[2019-05-20] Bitcoin Shrugs Off VanEck ETF Delay w/ Instant 5% Gain

[CryptoBry]

An SEC decision over the approval of a much-anticipated exchange traded fund proposed by VanEck and SolidX has been delayed yet again. Previous delays during the bear market were frequently accompanied by price crashes. However, this has not been the case this time. Rather than dump the price, the news of the delay has been accompanied with a gain from around $7,800 to over $8,000 in just a couple of hours.

Since most of the crypto space was expecting such a delay, many have dismissed the decision as a non-event. With much of the sentiment around the market remaining bullish after early 2019 price rises, some have even stated that the delay could serve as a buying opportunity for investors.

Source: https://www.newsbtc.com/2019/05/20/bitcoin-shrugs-vaneck-5-gain/

Another delay for ETF application has just came from SEC. What is very noticeable here is that instead of creating a bitcoin crash just like what happened in the past, bitcoin seems don't care at all. Of course, it would have a very wild day if there was an approval finally. Okay, the bitcoin and crypto industry has to wait more time and be patient as eventually an ETF will really be given permission. This is now showing us that bitcoin  right now can't easily be moved by events connected to the world of crypto as if it has a mind of its own. Does this mean that bitcoin is now at a mature stage?

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[Lucius]

It is already clear to everyone that SEC has no intention to approve any bitcoin ETF in the near future, but that this is a process that will likely take years. Few days ago SEC postponed Bitwise, and now VanEck SolidX until the next deadline which will be final for current applications. After that they will probably try again, and they will try as long as they get approval.

Bitcoin is far away from mature stage, it will take more time that some things come in their place.

[Betwrong]

This only proves once again that nobody cares about news anymore. Imo, it's demand(read influx of new adopters) and supply (read selling of big amounts by whales) is what matters most regarding the Bitcoin price fluctuations. In other words, market goes its own way, not paying much attention to news, good or bad ones, doesn't matter.

[cabron]

It wouldn't take this long if they really have the intention to approve it but the community. I guess doesn't care anymore, after they postponed, the market didn't do anything at all.

I'm already suspecting SEC is controlled by whales  They were just trying to test if the market decides to dump again if they announce such and if not, I guess they can't accumulate anymore.

[BitHodler]

This only proves once again that nobody cares about news anymore. Imo, it's demand(read influx of new adopters) and supply (read selling of big amounts by whales) is what matters most regarding the Bitcoin price fluctuations. In other words, market goes its own way, not paying much attention to news, good or bad ones, doesn't matter.

I'm happy that we left the ETF pumps and dumps behind last year. Institutions and the market participants below them have accepted that it's no longer something worth focusing on, and it became too predictable.

Bitcoin's recent run is indeed based on an increase in demand, which isn't all that surprising with how healthy the charts look. It was really bad before the pump to $5000 but has improved ever since.

All the news we have seen pop up didn't do much other than slightly affect the market, but it quickly recovered and even reached much higher highs. Some investors will always remain sensitive to news, but the majority isn't.

[pixie85]

We came so far without an ETF. We were in a bear market and went all the way back into bull. Last year people were saying that we'll need a catalyst to reverse and an ETF could be it.
Maybe people finally got it into their skulls that they don't need ETF. How many of us would have enough money to invest and how many would choose an ETF over buying Bitcoin ourselves? Maybe it's not even important if it is there or isn't. We were at 20 thousand without it.

[figmentofmyass]

This only proves once again that nobody cares about news anymore. Imo, it's demand(read influx of new adopters) and supply (read selling of big amounts by whales) is what matters most regarding the Bitcoin price fluctuations. In other words, market goes its own way, not paying much attention to news, good or bad ones, doesn't matter.

it proves nobody cares about bad news anyway.

bad news usually catalyzes selling in bear markets because it triggers latent supply. but there was the tether news, the cryptopia liquidation, the binance hack, another ETF delay....nothing put a damper on this rally. we just keep rising and consolidating near the highs. supply is obviously weak.

there's a possibility this rally is just a correction to the bear market, but that seems increasingly unlikely given this.

[joniboini]

there's a possibility this rally is just a correction to the bear market, but that seems increasingly unlikely given this.

With how positive it has become lately, I don't think it's a correction anymore. Maybe sideways for the next leg up. It's quite funny that some people went as far as saying that $1.8k is incoming just a few months ago and now we're at $7.8k-ish.

Regarding this ETF, some channel that I followed posted a message that says VanEck ETF might have a good chance to be approved according to one of his insider sources. But in the end, it got delayed again. However, I do believe that what he posted on his channel is still a potential rumor. I do believe that if this ETF will ever be approved, they'll likely do it in the most unexpected fashion.

[1Referee]

Regarding this ETF, some channel that I followed posted a message that says VanEck ETF might have a good chance to be approved according to one of his insider sources. But in the end, it got delayed again. However, I do believe that what he posted on his channel is still a potential rumor. I do believe that if this ETF will ever be approved, they'll likely do it in the most unexpected fashion.

Insider sources? You've got to be kidding me. His only INSIDER source is his gut feeling.

One doesn't need to have an "insider source" to figure out that the Vaneck proposal is the most solid one out there, but the ecosystem itself is so messed up that the SEC just doesn't care what they do or say. Give the market a few years to improve and shake off toxic exchanges/entities and we'll be a major step closer.

Bitcoin hasn't given a shit about an ETF. If it pumps, it will pump beyond the moon without anything fundamental justifying it.

[shamc]

These delays are not the worst that can happen. If they say no completely then it might have a negative impact on price, but a delay is not too bad. The thing that will impact bitcoin the most is the halving taking place next year

[Slow death]

These delays are not the worst that can happen. If they say no completely then it might have a negative impact on price, but a delay is not too bad.

 

maybe they have also bought some bitcoin and fear that it will not be possible to approve some ETFs because of regulatory issues, high market volatility and volume manipulation, so they use the "postpone" strategy to gather more information. joking apart. they are doing politics... my question is: until when they intend to postpone their decision?

The thing that will impact bitcoin the most is the halving taking place next year

I agree