The SEC has delayed the approval of ETFs for cryptocurrencies such as Litecoin, Ripple, and Dogecoin. The new deadline is June 17, and public opinion is currently being sought.

As a result of this news, Litecoin has returned to $82.

This delay aligns with market expectations; Bitcoin's ETF has been delayed multiple times, let alone altcoins.

Essentially, the postponement of altcoin ETFs is not necessarily negative. Given the current market environment, even if approved, it may not alleviate the overall market sentiment; as long as it is not rejected, the expectations for ETFs remain, and there are still opportunities for speculation on expectations.

Another important piece of news is that at 2 AM on May 7, the Federal Reserve will announce its interest rate decision. Financial investors certainly hope the Fed can lower interest rates as soon as possible. However, the market generally expects the Fed to maintain interest rates at this meeting, with rate cuts possibly occurring in June.

Currently, the pullback in Bitcoin and altcoins is mainly digesting the expectation of 'no rate cut'.

Is not cutting rates actually a negative signal?

If sufficient expectations and preparations for a pullback are made in advance, I don't think it counts as such.

Not cutting rates in May will squeeze the frequency of rate cuts in the second half of the year. Getting past this point, the market will only speculate on rate cut expectations; if the Fed cuts rates three times between June and December, a bull market in cryptocurrencies will come.

In December 2024, rate cuts will turn positive into negative.

In May 2024, not cutting rates may turn negative into positive.

To think further, if the expectation is for a rate cut in May and it indeed happens, the market may not continue to rise; instead, there may be a short-term reversal and drop.

Next, we reach a critical point; only if Bitcoin stabilizes will altcoins continue to rise, so if you sold earlier, you may temporarily try to re-enter during future dips.

From a technical analysis perspective, looking only at Bitcoin's 4-hour K-line, there has yet to be a trend indicating the end of the pullback. Bitcoin may dip again to around 92,000 before continuing upward to break new highs.

Altcoins will determine their direction in the next couple of days. If there is a dip, there is an opportunity; if not, just continue to wait.

The recent altcoin market situation shows that it is basically another 'strange' scenario; normally, VC coins are down, MEME coins remain slightly stronger, and AI has already pulled back, indicating that the main liquidity is unwilling to take risks to push the market up.

Therefore, tomorrow is quite important.