Wait a minute…hold on there cowboy, the SEC DID NOT reject the recent ETF applications.
The SEC are still considering the ETF applications.
In fact all the SEC said was that they want more time to look at the applications before they give their decision.
The SEC could have just said NO to the ETF applications and have done with it. Job done, thank you and good bye.
But the SEC didn’t say no. They said exactly what they said last week, i.e. they would consider the application.
So what’s the problem?
Why the market crash? Why the panic selling with people running through the crypto streets screaming at the tops of their voices ‘sell, sell, sell. For God sake! Sell and save yourselves!!!’
It should be just business as usual in crypto land UNTIL the SEC say no.
I think this most recent crash is the result of day traders and larger traders (who had been waiting with their fingers on their sell buttons) to hear a no or a postponement notice from the SEC regarding the ETF applications.
These traders know from experiences that weak hands would sell at anything short of positive news from the SEC. Once the big traders heard the ‘postponement’ news they sold straight away. This caused the price of BTC to drop and the weak hands panicked and sold. Just as expected / predicted by the bigger traders. There you go! Job done. Now the traders can pick up the weak hand coins for an even lower price.
The SEC postponement was not bad news. It was actually a sign that they are giving the applications due considerations. The postponement indicates nothing.
Here is something to look forward to (apart from the SEC eventually saying yes to the ETF applications). Seeing the weak hands who sold as a result of this SEC postponement crying in their beer when the ETF gets the go ahead and seeing the price of the crypotos they sold soar back up again!
I don’t like the word ‘hodl’ now. It smacks of the early and desperate days in crypto and has connotations of noobs and ‘Mooners’ and Lambo seekers’.
I will ‘hold’ my coins, i.e. not sell them, because I do believe there will be a recovery in the market.