I guess with the approval of ETF, Bitcoin economy will have a fresh new funds coming in. With this fund it will push Bitcoin price up since demand pressure will be higher. Aside from that investors who are half hearted to join bitcoin will have no doubt come to a decision to join Bitcoin because of the effect of this approval. With huge fund coming in, there is no doubt Bitcoin will reach $2000 this year.
But the expectation by the community in bitcoin world was crashed down and the effect of it now was that bitcoin dropped now at 970$, well it is as expected when it has been rejected by SEC. Even the value now was being reduced I think it is still time for us to buy more bitcoin its a sign for us to do it because it will goes up a weeks from now
The current correction has hardly anything to do with the SEC decision
Did anyone really expect them to approve the BitcoinETF in the first place? There was some price manipulation going on within hours before and right after the decision had been announced but the effect of it quickly evaporated. Today's price fall is most certainly related to BU fudsters but how long their FUD is going to last? Unless they continue to dump massive amounts of Bitcoin on a daily basis, they won't be able to bring the price down for any longer period of time. And as soon as they stop dumping, price will quickly rebound. It is hard to play against the market all the time