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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Crypto Industry Reacts to Yet Another VanEck Solid X Bitcoin ETF Delay

Tony "The Bull" Severino
Tony "The Bull" Severino
6 years ago
3 mins read

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A Bitcoin exchange-traded fund or ETF, has become a running joke across the cryptocurrency industry, with each new proposal set forth by various financial industry firms repeatedly rejected or delayed by the United States Securities and Exchange Commission.

The entire market of crypto investors were watching and waiting to see if today’s deadline for VanEck and Solid X’s proposal for a Bitcoin-based ETF would be rejected or approved, or delayed once again. As many expected, the deadline for the proposal has once again been extended by the SEC, further delaying a decision on if an ETF will be approved eventually.

Bitcoin ETF Delayed Once Again, Crypto Industry Yawns At Non-Event News

The potential of a Bitcoin ETF has reared its head quite a few times in recent years. The most recent Bitcoin ETF speculation took the price of Bitcoin towards $10,000 in late July as a proposal put forth by Gemini co-founders Tyler and Cameron Winklevoss.

Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 

The proposal was rejected, and the price of Bitcoin fell once again towards $6,000. Around that time, a proposal for a VanEck and Solid X Bitcoin ETF also reached its deadline with the SEC, but the proposal was delayed again and again. Each delay or rejection caused the price of Bitcoin to crash throughout the 2018 bear market.

VanEck Bitcoin ETF delayed. No surprise. https://t.co/MQgAXAtaYg

— Felipe (@PhilCrypto77) May 20, 2019

A government shut down put the proposal – which is said to have the best chance of being approved out of all of the different proposals out there – on ice for some time, but the review resumed weeks ago, and was targeting a May 20 deadline for a decision.

JUST IN: SEC delays decision, issues request for public comment on whether to approve or disapprove VanEck SolidX Bitcoin Trust (PDF) https://t.co/7ub6NM82le

— The Block (@TheBlock__) May 20, 2019

Today has come and gone, but the SEC has once again chosen to delay the proposal set forth by VanEck and Solid X. According to The Block, the SEC has also issued a request for public comment on whether or not the US financial watchdog should approve or disapprove the proposal.

ETF delayed (As expected)
Don't think it'll impact the price a whole lot.
That said I'm generally hoping & positioned for lower since yesterday.
This would be a nice excuse to fill bids lower.

Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4

— DonAlt (@CryptoDonAlt) May 20, 2019

While in the past, such news would cause a sharp selloff, the price of Bitcoin has since risen following the news circulating. Also, now that the news had made its way across the cryptosphere, industry analysts and experts are all weighing in on the news that turned out to be a non-event.

VanEck ETF delayed as expected. Non-event.https://t.co/3VCdFpAYCS

— WhalePanda (@WhalePanda) May 20, 2019

Bitcoin has shown much resilience in recent weeks, also shaking off a hack of Binance and the worst Tether FUD to hit the industry yet without as much as a scratch. Instead, the price of Bitcoin continues to climb along the parabolic curve that began with the April rally.

As expected, the SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.

VanEck's new deadline is August 19. The SEC can & likely will delay one more time for a final deadline of October 18.

Looks like this ended up the right explanation: https://t.co/bkzeVRt1Hg

— Jake Chervinsky (@jchervinsky) May 20, 2019

The VanEck and Solid X Bitcoin ETF deadline has since been rescheduled for August 19, and has until one more final deadline of October 18 it can push its decision off until.

Will a decision finally be made?

Waiting for a Bitcoin ETF like pic.twitter.com/b5TdyuWCDR

— Rob Paone (@crypto_bobby) May 20, 2019

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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