Bitcoin (available on Coinbase) price is showing resilience in the face of adversity. The latest bad news has failed to knock BTC to the floor. So is there a bull run ahead?

Bitcoin (available on Coinbase) Price

Yesterday, the Chicago Board Options Exchange (CBOE) BZX equity exchange withdrew its request to list a Bitcoin (available on Coinbase) ETF (exchange-traded fund). The news surely has disappointed Bitcoin (available on Coinbase) traders, but it has yet to be reflected in Bitcoin (available on Coinbase) price.

CBOE requested a rule change by the US SEC that would have allowed a Bitcoin (available on Coinbase) ETF listing to be plausible. This potential ETF was backed by VanEck and SolidX.

At the time of writing, BTC is selling for $3,606 USD and down by a slight -0.24% according to CoinMarketCap. But this could be far worse considering the negative climate, if the history of the coin is anything to go by.

Bull Run

The cryptocurrency market has been eagerly anticipating a Bitcoin (available on Coinbase) ETF for some time now. Approval for one would not only give the coin increased legitimacy in the eyes of governmental and financial bodies, but it would more than likely trigger a massive bull run.

To date, applications for a Bitcoin (available on Coinbase) ETF have been sent in and rejected by the SEC in their droves. These have included applications from the Gemini exchange, Bitwise, Proshares, and Direxion, to name only a few. Rejection tends to reflect negatively on the market and on Bitcoin (available on Coinbase) price in particular, which usually decreases steeply on the news.