US Lawyer Speaks on VanEck & Bitwise ETF

The Bitwise and VanEck Bitcoin ETFs were both proposed on 15th and 20th February respectively. These dates caused the SEC’s deadlines for reviewing the ETFs which must be done within 90 days.

Now, as the popular lawyer Jake Chervinsky says, the decision date literally just around the corner for 21st May i.e tomorrow.

Chervinsky said:

“This is no time for ETF hopium. If the SEC doesn’t delay the VanEck bitcoin ETF proposal, the most likely result is rejection, not approval. The SEC delayed Bitwise last week, but still hasn’t made a decision on VanEck. Here’s why that’s a bad sign for ETF bulls.”

Now, if the ETF is rejected, a plunge is more than likely to happen in the markets but the trader Josh Rager highlighted that a new wave of FOMO could occur and sweep the market of its feet to new yearly highs.

Rager said on Twitter:

“The upcoming VanEck ETF decision could certainly have a serious impact on $BTC price

Denial = Pull back the current price regardless of how good it looked this weekend

Approval = Push the price to new yearly high & create mass FOMO buying

Delay = Expected & likely little change”

Price

At the time of writing, all major cryptocurrencies are in the red with Bitcoin priced at $7,900 following a week of extreme bullishness.

The popular crypto analyst The Crypto Dog noted on Twitter:

Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally. $BTC / $USD is full 🐂

Weekly resistance: ~8215
Weekly support: ~7300 pic.twitter.com/NpMIPxkcaY

— The Crypto Dog📈 (@TheCryptoDog) May 20, 2019