency of price discovery mechanism, and the negative effect bucket shops and brokerages have on the market.
Apart from other factors, the price of BTC currency also depends on whether the US SEC approves or rejects applications for exchange-traded funds. So far, 10 such applications have already been turned down, including the one suggested by the Winklevoss brothers.
The only application with decision pending is the VanEck/SolidX exchange-traded fund. The delay of the decision resulted in a turmoil in the BTC cryptomarket. Nevertheless, the value regained equilibrium to a certain point when financiers realized that the decision might still turn out to be positive. Hence, the dullness in the market was influenced by the US SEC.