The SECs decision to delay their ruling on a Bitcoin ETF has understandably made news headlines as cryptocurrency traders and investors alike await the verdict in anticipation.
It has been stated that this recent drop in BTC price is attributed to this decision but it is our view that it was going to happen anyway.
Back in July the $8,400 could not hold and since then, we have been in a steady decline. This is what happens in markets of all types.
As stated in my previous post, $7,129 could not hold and we are still expecting price to go lower, possibly hitting the $6,770 level, although BTC is currently flirting with $6,840 and is meeting some resistance there. It was at this price point which triggered the recent BTC bounce.
All the scenarios surrounding the recent bearish run of BITCOIN are all directly and indirectly affected by the decision of the US SEC and as such, it can be said with certainty that the delay of the VanEck Bitcoin ETF caused the price of BTC to fall.
However, as some analysts explained, if the rejection of a Bitcoin ETF can have such a large impact on the valuation of the crypto market, in contrast, the approval of a Bitcoin ETF can also have a massive positive effect on the mid-term price trend of major cryptocurrencies.