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Yesterday was an important moment for the Bitcoin. Indeed, the SEC has ruled on the entry of the Bitcoin ETF. But as you may already know. They said NO ! Let's see what happened.

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Waiting and falling

Yesterday, the announcement that the Bitcoin ETF (Exchange-Traded Fund) might join the market, acted like a trail of powder. Indeed, it did not take long time for people to start speculating that it would be accepted (which would have surely increased its value). So what happened, there was a lot of people who started buying Bitcoin and holding it while waiting for the news and hoping that the Bitcoin ETF would be accepted.

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_{Chart from Poloniex}

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So as you can see, at that time there was a buying wave of about $ 1200 to $ 1365 ! This allowed the Bitcoin to make a new ATH (All Time High). But this was not for very long, because the U.S SEC (Securities and Exchange Commission) has made its announcement, the Bitcoin ETF has not been accepted. So we could have seen a hell of a fall !

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_{Chart from Poloniex}

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After the announcement of the refusal, there was a fall of the price of the Bitcoin. It went from about $ 1200 to $ 1,000 ! Then as usual after a big fall, the BTC resumed a small climb.

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At the same time, what happened to Altcoins ?

When the BTC was rising in expectation of the news, the price of Altcoins in BTC has decreased, indeed they were almost all in the red. However their prices in $ were for the most part in the green. But then when the BTC took this huge fall, it had the effect of increasing the price in BTC of Altcoins. This has therefore benefited some as ETH and DASH. As you can see below, ETH has gained + 11% of its value in $ and the DASH 9% !

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_{Board from Poloniex}

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The last 24 hours were therefore hectic for the Cryptoworld. But it's not counted on the future, that reserves us countless surprises !

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I hope this may have been useful to you. However, I let you make your own opinion and view. This post is not intended to tell you what or when to buy or sell. Just few information about the Cryptoworld.

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