- Analyst Scott Melker said there is presently a risk of a Bitcoin pump-and-dump.
- A spot Bitcoin-ETF rejection by the SEC could cause a flash crash in the digital asset’s price.
- ETF-fueled optimism sent Bitcoin prices past the $47K level yesterday after issuers announced their fees.
Fears of a Bitcoin crash have heightened should the US Securities and Exchange Commission (SEC) decide not to approve the spot Bitcoin Exchange-Traded Fund (ETF) proposal by the end of the week.
Noting these concerns, renowned cryptocurrency analyst Scott Melker mentioned in a video that there is a Bitcoin pump-and-dump risk. According to the analyst, this risk comes as investors await the Wall Street regulator’s stance on a green light for the pioneer cryptocurrency asset.
On Monday, Bitcoin ETF-fueled optimism drove the asset’s price to a new annual peak of $47k. The sudden surge came after institutions in the ETF race unveiled their fees, prompting speculations that an SEC approval was just around the corner.
Commentary from experts in the video suggests the SEC is still reluctant to give a go-ahead, citing risks associated with an ETF launch. However, crypto founde…
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