Will the SEC's decision on the VanEck ETF cause a market crash?
The encryption market has been hot in recent weeks. Some people say that they are rising too fast, and a large-scale correction is inevitable. Bitcoin's gains have been amazing since April 2019, but a decision this week may make it crash again.
VanEcK's ETF will make a decision tomorrow
The field of encryption began to express concern about the upcoming decision of the US Securities and Exchange Commission on VanEck Exchange-traded funds. Bitwise and VanEck's proposals were announced in the Federal Register on February 15 and 20, respectively. The regulator has 90 days to make a decision, and VanEck's application will expire on Tuesday, May 21.
There are three possible scenarios; first, EFT can be rejected, followed by approval, and third, most likely, there will be further delays. Alex Krüger, an economist and trader, points out that "rejection is a great opportunity to buy a drop."
Bitcoin and encryption markets need to pull back, and the small decline that occurred last weekend did not last long. Bitcoin has risen back to $8,000 on Sunday. Crypto trader and investor Josh Rager is still full of confidence;
The expected result is a delay that may have a slight impact on the price (a slight pullback supports the buy). Even with delays, BTC may continue to push up to the new annual high in the coming weeks,"
In a previous tweet, he pointed out that the upcoming ETF decision will definitely have a serious impact on BTC prices, but has been adjusting since then.
Bitcoin is still bullish
The momentum of the Asian trading session began today, as BTC returned to the 2019 high of $8,250. It recovered completely from the two-day pullback, causing it to fall back to a low of $7,000 and seems ready to go further.
The daily volume has risen again, currently at about $24 billion, and Bitcoin is still above $8,000, up one or two percentage points that day.
Most of the major altcoins have increased in writing this article, with Dash having a 10% increase. The total market value is just under $250 billion, the highest level in nearly a decade.
A big downside, if it does come, will provide plenty of opportunities for investors to get on the bus. (chain to finance)