T-Minus 1 Day Until SEC VanEck Decision: What Could Happen?

Unless you’ve been living under a crypto rock the past few weeks, you will know that things have been flying recently for Bitcoin and the gang. Some say that they have gone up just a wee bit to fast and that there is a correction waiting for us around the corner.

There is one thing that could bring it all crashing down though and that's the SEC VanEck decision which is to take place tomorrow.

Decisions Decisions…

There are two kinds of enthusiasts right now. One being very bullish and excited that the SEC will give the go-ahead for the VanEck ETF and the other being very pessimistic and dreading the repercussions of what rejection will do to Bitcoin in both the long-term and short-term…

The proposals for both VanEck and Bitwise ETFs were published in the Federal Register on 20th and 15th February respectively. For those that don’t know, after this, the regulator has 90 days to make up their mind.

VanEck’s decision is due on 21st May (i.e. tomorrow!).

There are three possible outcomes for this ETF though. First of all, it could be denied, something of we are dreading, secondly, it could be approved (yes!) but the most likely outcome for this is that it will be delayed, in order for the SEC to have more time to make a decision.

The popular economist and trader, Alex Krüger has said, “a rejection would likely result in a great opportunity to buy the dip,” in response to a tweet from Jake Chervinsky.

The SEC must announce a decision on the Van Eck bitcoin ETF within 90 days of the publication in the Federal Register => no later than Tuesday May/21. A rejection would likely result in a great opportunity to buy the dip. $BTC https://t.co/U3B7fI87XO

— Alex Krüger (@krugermacro) May 20, 2019

The crypto markets are due to a pullback though. The minor drop at the end of last week didn’t last long and by the end of the weekend, Bitcoin was already surging back towards $8k/

Josh Rager has said:

“‏To answer ETF questions. May 21st is deadline. Expected outcome is delay with likely minor impact on price (slight pullback to support which is bought up). Even with delay $BTC could continue to push up in the coming weeks to new yearly high.”