Bitcoin price (BTC/USD) remains largely unaffected by news of withdrawn US ETF proposal

The Bitcoin price (BTC/USD) has seen some rather uneventful trading over the past 24 hours, despite news that a proposal for a US Bitcoin ETF has been withdrawn.

The original cryptocurrency had another lacklustre trading session on Wednesday, with price moving within a tight range around the $3,600 mark. Having started the session at $3,605.56, the digital coin attempted to improve its position in early trading, but its efforts didn’t translate into meaningful gains. On the contrary, the coin swiftly pulled back and spent the rest of the morning session mostly trading at sub-$3,600 levels.

BTC made another attempt to rally in the early afternoon, but it only managed to rise to a three-day high of $3,623.07. This was followed by a sharp drop, which resulted in the Bitcoin price returning below the $3,600 mark. The coin dropped to an intraday low of $3,565.31, before finishing the session at $3,585.12.

Today’s trading has so far been somewhat similar, with Bitcoin trading within a very narrow range below its Wednesday close. At the time of writing, the Bitcoin price was hovering around $3,570, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s low price volatility comes despite news that the CBOE BZX Exchange has withdrawn a proposal for a Bitcoin exchange-traded fund (ETF) backed by VanEck and SolidX. The news was announced yesterday by the US Securities and Exchange Commission (SEC), which said yesterday in a statement that BZX had filed the withdrawal on Tuesday.

As noted by industry website Coindesk, securities lawyers have speculated that the exchanged decided to withdraw its proposal because of the ongoing government shutdown in Washington. In an email to Coindesk, VanEck’s director of digital asset strategy Gabor Gurbacs said that the proposal “has been temporarily withdrawn”.

In today’s trading, the Bitcoin price stood at $3,575.83, as of 11:03 GMT. The digital coin has lost 0.8% of its value in the past 24 hours.