Bitcoin Forum

Finally, the ETF application for Bitcoin got rejected by the SEC. The market has remained the same. No drop in prices or whatsoever. So, why did people over hyped the ETF and almost made it look as if everything will collapse if the ETF is not approved?
There was no ETF approval for Bitcoin in December 2017 when Bitcoin recorded its all time high of $20,000. We should not over give credence to something when there is actually no real reason to. I am sure the experienced Bitcoin investors were never bothered about this ETF of a thing.
I guess we all are wiser now.

The problem is that a lot of people still believe that we are 'going to the moon' soon.

They are looking for events which could 'trigger another bullrun'. And if these events fail (e.g. ETF proposal) they spread FUD and believe the whole world is dying.

I hope these people finally may understand that there won't come a 'bull run' again in the short term. I am not even sure bitcoin has bottomed out yet.
I am confident that BTC will reach a new ATH. But i am also pretty sure that this won't happen in 2018 (and probably also not in 2019).
Calling a date would be pure speculation. But development and rising demand will increase the dollar-value of BTC for sure.

Bitcoin did never need an ETF to attract new user and will never do. Adoption is increasing steadily. And with all the progress in development and adoption, it is just a matter of time until the dollar-price of BTC breaks new records.

People were hoping the ETF would trigger another bull run, which hasn't obviously occurred. However, in due time, the halving of BTC in the future will create more scarcity of BTC, which would lead to price increases. Not now, but perhaps by 2023, we could see a $160 000 ATH.

Someone posted the graph which could be a valid theory on the price of BTC for the future. I do not take credit for this, don't know who the original creator is.

https://i.imgur.com/RU4xemm.jpg

kung, if bitcoin hits 3k. it won't last more then a  day. unless someone that fucking stupid to mass sell like an ape. i dont see the purpose. the difficulty is just 2 high. that it will all be tits up if it ever got that low.

that imaginary wall at 5-6k, gonna hopefully be 6-7k this fall at min. not including waves i hope.

Yes, ETF is really hyped and it has no big effect on bitcoin and cryoto prices. Its the big whales and market manipulators that lead people to believe that we will see a bull run once ETF approval is given.

You would see some big movements on the market if the ETF had been approved since it would've come as a surprise since no one expected that. The ETF was over hyped because some people thought it would help start a new Bitcoin rally

But some other people expected the ETF to get either delayed or dissaproved, that's why there isn't a massive sell-off, just a small drop from 6700 to 6450 yesterday which could've been triggered by some insider information about the SEC's decision.

I too hope that etf decisions will be a non event in the future. We dont need their centralised legacy etf in our world. Bitcoin will get stronger and bigger without etf.

I do not understand the hype about ETFs. If BTC should become more than digital gold or store of value, then the coins need to circulate in the real economy as a means of value transfer, aka currency.

So looking from a currency perspective, it is not a bad thing that the BTC price is range bound in a narrow band over a long time. No one would use it as a means of payment if coins not spent today are much more valuable in the near future (i.e. one month time).

I think it is healthier if the price only increases a few single percentage points each year due to its deflationary construction than having it mooning and crashing in rapid succession.

BTC should be a P2P payment vehicle and not an object for speculation.

I agree with what you say, however, I disagree with the part of how bitcoin investors never bothered with ETF. Investment–wise, Bitcoin price was at $6,204 on July 12th, and the hype made it reach $8,420 on July 25th prior to the ETF proposal postponing—that's a 35.72% increase in less than two weeks. Anyone who is trading bitcoin and didn't take that opportunity (regardless of whether they care about ETF or not) would be a fool, in my opinion.

3k is a bullshit price simply due to the fact that Japan and Korea brought a huge wave of adoption at $5k. THat would have to go down the drain for us to hit 3k.
Never say never is a wise saying and we could of course hit 3k provided that there was a fundamental flaw (like the fee bottleneck in 2017 that made people look for alternatives and send money through LTC and BCH, which resulted in these two reaching crazy prices despite complete lack of adoption on their part. If BTC got banned in Japan for instance we could start thinking of 4k right now, but I just don't see it happening and also don't see any TA indicators that would point to 3k and another year of bear market.

Fear of uncertainty and the unknown really got the best of Investors especially newbies who banked on the ETF saga thus leading to massive marker dump experienced few days ago. Now that SEC rejected ETF proposal, what's is the signigicant effect at the moment? Nothing at all. Guess it's high time, investors and newbies got good knowledge about the blockchain technology itself.

The Exchange traded fund, no matter where the dice was cast would not have impacted on bitcoins price as speculated by the cryptocurrency community. I agree that the ETF was over hyped and had nothing to offer the market.

I agree that the ETF was actually over hyped. If not, since its rejection, the value of Bitcoin would have been seen crashing down heavily, but yet, I can't see that happening. Maybe if people did not attach too much importance to it, Bitcoin will just be fine.

Yeah even I expected the same with the ETF move but the people all worried about the project here buddy. I like to invest still and make the money out of the investment. Hope we will see the bull run in some days.

What is the next hope for the Bitcoin price rally? Need to move up and this is the right time for it.

I think all bitcoin ETF attempts for the foreseeable future will be denied. It doesn’t seem to be negatively affecting the price. I do wonder what the hell will drive the next bull run though.

The ETF might be able to bring more institutional money into the market, buying Bitcoin is easy if the person studies a little bit about it, but with so much FUD spread it could bring an air of legality, and bring in new people who have distrust in the cryptos.

wait for whales pamp, lol
I'm not expecting bull run. Organic price rise and stability (at 8k-10k) seem more safe. I dont want another bubble popped

ETF have important values in the US for all crypto users, I think if the SEC accepts ETF proposals, then ETF will be the first in the US.

I disagree with you, if the ETF is accepted by the SEC, then, of course, the crypto trading volume will get better.

This is the catch when bitcoin's etf will be approved. Expect this to happen in late September this year. Whoo, I really do hope to see it fly again. New ath incoming.

I do hope the expectations are not cut short over a long period of waiting. The ETF might not preferably be the opening of the cryptocurrency's bull run but a sum total of other factors and indicators.

Yes, right. In reality, Bitcoin does not need an ETF proposal. Because we as Bitcoin users have the right to access Bitcoin. And right, Bitcoin will not experience price increases in the short term.

It is sad it was rejected  once again, the good news however is the fact that the market did not crash in price, on the contrary, it went up, that may indicate we are beginning to depend less on the ETF which is a good thing

A lot of people attached a lot of importance to the SEC judgement on the ETF. But I believe if the ETF was approved, Bitcoin price would have soar more.