Crypto Market’s Thick Skin Shining as No One Seems to Care About VanEck Bitcoin ETF Delays
- SEC chose to postpone the decision on the VanEck ETF for a few more months.
- Bitcoin’s price is not taking a hit on price and is instead rising.
Reports earlier today indicated that the Securities and Exchange Commission chose to Commission ultimately delay the decision on the Bitcoin ETF. The decision has now been delayed until August of this year, but it is still possible that the decision will be delayed further to October 2019. As much as the cryptocurrency community has been waiting on this approval, that does not mean that Bitcoin has suffered yet. As of 11:40 pm PST, Bitcoin is showing a price level at $7,905.95.
With earlier delays, the price of Bitcoin has seen some major crashes, and there have been a lot of rejections in the process as well. Instead of seeing a dump in price, the delay has forced Bitcoin to rise up by about $200, pushing the price level above the $8,000 mark. Mat Greenspan, a well-known market analyst, tweeted about this price surge on Twitter.
Bitcoin is up nearly 5% since the SEC delayed the VanECK ETF two hours ago.
— Mati Greenspan (@MatiGreenspan) May 20, 2019
Maintaining a realistic view of what was to come, most of the crypto industry had a hunch that the Bitcoin ETF would end up being delayed, so the culmination is hardly news. There are some people that even believe that the delay is more of an opportunity for investors to buy in.
ETF delayed (As expected)
Don't think it'll impact the price a whole lot.
That said I'm generally hoping & positioned for lower since yesterday.
This would be a nice excuse to fill bids lower.
Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019
If and when the Bitcoin ETF is ultimately approved, it would be symbolic of the SEC giving its blessing on the asset class. Considering that the SEC is the final word on most financial matters, getting approval for a cryptocurrency-based ETF would be a big deal for the industry, almost making it legitimate in the eyes of other investors.
A user posted an image on Twitter to demonstrate the effects that a gold ETF had when it was first approved for the market.
Deadline for the SEC to decide about the VanEck/SolidX Bitcoin ETF expires on Tuesday May 21
– Delay: No major effect
– Rejection: Opportunity to buy dip
– Approval: Image below illustrates what happened after GOLD ETF approval. In other words: instant Market Buy pic.twitter.com/lbIvg3w0SV
— Mounia Rabhi, MSc. 🇳🇱 🇲🇦 (@Mounia_NL) May 20, 2019
Analysts believe that the upswing from Bitcoin would be much more substantial than gold because Bitcoin’s supply is much scarcer. The market has seen its share of bad news recently, with the Binance hack and the continued drama around Tether. However, Bitcoin does not appear to be changed by these issues. This lack of correlation supports the idea that the bear market has finished already, which means that the industry is open to a bull run, according to Tom Lee of Fundstrat.
Lee noted that the ultimate bottom for Bitcoin was in December when it reached down to $3,200. To support this notion, Lee offered 13 reasons to explain how the crypto winter has come to a close, and why investors can expect prices to continue to be on the high side.
After a disturbing pullback to ~$6,200, #Bitcoin back >$8,000 further cementing positive trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
— Thomas Lee (@fundstrat) May 19, 2019