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Bitcoin and the entire cryptocurrency market had undergone a sharp correction on Wednesday after the extension of the SEC's decision on the CBOE Bitcoin ETF until the end of September. It seems that this SEC news was not favorable to the crypto community, many investors, including individuals and institutions, were looking forward to the arrival of Bitcoin ETF, which would have given back hope to the crypto markets already in trouble.
In response to SEC news, Bitcoin has corrected by more than 10% while losing more than $ 10 billion in market capitalization to date. Although the correction of altcoins was even worse, crypto market valuations dropped by $ 30 billion. The latest correction would have pushed the crypto market to its lowest level in 2018.
As investors reacted with panic, the founder of BK Capital Management and CNBC Fast Money's regular contributor – Brian Kelly said investors reacting to this news from the SEC were mistaken. Kelly also said that it was not the right decision for Bitcoin investors to react so harshly and that he did not see Bitcoin ETFs approved until the end of 2018. Kelly explained:
"He [bitcoin] $ 5,800 was spent, and all because people thought that there would be a bitcoin ETF. The SEC went out and postponed that decision. On September 30, SEC will signal a new warning because the market is not ready and the SEC has not yet received the answers to its questions. "
In addition, Kelly also noted that, the major digital currencies having performed poorly in recent days, Ethereum Classic had made a tremendous move north against the US dollar or Bitcoin. The latest integration of Ethereum Classic by two major platforms, Coinbase and Robinhood, has resulted in a 30% increase in the altoin. Kelly also said:
"Ethereum Classic has increased by 30% compared to last month. Really the Ethereum Classic driver are two things: Coinbase and Robinhood. This is the first time that individual investors will have a very simple way to get into Ethereum Classic. Coinbase has added it to its institutional component, I think that over the next week, they will add it to their retail component of the platform. "
In recent months, ETC has attracted a lot of attention from companies wishing to develop an infrastructure around the Ethereum derivative. It is expected that the SEC's latest clarification due to the unsafe nature of Ethereum will provide a boost to the price and value of the ETC.
It should be noted that Coinbase has currently added support for ETC on the Coinbase Pro platform and that it will be available for trading for Coinbase customers from here 1 to 2 weeks.