Cryptocurrencies market capitalization just fell to its lowest point this year after the US Securities and Exchange Commission (SEC) delayed a decision on the proposal for the first ever bitcoin exchange traded fund (ETF).
This fund is being pushed by investment firm VanEck and it is their third attempt to try and get this ETF, which is backed by actual bitcoins rather than futures, approved by the SEC.
Once approved, this would be a way for institutional investors to get into the cryptocurrency market in a safer way rather than buying bitcoin on a crypto-asset exchange.
This negative news has created a good opportunity as prices moved lower towards the support level (see chart).
On the previous two occasions, the SEC has rejected the fund however this time round the decision is postponed until the 30th of September which might indicate a more positive outcome.
It might be good to diarise this date as whatever happens we will surely see massive price movements especially if we have a positive conclusion.