Bitcoin's price remained unchanged and unaffected after Cboe removed the VanEck-SolidX Bitcoin ETF offer. As the market shows strength, according to the cryptotrader, although the bear market is not over, we can climb from here.
"Perma Bears Will Get Rekt"
At the time of writing, Bitcoin traded at 3583 dollars, with about 0.18 percent red in the last 24 hours. The leading crunch is traded between $ 3,535 and $ 3,575 from January 10 onwards.
Bitcoin pricing chart, Source: Coinmarketcap
The market seems to be boring for traders like a cryptotrader and an economist, "said Alex Krueger.
If we look at last week, Bitcoin is for the most part near $ 3,600. Even the news of the removal of the VanEck-SolidX Bitcoin ETF from Cboe can not deter Bitcoin's prices.
7-day chart of Bitcoin price, Source: Coinmarketcap
The fact that the Bitcoin ETF, which is considered a catalyst for the next bull, is not able to influence the market is a good thing. Crypto Trader Lunar Overlord indicated,
"The ETF withdrew and we did not move to inch … um. It seems that people do not want to sell at $ 3500. I start to feel the bottom. "
While another crypto trader said, Benjamin darkened share,
"The market that does not fail in bad news is a strong market," but I do not think the bear market is over, but I think we'll go up there. "
"ETF Matters & Bitcoin Cares"
Speaking of the VanEck Bitcoin ETF, which was withdrawn from Cboe to avoid the rejection of the SEC, Krueger said"The closure of the US government has led to even lower, yet exceptionally low, chances of approval."
However, this withdrawal is temporary, as VanEck and Cboe plan to make a new submission. That means: "Once an application has been received, the SEC has up to 240 days to decide => the withdrawal returns the clock to X + 240 days => probably is not ETF's decision until 2020," added Krueger.
Interestingly, the market barely reacted to this news and has remained unchanged since then. To this, Krueger asks if this means no one is interested in the ETF for the battle, or "the postponement is fully appreciated."
As for the first, he says:Delivery and search. ETF has a meaning and a bitter care. Without the new hodlers, prices collapse as miners and exchanges Kruger clarifies the last part, "Even if the market did not expect approval from February / 27, postponement of the X + 240 days was certainly not appreciated."
According to him, Bitcoin has removed a "serious short-term negative blocking," which is interpreted as a positive event, but he sees "there is no end in any direction at the moment." * is not an SEC to play with an attractive game of battle *, concluded Krueger.