Everyone can remember how good sentiment was when the announcement was first made. Then the SEC rejected the initial application, although it turned out they only asked them to refile the application and change some small details. Despite this there was a big dump down to 26,000,
BlackRock’s SEC ETF Approval Record is 575 to 1, and they are known to be one of the most powerful and influential companies in the world. But we also know the SEC have rejected Bitcoin spot ETFs before. Gary Gensler may feel he needs a win after recent events in the XRP case.
In the unlikely event the Black Rock ETF gets rejected, I could see sentiment shifting very quickly. The Black Rock ETF news has been the most positive narrative and market catalyst we've had this year, and is almost solely responsible for getting Bitcoin up to, and keeping it at, around $30,000.
If the ETF is rejected Bitcoin would be likely to revisit 20-25,000 range, which might not be so bad alone, but we all know what would happen to ETH and the alts. Some or even most alts are already 90-95% down from ATHs and still can't catch a bid. It would be a bloodbath. Are you prepared for that?
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