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The price of bitcoins remained unchanged and unchanged after Cboe withdrew the VanEck-SolidX Bitcoin ETF proposal. If the market shows strength, according to the crypto trader, even if the bear market is not over, we could go back from here.
"Perma Bears will have Rekt"
At the time of writing, Bitcoin is trading at $ 3,583, with about 0.18% red in the last 24 hours. The main cryptocurrency is trading between $ 3,535 and $ 3,575 since January 10.
Bitcoin price table, Source: Coinmarketcap
The market seems to be looking boring for traders, "Alex Kruger, a trader and economist in Crypto, mocked.
If we look at the past week, Bitcoin stayed at almost $ 3,600. Even the announcement of Cboe's proposal to remove the VanEck-SolidX Bitcoin ETF proposal could not deter Bitcoin prices.
7-day Bitcoin price chart, Source: Coinmarketcap
However, the fact that Bitcoin ETF, which was considered a catalyst for the next uptrend, has not been able to affect the market is a good thing. Lord Crypto Trader Moon declared,
"The ETF pulled out and we did not move an inch … hmm. It looks like people do not want to sell at $ 3500. I start to feel a background. "
While another crypto seller said, Benjamin Blunts share,
"A market that does not fear bad news is a strong market" I do not think the bear market is over, but I think we're going back from now. "
"ETF Matters & Bitcoin Cares"
Speaking of the deposit by the VanEck Bitcoin ETF fund which was withdrawn by Cboe in order to avoid the rejection of the SEC, Kruger m said"The closure of the US government had further reduced the chances of approval, already extremely low."
However, this withdrawal is temporary because VanEck and Cboe both plan to make another deposit. This means: "Once an application is received, the SEC has 240 days to make a decision => the withdrawal resets the clock up to X + 240 days => possibly no decision ETF before 2020, "added Kruger.
The interesting thing is that the market has hardly responded to this news and has since remained stable. Kruger wonders if this means that no one cares anymore about the Bitcoin ETF or that "the postponement was totally taken into account".
As for the first, he says:Offer and demand. The ETF is important and Bitcoin cares. Without new hodler prices, collisions as miners and trade Dump constantly. "In addition, Kruger said," Even if the market did not expect an approval on February 27, a postponement of X + 240 days was certainly not taken into account. "
According to him, Bitcoin has eliminated "a major short-term obstacle", which is interpreted as a positive event, but he sees "no benefit in both directions for the moment". However, "If the market starts to rise, do not be SEC playing Bitcoin *," Kruger concluded.
summary
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Sentiments bullish rising as said Crypto Trader, Bitcoin has removed a negative roadblock in the short term
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The price of bitcoins remained unchanged and unchanged after Cboe withdrew the VanEck-SolidX Bitcoin ETF proposal. If the market shows strength, according to the crypto trader, even if the bear market is not over, we could go back from here.
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Anjalo Tyagi
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Coingape
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