BTC - We have now erased all gains from the ETF rumor.

in #bitcoin4 years ago

Bitcoin is now trading where it was before people started pricing in a Bitcoin ETF.

The SEC poured cold water all over people's optimism when they rejected the Winklevoss ETF application.

Which, to be honest, didn't have much of a hope of being approved in the first place.

From everything I have read, the SEC prefers to deal with people that have experience launching financial products when it comes to ETFs and derivatives.

Which is also one of the reasons the VanEck ETF also looked so attractive.

Cold water again?

However, the SEC again poured cold water on people's hopes when they announced that they would extend the deadline for comment on the VanEck ETF until September 30th.

News that the crypto market took rather harshly.

How harshly you might ask?

Well at this point, every single dollar from the ETF rumors has now been rolled back:

(Source: https://www.ccn.com/bitcoin-price-intraday-analysis-btcusd-could-retest-2018s-low/)

Sheesh!

That makes no sense as the ETF was not rejected, it was just pushed back by 45 days.

Keep in mind that they could push it back another couple months if they need to, which they probably will.

However, the market has treated this like it was an outright rejection, which it was not.

Where do we go from here?

Your guess is as good as mine at this point, but judging from the current price action we may see lower prices first before we see higher prices.

Unless there is a significant news announcement that disrupts the current momentum, down seems the path of least resistance.

The only saving grace is that we are now entering oversold areas on many charts. Which means a bounce may be in the cards shortly.

Another thing to keep an eye on is what is currently happening in Turkey.

President Trump announced a fresh round of tariffs on imports from Turkey which helped drive their currency (lira) down by 20% against the dollar.

Volumes at bitcoin exchanges in Turkey also surged on the announcement.

If there is some kind of major currency debasement we could see a flight to bitcoin.

Stay informed my friends.

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This roller coaster is surely testing my nerve. Gotta be strong and hang tuff 🤓👍🤓

Perhaps we should start writing a letter to the SEC about how it is not in their jurisdiction to worry about the spot markets. They surely didn't feel the need to look into the gold, oil, silver, copper, and all other commodity spot markets before they approved an ETF.

I think we all understand that just a bit of time until the price will go back up

It might be a while for an ETF to be approved, so we will need another catalyst.

stimme ich zu

The market is being toyed around with by some people who actually got something to lose. Physically settled futures and ETFs are pretty much the only thing that will be able to stop that.

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Not sure it would be the the only thing that would stop it, but I do agree that a physically settled ETF would drastically change the investing landscape. New and big money would enter the space guaranteed.

I think we need one more fake pump!

They are just toying with our emotions to push out the weak hands. BTC just pumped to nearly $6,500 just now in no time at all... whales are still up to their old games :P

I see that as well. We need it to break about $8,500 though for this trend to really break.

It should happen soon, if this really is our bottom.

I'm not sure it is, though I am hopeful.

Not only bitcoin. All other coins are also breeding badly. Hope bitcoin can hold this support level and go back up

It's bouncing nicely as we speak. Just tagged $6,500.

hab es mir gedacht
mit der Zeit wird er steigen bin ich sicher
danke für diese Information

Auf langer Sicht gesehen, ja. Ich denke auch, dass er steigen wird. Nur meine Einschätzung ist, dass er noch sehr tief sinken wird. Masivem Support bei 4k BTC/$

denke auch aber 4k??
Hoffen wir mal das es nicht so kommt

Naja wenn man sich so den Support unter 5k anschaut. Da ist nichts vorhanden. Erst bei 4k wieder. Aber ich denke nicht mehr, dass er fällt. Steigt wieder extrem!

I think BTC will go down to 4k before it will go up again!

It's possible. I would say anything is possible from about $5k all the way down to $2k. Hoping we bottom today though.

that's true. really anything could happen. can't predict anything.

I feel like we are back to where we were last year but the end of the year it may get better ( fingers crossed 🤞🏼)

The interesting thing is, that a minor factor as ETF being postponed causes that much losses, while real good news don't effect the price at all, what will happen, when BTC will be denied in September?
My guess is, that we won't see an uptrend for a long time now - especially since most people seem to have lost their trust in altcoins. We are talking about 80 Billion $ that have left the market over just 2-3 weeks - that's 1/4 of the total market cap. I'm out of the crypto game for now and I will only return, when we see a very clear upwards trend.

Not a bad strategy. I am hopeful something unexpected happens to give bitcoin a bid again. At some point we likely run out of sellers.

Yes you are right. I don’t think that ETF will confirm @jrcornel

An ETF will come, eventually. It may not happen until 2019 though.

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Doesn't look like a normal correction..

It's not. It's likely to be the worst or second worst in Bitcoin's history.

And yet I'm somehow happy to go through it, because of the experience accumulated.

That is a good point. Plus if you have cash to spare you will likely get cheaper prices than most who bought before you in the last 10 months.

Nice informative post,photogtapghy thanks for your hard work keep up the good work god bless you!

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Thanks.

Well this is a crucial stage for bitcoin to hold if it gets more down which is likely to happen this time then it could be panic all over

Great analysis, thanks!

thanks my friend for this post

The next global financial crisis could very possibly start with the Lira. Gor those like myself dealing in USD GBP and RMB, the effect of a crisis won't be felt immediately. But I'm watching Turkey intently.

I think many people are. Russia is seeing some currency issues as well. They would be a big one...

Russia is much safer and growing ever more insulated. The sanctions have only helped. And look at their central bank's activities recent and since the last 5 or 6 years. They're doing classical economics. It'll pay off.

I am not so sure about that. Either way though, if their currency is weakening, their people are experiencing a loss of purchasing power. There is likely a tipping point where those people will start seeking out alternative store of values... gold and bitcoin may be in play for them.

The Ruble is down significantly in the last few days/weeks against the dollar.

All of course true. But look at the liabilities Russia holds in dollars. Tiny!

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