SEC November 5th deadline for Public Opinion on 9 Bitcoin ETFs has passed, SEC Announcement looming.
November 5th was the deadline for the public to submit statements over the 9 rejected bitcoin ETFs and now crypto investor wait for SEC decision. This means that within the next week, up to nine different Bitcoin ETFs could potentially be approved. However, given the fact that the SEC has rejected many Bitcoin ETFs in the past, it is unlikely that all nine will be approved. But, if even one of these ETFs is approved, it could change the entire market and bring in a swath of institutional money .
The price of Bitcoin remains stuck in the $6,300 — $6,600 range, where it has been for much of the last month. However, there is a very good chance that the king cryptocurrency could see some dramatic price changes in the next week or two.
Elsewhere in the cryptocurrency market, Bitcoin Cash has seen some solid gains. In the past 5 days, it is up 28.5%. This makes it one of the best movers of the weekend. The upward movement for Bitcoin Cash this weekend is believed to be related to the scheduled hard fork for Bitcoin Cash which will be occurring on November 15th.
Bitcoin Cash hard forks twice a year so that scheduled protocol updates can be implemented. These scheduled protocol updates make it different from most other cryptocurrencies, which tend to not have such scheduled updates.
Hard forks and major impending developments often drive the price of certain cryptocurrencies up. Such a price run up was seen with Ripple, for example, in the weeks leading up to its announcement that it would be partnering with Banco Santander and that the bank would be using XRP as the base currency for its new mobile app.
But despite the fact that Bitcoin Cash is now making impressive gains, it appears that the rest of the crypto market is set to stagnate until the SEC makes it big decisions about the 9 pending Bitcoin ETFs, or at least until another major development happens.
Even though the crypto market may be at a standstill right now, cryptocurrencies have proven to be some of the most volatile assets of all time. So, it is very unlikely that this calm period will last very long. For investors, the key will be placing bets on the right side of the upcoming market movement.