Today marks the due date for documents to be submitted to the SEC in support of the Bitcoin ETF Petition for Review. Any day now, the SEC will release a statement on whether or not their stance on Bitcoin has changed in lieu of new supporting arguments. After seemingly recovering from this weekend’s bear presence by touching the resistance at $1800, Bitcoin’s market is taking a beating as sell orders are testing support at $1700.
According to a poll conducted in The Merkle’s previous coverage of the upcoming SEC decision, 65% of voters speculate that the agency will uphold their initial stance on a Bitcoin ETF which was a stiff no. One of the major reasons for the denial included the argument that “Bitcoin’s markets weren’t regulated enough.”
In anticipation of these news, the market is making necessary corrections. The $1700 level has been a recurrent playing field this past week, many investors opened and closed positions at that level. It will be interesting to see how much the SEC’s statement will affect the market price, or if it will even affect the price at all. Some speculate lows of $1500 if a panic sell ensues.
The reality of the situation is that nothing will change if the SEC will release a statement upholding its initial decision. However, in the unlikely case that the decision is positive, spare no doubt that Bitcoin’s price will reflect that.
According to the official order granting the petition for review, the exact time and date of the decision is unknown. For those of you who want to keep a close eye on the upcoming statement, the announcement will be posted here: https://www.sec.gov/rules/sro/batsbzx.htm.
Dislaimer: This is not trading advice, this article is for educational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.