Crypto markets have been on fire in recent weeks. Some say that they have gone up too fast and a massive correction is inevitable. Charts have been on 2017 redux as Bitcoin went parabolic again but one decision due this week could bring it all crashing back down again.
SEC VanEcK Decision Tomorrow
The crypto sphere is starting to express concern about the imminent decision on the VanEck exchange traded fund by the US Securities and Exchange Commission. The proposals for Bitwise and VanEck were published in the Federal Register on February 15 and 20 respectively. The regulator then has 90 days to make a decision, which for VanEck is due on Tuesday May 21.
There are three possible scenarios; firstly the EFT could be denied, secondly it will be approved and thirdly, and most likely, there will be a further delay. Economist and trader Alex Krüger pointed out that “A rejection would likely result in a great opportunity to buy the dip.”
Bitcoin and crypto markets are overdue a serious pullback. The minor dip that occurred at the end of last week did not last long and by Sunday Bitcoin was already surging back towards $8,000. Crypto trader and investor Josh Rager remains confident though;
“To answer ETF questions. May 21st is deadline.
Expected outcome is delay with likely minor impact on price (slight pullback to support which is bought up). Even with delay $BTC could continue to push up in the coming weeks to new yearly high,”