COIN ETF denied by SEC

[d5000]

I think this can be a mid-term trend reversal.

There are no really bullish news now on the agenda, and the ETF speculation was responsible for a large part of the "to da moon" sentiment in the last weeks. The 1350 USD spike today showed it.

So the public opinion in the Bitcoin ecosystem will again shift to the really important topic: the scaling/blocksize discussion. For now, the situation looks pretty bearish, as there's no solution in sight. But discussion on the topic progresses and I'm optimistic that in some months we'll have a solution - either Segwit approved or another type of scaling proposal.

So my prediction is: We'll see a bumpy weekend with some up- and downmoves, but the +1250 highs will not be reached again, so the trend will move downwards next week with some harsh jumps. I expect at least $850 at some moment (we already had 950 so it's not far away), maybe 750, but not much less. And in the second half of the year things can turn bullish again if a scaling solution is found.

[Dakustaking76]

And now its rising

[Slow death]

As discussed furtherbelow, the Commission is disapproving this proposed rule change
because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act,
which requires, among other things, that the rules of a national securities exchange be designed
to prevent fraudulent and manipulative acts and practices and to protect investors and the public
interest.

https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf

This result was expected, at least I think most people should have followed the news and should have read the opinion of some experts that was not good.

Another three year wait is upon us.

This must be a great pain because the process dragged on for a long time and in the end the result was disappointing

I think it goes under 700

 

NO.

Will stay in the 1000, may drop below 1000, say until 920. but soon will return to 1000

[weilichesbin]

And now its rising

It will Fall under 700...no bullish news for now.no etf.china exchange Problems. We are now on a down Trend. The only ones who buy now are the bots.thats why we see waves.

Best investment next days will be VISIO  with this u can multiple your bitcoins

[shannen87]

And now its rising

It will Fall under 700...no bullish news for now.no etf.china exchange Problems. We are now on a down Trend. The only ones who buy now are the bots.thats why we see waves.

Best investment next days will be VISIO  with this u can multiple your bitcoins

what is visio?

[BitHodler]

After a few days when the markets calm down we will see how much the price was driven by ETF approval speculation. I personally thought it wouldn't drop under $1000 but it did.

Almost all of it was ETF speculation - prices don't rise by 30% in a month just like that.

Given the fundamental reasons they gave for refusing the ETF (manipulated exchanges), it is pretty clear that the other two ETFs won't be approved either.

It was obvious that the ETF has been contributing to a higher price, however, we also have a high level of sentiment + the demand that is stowing the market to higher prices.

Other than that, it was probably too much to expect from the SEC to approve something so vulnerable to manipulation as crypto in general due to the free market aspect.

From that point it's indeed not looking very good for future ETFs looking for approval. It was a fantastic tool for institutional money to flow into Bitcoin.  

[magemist]

Byebye $1000 until never.

It is still showing $1253 on blockchain, $1118 on bitstamp and all the other exchanges have not reached $900 yet. So it is not over yet.

[weilichesbin]

And now its rising

It will Fall under 700...no bullish news for now.no etf.china exchange Problems. We are now on a down Trend. The only ones who buy now are the bots.thats why we see waves.

Best investment next days will be VISIO  with this u can multiple your bitcoins

what is visio?

This is visio

https://bitcointalk.org/index.php?topic=1806936.300;topicseen

[Le Happy Merchant]

Fucking SEC... I won that dodge-ball competition!

[User705]

This was never going to be approved and it will never get approved in the future.  No regulator will let someone sell securities in what is basically computer code.  That's like selling securities for email accounts. The good thing is cheap coins will be incoming shortly and the even more as soon as China exchanges release the withdrawal holds.  

[kwukduck]

Anyone that ever thought it would get approved is completely delusional and doesn't understand both the power of bitcoin and its flaws. Both sides are reasons why a value above $500 can bever be sustained.
Unless we fundamentally start fixing things this boat will only sink. And the community has basically already voted for that by rejecting SegWit.

Sec ruling will take us back to $500 and when chinese exchanges enable withdrawals again we could even see $200 again.

[Dakustaking76]

How its possible that kraken show other value then the other sites??

Kraken is €1025

[btcmerich]

I was realy thinking we would see some bad panic selling. must say it is holding strong and did not drop hard.  Or maybe the storm has not started

[HanvanBitcoin]

I was realy thinking we would see some bad panic selling. must say it is holding strong and did not drop hard.  Or maybe the storm has not started

[Amph]

How its possible that kraken show other value then the other sites??

Kraken is €1025

i see that value almost everywhere, preev report the same thing, and anyway what i can only see now is cheap coin for everyone, for this reason i doubt the bottom is below 1000

there are high chance to return to the previous point very quickly

[Fireblade]

After a few days when the markets calm down we will see how much the price was driven by ETF approval speculation. I personally thought it wouldn't drop under $1000 but it did.

At least this is another opportunity before the price climbs back up again. People were eagerly waiting for such a dump, now here it is. Put your money to work and start buying up these discount coins!

i think yes that is the good opportunity to trad bitcoin right now, because the price of bitcoin is now trading below 1000 USD and i think it is a temporary downfall, it just giving opportunity to people to buy bitcoin in such a low price, because after that the price is expected to start increasing and hope that very soon it will reach to a minimum high level again.

[BitcoinPanther]

After a few days when the markets calm down we will see how much the price was driven by ETF approval speculation. I personally thought it wouldn't drop under $1000 but it did.

At least this is another opportunity before the price climbs back up again. People were eagerly waiting for such a dump, now here it is. Put your money to work and start buying up these discount coins!

i think yes that is the good opportunity to trad bitcoin right now, because the price of bitcoin is now trading below 1000 USD and i think it is a temporary downfall, it just giving opportunity to people to buy bitcoin in such a low price, because after that the price is expected to start increasing and hope that very soon it will reach to a minimum high level again.

It would be foolish to sell Bitcoin at this price but buying would be a wise decision.  Seeing the price going down for $200 - $300 is really nice to see if we are waiting for the dip.  I can say just wait a bit more because people from the other side of the world is just waking up and we can see another set of dumps coming soon. 

[chopstick]

Large Sustained Price Rises won't be forthcoming until Bitcoin Unlimited achieves 75% hashrate and we finally get our hard fork.

Honestly, with the amount of organic growth that has been happening - if it had been unhampered by the 1mb limit imposed by Core - and if Marketshare had not flooded into alt coins - Bitcoin could have had a sustained price rise to >1K without it just being ETF speculation.

[Seansky]

Its kinda sad that COIN ETF is denied by SEC well this is the most probable outcome I think since there's only low chance of it being approved in the first place. Soon we will see the new floor if the dump continues. I really do hope that it wouldn't dump that much and if it will I hope it might not go down below 400$ but there's still the possibility of it being dumped lower than that so all I can do is watch what will happen.

[error08]

As discussed furtherbelow, the Commission is disapproving this proposed rule change
because it does not find the proposal to be consistent with Section 6(b)(5) of the Exchange Act,
which requires, among other things, that the rules of a national securities exchange be designed
to prevent fraudulent and manipulative acts and practices and to protect investors and the public
interest.

https://www.sec.gov/rules/sro/batsbzx/2017/34-80206.pdf

SEC team were right, bitcoin still has to solve all those problems regarding manipulative acts which need larger block size in order to attract more adopters, in several years, we may have bigger market cap to prevent those things, at least.
However, SEC decision will make bitcoin price continue to decline and we could start from the beginning again without ETF speculation.