Red! Red! Red! is what many traders are seeing when they log into their favorite crypto exchanges or check coinmarketcap.com. Many savvy traders who had set stop losses, minimized their risks as some headed to BitMEX and Bitfinex to try and cash in on shorting their favorite digital assets of Bitcoin (BTC), Ethereum (ETH) and more.
In the case of BitMEX, the volume of BTC traded in the last 24 hours currently stands at 990,764. If the current turmoil goes on, they might do 1 Million BTC in 24 hours for a third time.
Too Volatile for A Thumbs Up By The SEC
It is with the last 24 hours and the quick decline of our favorite cryptocurrencies, that it is safe to conclude that the SEC will not approve a Bitcoin ETF anytime soon. The SEC is the government body in the US tasked with protecting the individual investors from the type of turmoil we are seeing in the crypto markets.
The SEC’s mission according to its website is:
To protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, our investor protection mission is more compelling than ever.
As our nation’s securities exchanges mature into global for-profit competitors, there is even greater need for sound market regulation.
And the common interest of all Americans in a growing economy that produces jobs, improves our standard of living, and protects the value of our savings means that all of the SEC’s actions must be taken with an eye toward promoting the capital formation that is necessary to sustain economic growth.
The reality is that the digital asset of Bitcoin that is meant to back an ETF, has just fallen by 12.52% in the last 24 hours. The last few hours would look like Armageddon if it were to happen on traditional exchanges on Wallstreet. The chances of the SEC approving such an investment option are slim given their mission statement to protect investors.
But Does Crypto Really Need an ETF
From a philosophical point of view fueled by a Satoshi Nakamoto mindset, we do not need a Bitcoin ETF for the crypto markets to be great. We simply need to let the sands of time dictate crypto adoption to a level where the value of our crypto assets will not be affected by news such as Goldman Sachs dropping plans for a crypto trading desk.
Prepare for the Worst
In conclusion, it is safe to say that this being the month when the SEC is meant to deliver a verdict on the CBOE sponsored Bitcoin ETF, we should prepare for a postponement or a rejection. With 24 days to go till the 30th of September, we can develop some type of resilience by anticipating the worst.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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