Despite the fact that there was a recent price slip for the Bitcoin only a few days ago, the overall cryptocurrency market has been red hot in recent weeks. The price of Bitcoin and the wider cryptocurrency market have recorded huge hikes. This situation is supposed to be a positive one. But unfortunately, some experts and crypto enthusiasts are of the view that the price of Bitcoin and altcoins have risen too fast too soon hence, a massive price correction is becoming inevitable.
There are fears that a repeat of last year’s bearish run may reoccur. The crypto charts have been similar to the redux of 2017 as the price of Bitcoin has gone parabolic as it did at the time. Now, news outlets are reporting that there’s a decision due this week that could actually bring the price of Bitcoin and altcoins crashing again. It is the SEC’s VanEck Decision.
Cryptocurrency News Today: The SEC VanEcK Decision Will be Made Tomorrow, May 21
The crypto market is beginning to express concerns about the decision on VanEck’s ETF by the Securities and Exchange Commission. Proposals for Bitwise and VanEck ETF launches were published on February 15 & 20 in the Federal Register. The federal regulator has about 90 days to come up with a decision. The decision for VanEck’s exercise is due on May 21.
Experts are predicting three possible scenarios; the EFT endeavor could be denied, and secondly, it could be approved. The third and most likely outcome is that the decision may be delayed further. Alex Krüger, an economist and crypto trader, has pointed out that “Any rejection would result in an excellent opportunity to buy the dip.”
The ETF Decision Could Impact the Price of Bitcoin and the Overall Market Sentiment
Bitcoin and altcoins are overdue of a serious pullback. Last year’s minor dip didn’t last very long. By Sunday, the price of Bitcoin was already back to $8,000. Josh Rager a crypto trader and investor remains confident about the chances of the market. In his tweet, Rager is hoping that the outcome of the ETF will only have minor implications on the price of Bitcoin and altcoins. He is positive that BTC/USD will push upwards.
In an earlier tweet, Rager noted that the ETF decision could likely have serious implications on the BTC price but now it appears the tune has changed.
Bitcoin Price Prediction: The Price of Bitcoin Remains Bullish
As of press time, the price of Bitcoin was still heading up. The momentum that started in the early Asian trading hours this Sunday continued to Monday as BTC returned to $8,250. The leading asset class has fully recovered from the recent two-day correction it recorded only days ago and is poised for further gains.
Bitcoin’s daily trade volume has also picked up again. It is currently $24 billion while the price of Bitcoin remains above $8,000. The price of Bitcoin is up by 2% today. The majority of altcoins have also recorded gains as of the time of writing. One of the best gainers is the Dash protocol. The price of Dash made a 10% gain. The total market capitalization of the crypto market is $250 billion the highest figure in the last ten months.
If a massive price correction does occur, it will provide investors with the opportunity to accumulate cheaper Bitcoin before everything start to head north once more.