A cryptocurrency enthusiast and the Chief Executive Officer of BKCM, Brian Kelly has warned Bitcoin bulls who have taken advantage of the ETF approval delay to sell off, saying that they are doing things wrong.
This is indeed not the best of times for cryptocurrencies as the crypto market lost $29 billion in just two days. Major cryptocurrencies dropped in varying degrees, while some dropped as much as 25%.
Different observations have been collated for the decline in the value of the cryptocurrencies. Many have associated the decline with the delay in approval of Bitcoin ETF to be the reason for the current sell-off.
But some are not convinced, as they claim that the delay is expected, and cannot be regarded as the cause of the decline. Others in another quarter also said that it might be as a result of the massive sell-off in the OTC market.
Selling Is The Wrong Move
In this regard, Brian Kelly has voiced out his opinion that selling Bitcoins isn’t the right way to get approval on the Bitcoin ETF proposal either. Though SEC had postponed the expected approval until much later in the year, that’s not enough reasons to sell huge amounts of Bitcoins off on the cryptocurrency market. He stated that “it (Bitcoin) has had a tremendous run off to $5,800, and that was all really because people thought there were going to be a Bitcoin ETF. The SEC came out and postponed that decision. A little spoiler alert, on September 30, SEC will likely postpone again, because the market is not ready for it and the SEC hasn’t had the answers to the questions yet.”
Meanwhile, analysts have stressed that the decision of the investors to sell, if related to the postponement of the ETF was a result of their disappointment in the SEC. Most investors were kind of hopeful about the whole ETF thing that they became enthusiastic about it, but since the SEC decided to postpone, they believed, that its best to sell it off and be on a safer side.
Bitcoin and other cryptocurrencies will surely bounce back, as it’s normal for the market to fall and rise.