Bitcoin ETF was the fuel which was pushing the price of Bitcoin pretty significantly in last 1 month. People were speculating on Bitcoin solely on the ETF's decision and majority of people were pretty optimistic about it. Although, a week back, Winklevoss Twins ETF's got rejected and we saw a huge sell-off in the market but that recovered pretty soon and then a few days later, we just dropped back to the $6800 crucial price level from $8000 level.
But now the long-awaited decision has come and SEC has now delayed the decision on ETF till the end of September.
So, that means we still have long way (precisely 52 days) before the decision will come on ETF and believe me, these 52 days can turned out to be highly Bearish for the crypto space. Now, if look at the market scenario, BTC tumbled hugely as soon as the announcement by SEC had posted by Coindesk.
We're currently seeing a massive sell-off and price of Bitcoin has come down to $6700 which was trading at $7000 prior to the announcement by SEC. This is a drop of 6.5% in an hour but further Bearish scenario can be expected in the market.
The official announcement by SEC goes like this:
"Accordingly, the Commission ... designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change."
This statement clearly says that decision will come on 30th September 2018. There will not be any delay at that date. Either the BTC ETF's will passed or they'll rejected.
So, let's see how market reacts within this time period.
Thanks for reading ...!!