BITCOIN ETF Rejected Again : How it will Affect The market! Market Update.
Market Update
It is August 23rd, 2018! BTC dominance is currently at 53.3% (+ 0.2%). Total market cap is currently at $208.6 billion (- $8.3 billion). The volume of last 24h was $11.4 billion (- $0.7 billion)!
The U.S. Securities and Exchange Commission (SEC) has rejected a total of nine applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs) from three different applicants, according to a three separate orders published by the SEC yesterday, August 22.
The SEC has now rejected a further seven proposed ETFs alongside the ProShares pair –– these being five further proposed ETFs from Direxion , also for listing on NYSE Arca –– and two proposals from GraniteShares , for listing on CBOE.
Someone will say that this is negative for Bitcoin but maybe there is another side of story! SEC rejected all these application in one single day! It was expected to see rejection for ProShares but decision for other 2 was not expected to come together with ProShares! Those who wanted to short, they shorted! That's why we didnt see drop that was expected! One more reason why we suggested to short the rumor and close the news!
What is potential outcome of this rejection! Are we going up or down?
Well, we are not so bearish and here you are the reason! We got rejected, but price didnt drop! The confirmation of strategy buy the rumor sell the news! Something like hardfork or airdrop news! What does happen after the news? REVERSAL!
In our opinion it is great that Direxion and GraniteShares got rejected together with ProShares because we do not have now potential bad news in upcoming 2-3 weeks at least from SEC about ETF.
Now, we are all waiting for September 30th and SEC decision about VanEck and crypto startup SolidX . The is big probability that VanEck money management firm will receive the first nod of approval from the SEC to host a Bitcoin ETF. VanEck, along with crypto startup SolidX, would offer their ETF product with physically backed Bitcoin which differentiates their offering form anyone else currently in the application process.
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