Bitcoin Sees a Drop in Price After SEC ETF Decision Delayed, but Those With Long-Term Ambition Shouldn’t Be Alarmed

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Bitcoin Sees a Drop in Price After SEC ETF Decision Delayed, but Those With Long-Term Ambition Shouldn’t Be AlarmedCrypto Disrupt reported the news earlier that has seen the VanEck SolidX Bitcoin ETF decision delayed until next month, and predictably the price of Bitcoin took something of a hammering.

A drop of somewhere in the region of $500 in a matter of six hours or so would appear, on the surface, to be cause for concern.

Bitcoin Sees a Drop in Price After SEC ETF Decision Delayed, but Those With Long-Term Ambition Shouldn’t Be Alarmed

The decision to delay was expected

If you scratch a little at that surface though you may find reason to be reasonably confident over the long-term.

For those who know a bit about how the SEC was likely to approach this situation, seeing the ‘ETF decision delayed’ headlines wouldn’t have come as much of a shock.

The odds were that the SEC was always going to delay the decision, possibly even beyond September and into the first quarter of 2019.

In fact, I would have personally been more surprised if they had decided to announce a decision this month.

Knee-jerk reactions abound

What this predicted move has provided though, is another opportunity for smart, long-term investors in Bitcoin to take advantage of a knee-jerk reaction in the market.

As prices drop today there’s going to be a rush to sell, which will increase as the media frenzy and the headlines continue over the coming days, as those who take the ‘ETF decision delayed’ news as a sign that the SEC is having doubts.

Couple this recent news with the rejection of the Winklevoss ETF last month and you can understand why those with a casual interest in Bitcoin are ready to bail out.

But, if you take a look at the whole picture a long-term strategy for investors slowly starts to emerge.

Keep your eye on the prize

Major investment institutions such as BlackRock are kicking the tires of the crypto market, and with USD 6.3 trillion in assets under their management, it’s safe to say that they’re not the kind of company to waste their time on a sector that’s going down the tubes.

Bitcoin sees a drop in price after SEC ETF decision delayed, but those with long-term ambition shouldn’t be alarmed
Flow Traders NV Co-CEO Dennis Dijkstra, image credit Everest Crypto

Only last month news emerged that the largest ETF firm in Europe had plans to trade cryptocurrencies, as Flow Traders NV Co-CEO Dennis Dijkstra commented –

“People underestimate crypto…It’s big, and it is to be regulated very soon.

The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests.”

The truth is, large institutional investors are waiting in the wings to get involved, but their comments and actions are not reported as widely as some of the more sensational content due to it being, well, quite dull in reality.

These companies don’t make outlandish statements and tend to operate in a more discreet manner, which doesn’t sell newspapers or attract hits on websites.

90 percent chance of approval hasn’t changed

It was reported by Crypto Disrupt that there was a 90 percent chance of a Bitcoin ETF approval, and the ETF decision delayed for now doesn’t change that.

The long-term landscape hasn’t changed, and it’s still looking like a case of when, not if, we see success and a green light from the SEC.

The only thing these knee-jerk reactions in the market provide is yet another opportunity for those investors who are savvy enough to take advantage of those who have bought into the headlines.

We could see a further drop in price over the coming weeks, but those with long-term aspirations should hold steady.

After all, an ETF decision delayed headline says it all.

Delayed. Not rejected.

Lover of all things crypto, blockchain and AI, professional tech scribe & part of the editorial team at Crypto Disrupt.

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