BKCM CEO, Brian Kelly Says Selling Bitcoin Due to Delay in ETF Decision as Unwise
The most spoken of topic within the crypto sphere was that of a potential Bitcoin ETF, which many investors strongly believed that the U.S Securities and Exchange Commissions (SEC) would support. Turns out, the entire concept has been postponed to the end of September, which has negatively influenced the crypto market.
Effects Of Postponed Bitcoin ETF Decision
As pointed out by CCN, the entire market has lost nearly $29 billion in total capitalization, which many, including the CEO of BKCM and CNBC’s Fast Money representative, Brian Kelly has forecasted beforehand. During the hype surrounding the Bitcoin ETF, the giant reached an all-time high for 2018, which sat at nearly USD$8,500. Now that the assumptions have been proven to be false, BTC, along with the likes of EOS, Bitcoin Cash [BCH] and others saw dropping trends. According to Kelly,
“Bitcoin has had a tremendous run off of $5,800 […] because people thought there was going to be a bitcoin ETF. The SEC came out and postponed that decision […] on September 30.”
He also added the fact that the new set date will once again be postponed, with possible considerations only near year-end.
Ethereum Classic [ETC] Prices Continue To Grow
Despite the negative turn that most of the cryptocurrencies took since the announcement related to the postponed ETF, Ethereum Classic [ETC] is one of the fewest currencies to see positive growth. This clearly shows that the news of Coinbase and Robinhood’s recent listing has surged its prices. Kelly also made the point that ETC’s 30% growth was due to the new listings.
Here’s as per his quotes:
“Really the driver of ethereum classic are two things: Coinbase and Robinhood. This is the first time the retail investors will kind of get a real easy way to get into ethereum classic. […] I believe over the next week or so, [Coinbase] is going to be adding it to their retail side of the platform.”
This is a great example that depicts the effects of positive news on cryptocurrencies. While many leaders have previously noted that negative news does not greatly impact the market, the delayed ETF proves otherwise.
Is it safe to assume that emotions play a strong role in how the crypto market will turn out? Do you think SEC will finalize its decision regarding Bitcoin ETF or will it be postponed yet again?