Bitcoin price is showing resilience facing adversity. Up to date bad news has failed to knock BTC in to the floor. Same goes with there a bull run ahead?
Yesterday, the Chicago Board Options Exchange (CBOE) BZX equity exchange?withdrew?its request to list a Bitcoin ETF (exchange-traded fund). Good news surely has disappointed Bitcoin traders, but it surely has not yet been reflected in Bitcoin price.
CBOE requested a guide change with the US SEC that could have allowed a Bitcoin ETF listing to generally be plausible. This potential ETF was backed by VanEck and SolidX.
At plenty of time of writing, BTC is selling for $3,606 USD and down by using a slight -0.24% based on CoinMarketCap.?But this may just be far worse considering the negative climate, in case the history of the coin is anything to go by.
The cryptocurrency market may be eagerly anticipating a Bitcoin ETF long now. Approval for example would not only allow the coin increased legitimacy within the eyes of governmental and financial bodies, however it would likely trigger an extensive bull run.
To date, applications for any Bitcoin ETF have already been sent in and rejected by SEC as part of their droves. These have included applications within the Gemini exchange, Bitwise, Proshares, and Direxion, to name only a few. Rejection will reflect negatively out there and on Bitcoin price specially, which usually decreases steeply in news bulletins.
It is interesting to be aware of that today’s rejection is barely affecting Bitcoin price. BTC consistently on the trade in a sideways manner above $3,500 given it has done all week.
The calm respond to the bearish news could simply be market exhaustion. It would likely also be the fact that ETF approval never was really expected anyway thinking about the ETF history. Most likely the blow was almost anticipated anyway.
Either way, some analysts are predicting a bull run ahead as investors elect to stay calm during the news rather than panic.