Bitcoin price remained flat and unaffected after Cboe removed the VanEck-SolidX Bitcoin ETF proposal. With market showing strength, according to the crypto trader, though the bear market is not over, we might go up from here.
“Perma Bears Gonna Get Rekt”
At the time of writing, Bitcoin has been trading at $3,583 with about 0.18 percent red in the last 24-hours. The leading cryptocurrency has been trading between the range of $3,535 and $3,575 since January 10th now.
Bitcoin price chart, Source: Coinmarketcap
The market seems to look boring to traders as Crypto trader and economist, Alex Kruger quipped.
If we take a look at the past week, Bitcoin has to the most part remained near $3,600. Even the news of VanEck-SolidX Bitcoin ETF proposal removal by Cboe couldn’t deter the Bitcoin prices.
7-days chart of Bitcoin price, Source: Coinmarketcap
However, the fact that Bitcoin ETF which has been considered a catalyst for the next bull run hasn’t been able to affect the market is a good thing. Crypto Trader Moon Overlord stated,
“ETF withdrawn and we didn’t move an inch… hmm. Looks like people don’t want to sell at $3500. I’m starting to sense a bottom.”
While another crypto trader said, Benjamin Blunts share,
“’A market that doesn’t go down on bad news is a strong market’ I do not think bear market is over, however i do think we go up from here.”
“ETF Matters & Bitcoin Cares”
Talking about the VanEck Bitcoin ETF filing that has been withdrawn by Cboe in order to avoid the SEC rejection, Kruger said, “The US government shutdown had pushed the already extremely low odds of approval even lower.”
However, this withdrawal is temporary as VanEck and Cboe both are planning to make another filing. This means, “Once an application is received, the SEC has up to 240 days to make a decision => withdrawal resets the clock by up to X + 240 days => possibly no ETF decision until 2020,” added Kruger.
The interesting thing was that the market barely reacted to this news and have since remained flat. To this, Kruger questions if this means nobody cares about the Bitcoin ETF anymore or “postponement was fully priced in.”
As for the former, he says, “Supply & Demand. ETF matters and bitcoin cares. Without new hodlers price crashes as miners and exchanges dump constantly.” Kruger further clarified on the latter part, “Even if the market was not expecting a Feb/27 approval, a X+240 days postponement was certainly not priced in.”
According to him, Bitcoin has removed “a major short term negative roadblock,” which is interpreted as a positive event but he sees “no edge in either direction at the moment.” However, “If the market starts moving higher, there will now be *no SEC playing whack-a-mole with bitcoin*,” concluded Kruger.