2021 has been one of the most interesting years for blockchain technology and cryptocurrencies, both in terms of adoption and mainstream acceptance. From governments such as El Salvador to large corporations like Tesla, Goldman Sachs, Bank of America and Morgan Stanley, many institutions have made a step toward becoming a part of the ecosystem.

Even so, there were a few issues and events that soured the mood for cryptocurrency investors and the community in general.

SEC’s rejection of VanEck’s spot Bitcoin ETF

Following the United States Security and Exchange Commission’s approval of ProShares’ Bitcoin (BTC) futures exchange-traded fund early in October, Bitcoin rallied to a new all-time high of $68,789.63 on Nov. 10, as per data from Cointelegraph Markets Pro. The ProShares Bitcoin Strategy ETF, which trades under the ticker BITO, had the biggest ever first day of any ETF in terms of natural volume, indicating how highly awaited the launch of a BTC ETF was.

Soon after, on Nov. 12, the financial regulator spoiled the party by rejecting Van Eck’s proposal for a spot Bitcoin ETF, which led the price of the flagship cryptocurrency to start its downward spiral journey.

Jan van Eck, CEO of VanEck, wasn’t pleased with the rejection.

The bid to get…

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