I am gob-smacked at the unbelievably ridiculous and vastly over reactionary response by the market to the postponement of the EFT application by the SEC.
The SEC simply said they wanted more time to consider the application, yet this caused the market to nose-dive?
What would have happened (might still happen) if the SEC had said no to the application?
This is a terrifying thought actually.
Would it have killed BTC?
Would BTC have plummeted and remained in the low $3k and languished there until the next ETF application? And then if that next ETF application was rejected would BTC plummet to $1k?
When BTC broke the descending long term trend line a few week back there was no mention of a new ETF application. Yet, BTC, and consequently the market as a whole, was finally become bullish again. So, as few weeks ago BTC didn’t have an ETF to look forward to yet was gaining in price. Almost touching $8.5K. Then along comes an ETF application and the market starts to crumble daily?
The SEC wants more time to give a thorough and robust consideration of the ETF request, But the result of that greater consideration (much better than a quick no) is that the market crashes?
In actual fact, it seems that the ETF application itself has destabilised the market!