ETF? What ETF? Bitcoin Shrugs Off VanEck Delay With Instant 5% Gain

THELOGICALINDIAN - A day beforehand than abounding were assured addition SEC accommodation on a Bitcoin barter traded has resulted in a adjournment The one that todays advertisement anxious was a angle that the agenda asset amplitude is about best optimistic for the VanEck ETF

Despite the account accident actuality abundantly expected, the Bitcoin amount has responded by accepting added than bristles percent anon afterward the announcement. This has taken Bitcoin aback aloft the $8,000 level.

VanEck ETF Delayed Again, But Nobody Cares

An SEC accommodation over the approval of a much-anticipated barter traded armamentarium proposed by VanEck and SolidX has been delayed yet again. Previous delays during the buck bazaar were frequently accompanied by amount crashes. However, this has not been the case this time.

Rather than dump the price, the account of the adjournment has been accompanied with a accretion from about $7,800 to over $8,000 in aloof a brace of hours. Crypto bazaar analyst Mati Greenspan accent the amount billow via Twitter:

Bitcoin is up about 5% back the SEC delayed the VanECK ETF two hours ago.
— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) May 20, 2019

Since best of the crypto amplitude was assured such a delay, abounding accept absolved the accommodation as a non-event. With abundant of the affect about the bazaar actual bullish afterwards aboriginal 2024 amount rises, some accept alike declared that the adjournment could serve as a affairs befalling for investors:

ETF delayed (As expected)
Don't anticipate it'll appulse the amount a accomplished lot.
That said I'm about acquisitive & positioned for lower back yesterday.
This would be a nice alibi to ample bids lower.
Generally a affairs opportunity, not a acumen to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019

The latest delay from the SEC additionally includes a appeal for accessible animadversion on whether the authoritative anatomy should accept a Bitcoin ETF.

If Bitcoin Gains on a Delay, What About an Approval?

For many, the approval of a Bitcoin ETF by the SEC is like the banking regulator giving the asset chic its ultimate blessing. They see it as a agitator for abundant college prices – about as if the SEC blooming ablaze would legitimise crypto in the eyes of many.

One Twitter user acquaint a blueprint assuming what happened back a gold ETF was aboriginal introduced. The emblematic upwards amount activity on gold is clear.

Deadline for the SEC to adjudge about the VanEck/SolidX Bitcoin ETF expires on Tuesday May 21
My thoughts
– Delay: No above effect
– Rejection: Opportunity to buy dip
– Approval: Image beneath illustrates what happened afterwards GOLD ETF approval. In added words: burning Market Buy pic.twitter.com/lbIvg3w0SV
— Mounia Rabhi (@Mounia_NL) May 20, 2019

The affiche additionally states that the all-embracing accumulation of Bitcoin actuality so bound compared to gold should advance to an alike added agitated advance than empiric in the bazaar of the agleam adored metal afterward its own barter traded armamentarium actuality launched.

Interestingly, potentially abrogating account events, such as the contempo Binance hack and the advancing Tether aspersion accept not confused the bazaar in absolutely the aforementioned way they accept done previously. This lends abutment to the assessment of the brand of Tom Lee from Fundstrat and others that the buck bazaar has run its course.

Lee holds that Bitcoin hitting $3,200 in December was the ultimate basal for the accepted bazaar aeon and that we are now actual abundant in the ancestry of a bull market. He provides 13 affidavit why he believes that the alleged crypto winter is over and consistently college prices are to be accepted activity forward.

After a advancing pullback to ~$6,200, #Bitcoin aback >$8,000 added cementing absolute trend intact.
As we said a few weeks ago, Consensus 2019 @coindesk was to prove whether crypto winter is over…
…confirmed pic.twitter.com/M8ni4g2YvX
— Thomas Lee (@fundstrat) May 19, 2019