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Sirwin

Say "Thank You" to the SEC and Gary Gensler for Postponing a Decision on Bitcoin Spot ETFs

By ssaurel | In Bitcoin We Trust | 1 Sep 2023


75%.

This figure corresponds to the probability that the SEC will eventually approve Bitcoin Spot ETFs, according to Bloomberg analysts.

Other analysts say it's 99%, because the SEC's position, and even more so Gary Gensler's, is more precarious than ever. There is no longer any real reason why such Bitcoin ETFs should still be refused in America, when in Europe they have been approved, and are already operating in Canada.

In short, America is lagging, and this is not something investors are used to.

Despite the court ruling in favor of Grayscale in its case against the SEC, which sent the price of Bitcoin soaring by $2K in a matter of minutes, the SEC has just given itself a little more time once again by postponing its decisions on the Bitcoin Spot ETF applications it has to rule on.

These announcements of an extended deadline for decisions came yesterday in this form:

Image WisdomTree, Invesco Galaxy, Valkyrie, Fidelity, VanEck, Bitwise, BlackRock - same battle!

The SEC wants more time.

As many analysts suggest, the SEC will have to decide en masse on this issue. It can't simply accept BlackRock's Bitcoin Spot ETF because it's a global financial giant.

The SEC will either approve or reject all of these applications.

Bitcoin Traders didn't appreciate this announcement, as the $2K taken at the beginning of the week was as quickly lost as it had been gained. Bitcoin's price thus fell back to the $26K mark:

Bitcoin traders have had a very bad week, as September, which is usually Bearish for Bitcoin prices, is just getting underway. For them, the days ahead are going to be very difficult. It's likely to be a rude awakening after a quiet summer, as I can think of several reasons why the price of Bitcoin is likely to retest lower price zones:

"Bitcoin Seems To Be Holding On to $26K, but Here Are 5 Reasons Why You Should Prepare for a Sharper Correction"


If you've understood why Bitcoin exists, I'd say that whatever lies ahead in the coming days and weeks is a good thing for you. You might even say "Thank You" to the SEC and Gary Gensler for pushing back the approval dates for these Bitcoin Spot ETFs.

Why?

Because this is a once-in-a-lifetime opportunity!

You'll have even more time to accumulate BTC in DCA mode, while Bitcoin Traders' emotions are put to the test. As a Bitcoiner, you'll be able to keep a cool head and use this extra time to accumulate more BTC.

All the while watching others lose their cool. These are usually the moments when the best opportunities arise. But be careful, because it seems that more and more people have realized this, as the chart below shows:

What does this chart show?

Bitcoin withdrawals from exchanges are outpacing deposits at the highest rates since the FTX collapse. There are currently 58,000 BTC (red) being withdrawn for every 45,000 BTC deposited (green).

More and more people are preparing for what lies ahead by keeping their BTC safe by remembering the motto on how best to look after your Bitcoin: Not Your Keys, Not Your Bitcoin.

Stay Strong, Stay Bitcoin HODLers.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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