https://www.coindesk.com/sec-rejects-7-bitcoin-etf-proposals/
Most of the people in the know, who’ve been at this for some time and following the market were expecting this. Speculators weren’t. Haha.
2019 looks all the more likely if it were to happen. But an ETF is not needed.
What interests me in this particular case is that the BTC price has not been affected much by the rejection news (if you can call it that).
There was a little spike up to around $6,800 per BTC but once the news came out - the price went back to 6400-6600.
Which in my book is nothing major, especially when you keep in mind the volatility (drops) that BTC’s had in the past with bad news.
Is this a sign of stability/resilience/support?
This was quite a while ago wasn’t it?
It was like 2 days ago…
Hi.
I was reminded of this article I read just yesterday.
Check it out.
https://seekingalpha.com/article/4201247-network-effect-bitcoin-going-much-higher
Mike
Nice article.
Even if the author is a bit overly biased.
Just take a look at his comment responses.
I lol’d
I am sure I read an article on it before that, maybe it was a prediction.
We can hope, right. From my experience, as soon as you think you have a grasp on how the market works, or how you hope it will work, you get a crazy dump of 5-10% down in a matter of MINUTES only to have price rebound within a couple hours. Once stable or at least getting out of the red, you’re ready to get back in, and wam! It repeats. I can’t imagine many of the speculators that got in after December/Jan are still around. If they’ve lasted this long with any amount of funds, I’d be highly surprised. Hodlers will be down 60%-80% from ATHs. If they got out and back in, maybe less.
As for stability or support, let’s revisit after September. I think we could still see moves toward 6k. Once we get over all of the ETF talk, maybe we can move in the right direction until 2019. I’m checking my crystal ball, and predicting nice moves up in Q4 overall, until a new year’s blood bath similar to the end of 2017/beginning of 2018. But I’m a nobody, so don’t take my word for it! Ha!
There are enough positives in progress and regulation to believe there are long term interests building up the base and support.
It’s just the whales we have to worry about!
Side note: Also you can listen to the guys on Twitter that trade BTC futures to get some insight into what kind of orders other big time traders are making. Every now and then that gives you a little info on how they think the market will move short term.