Bitcoin ETF Approval Delayed Until September 21st
According to a Federal Register notice published today, SEC will decide wether it approves or not a Bitcoin ETF on September 21st.
From the source:
The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-NYSEArca-2018-02).
So this opens the door to at least two possibilities:
- the potential bull run that pushed BTC over $8,000 in the last week will touch at least $10,000 until the end of August
- the market will push down to $5,000 until the second week of September and then sharply rally in the wake of the announcement
In my personal opinion, both variants have 50% chances.
So far, the markets didn't seem to price in the news, in any direction, Bitcoin was still above $8,000 at the time of writing.
Later edit: apparently, this postponing is related only to one Bitcoin ETF request, and there are other two on the role, which will be processed normally. To be updated.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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There is a third option: Bitcoin continues the actual bull run and reaches $10000 and when SEC approves ETF in September the bull run sharpens to reach ATH.
I've seen to many BTC ETF announcements all of them being fad.
Doubt something will change this time.
The rise in bitcoin hasn't yet affected other coins yet, steem and sbd in particular.
Am ok with possibilities No 1.
This news is going to be a two knife edge sword among crypto investors especially bitcoin holders, because if the SEC decides to reject the proposal for a Bitcoin ETF, then the price of Bitcoin will fall sharply and if there decision is in favour of a Bitcoin ETF , then we will experience a surge in the price if bitcoin to over 15,000 dollars by September ending .
I hope this is the right possibility, but that it does not go down so much.
I think the media and many crypto communities misled traders, some may have exit alts in anticipation of cheaper alts and BTC magnificent dominance.
Given the nature of the crypto market this is an entirely plausible scenario. We can see a rally to ten thousand from here and then a plunge and repeat until the wake of ETF approval announcement.
This last rally can go for an ATH levels if the announcement is in our favor. I am not thinking of the the other scenario because I don't want to loose my sleep :-)
In general Bitcoin ETF will be good for Bitcoin meaning that their price may increase?
What ever happens I still believe that bitcoin will reach 1mill by the end of 2021....
Greetings, @dragosroua,
Please pardon this 'off-topic' comment as coming from a Steemian who has followed and supported you with my witness vote for a long, long time.
I'm here to ask: When do you plan to adopt Steemit condenser version 19.10?
I encourage you to update your witness node to 19.10 at the earliest possible opportunity, so that its much needed and long awaited features might be released as soon as possible for our use and enjoyment.
Thank you kindly in advance for your prompt action in expediting this matter.
Your supporter,
@creatr
😄😇😄
I am testing 19.10, and I will update soon. But as far as I know, there aren't many new features in 19.10, can you point me to some of them that you're waiting for? Thanks for your support :)
Thanks, friend.
To me, the longest awaited update is the forever promised ability for content creators to edit their older posts. Presently we are limited to editing within only the first week, which is utterly unacceptable.
I'm happy to support you, and thank you for responding to my inquiry! ;)
Thanks for your support again, but I don't think 19.10 allows you to edit posts older than a week. Just double checked on Github and there's nothing about that (that I can see, at least) in the release notes. Given the nature of the blockchain, I don't think it will be possible to edit completely older posts, but rather updating and reposting them afresh (while keeping the old ones unchanged).
Thanks again for being responsive.
Actually, Dragos, 19.10 does open the door for editing older posts. Here's the "official" announcement:
Steem 19.10 Officially Released
And I have, in fact, already edited a couple of older posts:
Lobbying Witnesses for Steemit Change ~My BEST Steemit Day Yet!~
But I would like to see mass adoption by the witnesses so that Steemit, Inc. will release the condenser that officially enables this for the average user.
And I do agree that the blockchain is immutable, but that has always been the case, and all editing from day one has always left an "audit trail" on the chain. The only difference is that the front end prohibited that after 30 or 7 days... a limitation soon to be removed, once enough witnesses advance to 19.10 or later... :)
Got it. Will start updating my nodes.
Thank you! ;)