The CEO of BKCM LLC, Brian Kelly with the CNBC panel held a recent discussion in which they emphasized that while bitcoin has seen a massive decline in price over the last 24 hours, investors selling the dominant cryptocurrency based on the delay of SEC in approving the first bitcoin ETF are doing it wrong.
According to Brian, the cryptocurrency market is more than just the ETF. On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.”
Although the downward trend has slowed down, Bitcoin price is still struggling with the resistance below $6,500.
Despite the negative turn that most of the cryptocurrencies took since the announcement related to the postponed ETF, Ethereum Classic [ETC] is one of the fewest currencies to see positive growth.
Kelly noted that the price of Ethereum classic has surged by over 30 percent mostly due to the integration of ETC on Coinbase and Robinhood.
He further stated:
“Ethereum classic has been up 30 percent over the last month. Really the driver of ethereum classic are two things: Coinbase and Robinhood. This is the first time the retail investors will kind of get a real easy way to get into ethereum classic. Coinbase added it to their institutional side, I believe over the next week or so, they’re going to be adding it to their retail side of the platform.”