VanEck SolidX ETF proposal decision now extended

[Karlblaise1]

VanEck SolidX ETF proposal decision now extended for another 180 days, with the ability to issue a 60 day extension after that.
I see this having a negative impact on the cryptocurrency market.

Below is an excerpt on that:
https://www.sec.gov/rules/sro/cboebzx/2018/34-84231.pdf

What impact do you expect this news to have on the crypto market?

[dothebeats]

I wouldn't count on the ETFs anymore for major price boost. There seems to be no development in that area even if Trump gave his positive remarks regarding the ETFs. Another delaying tactic, it seems, and they have been doing the same things recently, only to turn down the ETF after the extension period has expired. Surely traders will capitalize on this, and it might turn bloody in the next weeks or so.

[eddie13]

We seem to have had a little spike just now on this news so I don't think that it is effecting the market negatively..
Maybe the market right not is just relieved that it didn't get declined? Maybe extended is more bullish than declined..

[FlamingFingers]

We seem to have had a little spike just now on this news so I don't think that it is effecting the market negatively..
Maybe the market right not is just relieved that it didn't get declined? Maybe extended is more bullish than declined..

People (or rather traders/investors) are reading this as the SEC is actually considering the proposal, otherwise, it would have outright rejected it like it did with the 9 ETF proposals filed by ProShares, Direxion, and GraniteShares on August 22nd, 2018. Regardless, I think we might see red next week.

[samcrypto]

Everyone is expecting for the extended SEC decision about the ETF and I think the market will not react on this news. Hopefully not so we can start to pump now slowly but surely until the end of 2018. This news creates so much hype in the past and hopefully, its different trend now.

[Jating]

Everyone is expecting for the extended SEC decision about the ETF and I think the market will not react on this news. Hopefully not so we can start to pump now slowly but surely until the end of 2018. This news creates so much hype in the past and hopefully, its different trend now.

If you go around the forum you will see a lot of members already anticipated either a declined or another extension. So I'm not surprised by the decision of SEC to extend and review the proposal up to end of this year. People gets tired of this, majority shouldn't be affected by this news because it looks like it will be rejected anyways.

People (or rather traders/investors) are reading this as the SEC is actually considering the proposal, otherwise, it would have outright rejected it like it did with the 9 ETF proposals filed by ProShares, Direxion, and GraniteShares on August 22nd, 2018. Regardless, I think we might see red next week.

Let's see if we are going to be red in the next couple of days. I hope though that those who entered and boost the price from $6100-$6500 won't just dump because of this news.

[pooya87]

We seem to have had a little spike just now on this news so I don't think that it is effecting the market negatively..
Maybe the market right not is just relieved that it didn't get declined? Maybe extended is more bullish than declined..

rises like this are not really "spikes" they are more like crawl since they are too small and slow. a spike would have been rising up to $7k in an hour not a 3% rise in half a day. and i don't think this news had any role in it whatsoever. in fact i believe that the market participants have already given up on ETF and the effects of that on price. they may be waiting for it to be over before they start buying but certainly more people are realizing the reality.