“Bitcoin ETF approval is still a long time from now, and it will have no big impact on the market,” this opinion on the Bitcoin ETF was expressed by Yoni Assia, founder and CEO of eToro and Yaniv Feldman the CEO of One Alpha in a discussion with Ran Neu-Ner, the popular Crypto Trader presenter.
Bitcoin ETF and The Cryptocurrency Market
The cryptocurrency market has seen over $500 billion shed in market value since the beginning of the year, as the bearish trend in the cryptocurrency market continues.
A lot of cryptocurrency enthusiasts think the only way the market we see a move to the positive side is when Bitcoin ETFs are approved.
However, the expectation of Bitcoin ETF has seen setbacks with ten Bitcoin ETFs rejection already, though there is a proposed review of rejected Bitcoin ETFs by the U.S. SEC commissioners and also a postponed ETF application approval to the end of September.
These rejections have made many enthusiasts to discard ETF’s importance to the cryptocurrency bullish trend. Nevertheless, the planned review and postponed announcement made many enthusiasts keen on ETFs.
Why Bitcoin ETF Will Still Be Pending and Be Less Impactful
In a discussion led by Ran Neu-Ner, the host of Crypto Trader, seeking the view of Yaniv Feldman the CEO of One Alpha on what impact the Bitcoin ETF would have on the cryptocurrency market. Feldman in his statement said that the ETF is more of approval of SEC concerning cryptocurrencies. This will aid more investment in cryptocurrency as those afraid of investing before now would invest with confidence.
On the impact of the ETF on the bullish trend of cryptocurrency, Yoni Assia founder and CEO of eToro stated that the approval is a signal that legitimizes Bitcoin. Though this is essential to everyone, he also made it clear that it will have no significant impact on the market in the short term. Yoni noted that the market capitalization of over a hundred billion dollars took almost ten years to be attained. So if the ETF is approved, the market addition will likely be less than a billion dollars within the next 6 to 12 month after approval. This will add little significant to the worth of cryptocurrencies as at this moment.
In contrast to the expectations of most enthusiasts, Feldman shares the same opinion with the U.S. SEC on the Bitcoin ETF rejections. He said Bitcoin ETFs would not be approved this year because the market isn’t ready for it yet, especially regarding the custodial solution. Even though he sees it happening but it will take a while before it is actualized.