The US Securities and Exchange Commission declared a stalling about the confirmation of the Bitcoin ETF to Sep 21.
The reason that Exchange Traded Funds are so important is: ETF has let the principal traders and speculators to get in the sea of crytocurrencies. After some research the admin of that ETF would need to have the main currency, Bitcoin.
The high-level ETF request had come from ProShares which was unnatural. Considering it, the main currency was Bitcoin futures instead of Bitcoin alone. That’s why, Direxion’s case will be unlike ProShares’.
Let’s see the scripts about that:
An initial break of ETF virtual cover should be relaxing for crypto assets, and it will make the prices go upwards. And after that Bitcoin will be the one that getting the advantage at most.
While Bitcoin earning more, the other crypto assets Ethereum and Ripple would be perpetuated. The funds Bitcoin have more may cause bigger chances. By the way the speculation of the following Crypto ETF would get louder.
As crypto world suffered from a delay recently, the reaction will be the same. A delay for VanEck would be declared on Sep 30, too. It is difficult the see the approaching decisions.
Day by day, getting nearer to the new date, the fall in assets gets smaller. A stalling to October will be hard for Bitcoin, and to the month after that will be harder. The prices at BTC/USD will be same as at the ETH/USD and the XRP/USD.
The refusals have get down the prices so far. The falling will be suffering. But it’s better to hope different outcome for the Sep 30 decision to reduce the falling.
It seems like the Bitcoin would have more problems than the others. And we can say that Ethereum and Ripple will earn more than Bitcoin, however, they would have a falling too.