The latest news out of the SEC camp illustrates that there are close to 10 ETF’s waiting for approval with the vast majority of them applied before January of this year. The most likely ETF to succeed SolidX/VanEck’s ETF was announced earlier this week to be delayed until late September.
According to SEC listing rulings and historical data, they are more than likely to delay the ETF until January 2019. These extra 3 months will allow the vast amount of institutions to get into place their custodial resources. This means they will have the resources to accept Bitcoin and other cryptocurrencies, store them and have the necessary compliance to deal with situations.
Meanwhile, the rest of the market has performed what was expected, Bitcoin dipped by close to 8%, this translated on to XRP, ETH and the rest of the altcoin market.
According to Nouvive’s own Index to measure the market, this is the first time the market as a whole dipped this low, representing worrying thoughts.
The chart below illustrates that the last time we dipped this low was in the middle of April, shortly before we saw a bounce that was 4X.
According to Nouvive’s Index Below, there are two points that the market wants to see, the lower 250$ for Ethereum and $5,000 for BTC. Those who understand the Markets understand that, where the Market calls, WE GO.
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