This weekend has been quite eventful for Bitcoin. After reaching a new all time high of $1800, the price dipped over $200 to a low of $1600. However, the market displayed strong support at that level and is currently showing signs of recovery.
As SEC’s second decision date approached by May 15th, the market is showing clear signs of uncertainty. Both the bears and the bulls are pulling the strings in their directions. One concerning sign is the lack of volume during the recovery.
The market RSI has also decreased, signalling a lack of fuel for further momentum. If a few big players decide to exit their positions the market may tumble down to the $1600 support levels once again.
According to the SEC, all documents regarding the appealed bitcoin ETF application must be submitted by May 15th. This does not necessarily mean that the decision will come right away, but there is no reason it shouldn’t come soon after.
Two months ago, the SEC released their decision around 5PM, after the stock market closed. Usually the agency release statements after hours, to make sure the stock market is closed for the day and cannot be manipulated, but since there are no Bitcoin stocks there is no reason why they wouldn’t release a statement earlier. Make sure to vote if you think the Bitcoin Petition for Review will be approved:
Do you think the #Bitcoin ETF Petition for Review will be approved on or after May 15th?
— The Merkle (@themerklenews) May 14, 2017
On another note, the biggest ransomware attack the world has ever seen has been successfully thwarted by MalwareTech security analysts. The solution was incredibly simple – buy the unregistered domain that the malware was using for payload propagation.
Furthermore, analysts confirmed that the masterminds behind the world’s biggest ransomware attack have made an embarrassingly small amount of money – only $26,000. The viral nature and the quick shut down of the attack has shed more light on Bitcoin, which undoubtedly contributed to the positive market pressure.
Dislaimer: This is not trading advice, this article is for educational purposes only. If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.