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Bitcoin and the entire cryptocurrency market were heavily revised on Wednesday after the extension of the CBOE Bitcoin ETFs decision to SEC before the end of September. It appears that this news from SEC does not match well with the crypto community, as many investors, including retail and institutional investors, were eagerly awaiting the arrival of the Bitcoin ETF, giving new hope to the already-battered crypto markets.
Bitcoin has responded to SEC news and has already corrected more than 10%, while previously losing over $ 10 billion in market capitalization. While the correction of the old coins was even worse, crypto market valuations totaled $ 30 billion. The latest correction is said to have brought the crypto market to its lowest level in 2018.
As investors reacted in a panic, the founder of BK Capital Management and the regular counterparty to CNBC Fast Money – Brian Kelly said investors who responded to this message from the SEC are doing it wrong. Kelly also said that it is not the right move for bitcoin investors to act so strictly, and he does not see Bitcoin ETFs approved at any time before the end of 2018. Kelly explained:
"It [bitcoin] has had a huge run of $ 5,800, and that was all really because people thought there was going to be a Bitcoin ETF. The SEC came out and delayed this decision. A small spoiler alert, the SEC is likely to be postponed again on September 30 as the market is unwilling to do so and the SEC had no answers to their questions. "
In addition, Kelly noted that the major digital currencies have performed poorly in recent days. Ethereum Classic has moved north against the US dollar or Bitcoin. The recent integration of Ethereum Classic with the two main platforms, Coinbase and Robinhood, has resulted in a 30% increase in Altcoin. Kelly also said:
"The Ethereum classic rose 30 percent last month. The real driver of the Ethereum classic are two things: Coinbase and Robinhood. This is the first time that retail investors have a really easy way to get into the ethereum classic. Coinbase added it to its institutional side. I think they will add it to the platform's retail side the next week. "
In recent months, ETC has received much attention from companies ready to develop infrastructure around the Ethereum derivative. The SEC's recent clarification is expected to significantly increase the price and value of ETCs due to the non-safety nature of Ethereum.
It should be noted that Coinbase has currently added support for ETC on the Coinbase Pro platform, and will be available to Coinbase clients for trading within the next 1-2 weeks.