My hopes for crypto are fading fast for the rest of this year.
Based on what we just saw just from speculation and the delay of ETFs till September for the SEC to rule on them the price has slumped all the way back to $6,000 levels where our major support line was just a month ago.
Pretty much what it seems like most investors are betting on is the approval of the SEC on these ETFs come September. But idk about you I do not have high hopes of the SEC going to approve these ETFs any time soon with what they have done in the passed with them.
That being said all the good news we thought we where getting out of other cryptos has either fallen flat or we simply wont see this year.
Such as sharding and POS for Ethereum does not look like it will be a thing this year and EOS launch honestly was pretty brutal if you ask me.
The only possible positive news I see right now will come September the ETFs do get approved. This seems to be the "bet" at the moment.
How are you feeling about the SEC review come September?
Honestly not feeling positive about it. I think that the SEC is concerned about the potential bubble that can happen if an ETF is approved given the limited supply of bitcoin. Unless they can figure out a way to minimize that price pressure, the likelyhood of an approval is tough. However, given the amount of investment in the infrastructure of blockchain and the ecosystem, adoption will continue to improve and drive demand again.
I’ve seen some people predict a good second half of the year but I also have some doubts :(.
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I thinking we might not hearing anything until next year as SEC can keep on extending. I hope not, but who really knows.
Yeah, I have the same feeling about SEC's ETFs decisions which will probably continue to be a series of disapprovals. But I didn't hold my breath on SEC's decisions for quite some time.
Unfortunately I think all these leveraged futures contracts on bitcoin will turn out to be more detrimental to crypto than beneficial. Probably more than the approval or disapproval of ETFs by SEC.