ETF Rejected

[bamboylee]

Most of us expect it to be disapproved anyway. Even the price drop did not last that long, unless there is a second wave of dump coming. I think we will stay at the current price level for a while.

[thesavoyard]

Most of us expect it to be disapproved anyway. Even the price drop did not last that long, unless there is a second wave of dump coming. I think we will stay at the current price level for a while.

Still have the Chinese exchanges that will open soon, that will cause a dump. Plus the people that didn't see the news. It could lead to another large dip. Let's hope it's larger than this tiny one.

[Cashew]

I knew it would be rejected. It seems to price sank a bit, but still resists as for now. Let's hope it does not go too deep or we might disturb the good equilibria we built lately.

[numismatist]

its good news for bitcoin .... let bitcoin be bitcoin and have nothing to do with the stock ex...

In some ways Bitcoin always positioned itself as an alternative to stock markets and classical bankerism. I am slightly irritated about the hopes hinged onto an ETF.

[Herbert2020]

I knew it would be rejected. It seems to price sank a bit, but still resists as for now. Let's hope it does not go too deep or we might disturb the good equilibria we built lately.

the equilibrium must be disturbed so that we can move on forward. if it remains the same stable price and fixed, then there will never be any rises. many are trading bitcoin and working with this exact fluctuations to make money.
in the long term, there is a perfect trend which you can also call equilibrium. and don't forget that supply and demand is constantly changing (in case of bitcoin the demand is rising) so the prices change.

[sportis]

Although, the most cryptocurrency news sites last days had estimated that the acceptance probability was tiny I had at least the hope that SEC would not decide and could find a good reason to delay again. I read that there are two other similar assets waiting their turn but I feel they will fail. The worst point of all this process are the reasons SEC put forward to reject the ETF. Surveillance agreements with significant markets and regulation. SEC knows that both of them will not be satisfied so an ETF will not ever reach the approval in the future.

[KuromaYoichi]

Expected outcome so no dissapoinment here. The price was dropping but already climbing back to ~$1.180. Good thing that i already set the buy order and got some easy profit.

[Dudeperfect]

Even after 5+ hours, the price is still $1,180+ so we can safely say that predictions were mere a hype and didn't affect the bitcoin on the price chart. I was expecting it to fall to the levels of $1,000 in the case of disapproval but there are no such signs. It seems that bears won't have any opportunity in this case at the moment to make profits.

[panju1]

The price yesterday at this time was exactly at $1180 levels. 24 hours seems to have made no difference to the price.
The ETF rejection seems to have been shrugged off by the markets. 

[Luke2939]

The price yesterday at this time was exactly at $1180 levels. 24 hours seems to have made no difference to the price.
The ETF rejection seems to have been shrugged off by the markets. 

Well, we haven't yet seen any big crashes in the price of bitcoin. But we need to see how long bitcoin can hold on to the current price levels. It would be nice if it can find support and stay well above $1000 level in the coming weeks.

[Sniper44]

i say good riddance, if ETF was approved we would have seen a big rise and price may have even entered a bubble and we all know bubbles pop and we would have seen a long period of downtime when price goes down and stays down.

at least now we saw the dump and now we can get back to slow rise as always and that is the only way price rises and stays up.
we can easily expect $1900 by the end of year.

[ReLieD]

Such a bad news . Now the prices will fall and now more people might be selling their bitcoins.
And when the prices fall down , which is going to happen soon , more and more people will buy bitcoins.
So now let's wait for the prices to fall and after certain months it will rise again.

[kingorbust]

Such a bad news . Now the prices will fall and now more people might be selling their bitcoins.
And when the prices fall down , which is going to happen soon , more and more people will buy bitcoins.
So now let's wait for the prices to fall and after certain months it will rise again.

why would it fall? There is no reason for it to. It fell a little after decision but is back up.

[yukiko]

Doesn't allowing this ETF bring the typical heavily leveraged margin accounts to manipulate the price of BTC? Thus the price of BTC would be forced into potential wild swings higher or lower. Especially if attempts are made to manipulate price movements for option plays that would inevitably follow an ETF.

Unless this is a unique ETF that only allowed one to one ratios without margin? I saw a bitcoin ETF as a potentially nice boost to the price of bitcoin that would easily be followed by manipulated shorts just like what happens with silver (and gold but not as heavily so).

AKA sell ITM calls, buy huge volumes OTM puts, short the ETF like crazy with market orders signalling algorithm trading shorts, buy back calls/sell puts for profit, cover your shorts at a loss, BTC long at a reduced pricing from your manipulation pushing others to short beyond your shorts, watch it rise, sell your BTC at higher profits.

Repeat. Typical ETF manipulation. Plus ETF algorithms are going to be playing the game.

Why would the bitcoin community actually want this mainstreaming to bitcoin which inevitably leads to manipulation?

[Hassan02]

Such a bad news . Now the prices will fall and now more people might be selling their bitcoins.
And when the prices fall down , which is going to happen soon , more and more people will buy bitcoins.
So now let's wait for the prices to fall and after certain months it will rise again.

It's already fall and start last day when it's already announced that ETF denied .but it's now back and continued to rise again .

[1Referee]

Such a bad news . Now the prices will fall and now more people might be selling their bitcoins.
And when the prices fall down , which is going to happen soon , more and more people will buy bitcoins.
So now let's wait for the prices to fall and after certain months it will rise again.

Would it be nice to have an ETF? Sure, but the disapproval isn't bad news at all. Bitcoin will continue to grow regardless of whatever ETF. It has done so previously, and will continue to do so as the increasing demand is the most important aspect. It got hyped up, which is basically is a normal thing when something is about to happen. Bitter pill has been swallowed, and now we can move further. It was an over-exaggerated dump.

[deadsilent]

I thought it will be approved by SEC but im wrong. Now that the ETF was not approved by SEC. I see small dump. I dont see that the rejection on ETF is massive. We fall only $100 and thats not really huge. Thats how strong bitcoin is. People cannot be fooled easily. They're getting matured now.

[Mometaskers]

I don't have much money but I have some saved that I'd use to buy should a dump really happen. Heck, if it even go really down, I might even consider borrowing money. Though I probably don't see a huge crash coming. The prospect of it failing didn't seem to really cause much of a big drop so it seem people are more confident of bitcoin now. Still, there will be some price decrease from dumpers fleeing at the first sign of a fall. Let's just all enjoy the ride.

[lite]

I thought it will be approved by SEC but im wrong. Now that the ETF was not approved by SEC. I see small dump. I dont see that the rejection on ETF is massive. We fall only $100 and thats not really huge. Thats how strong bitcoin is. People cannot be fooled easily. They're getting matured now.

There's going to be more bitcoin etf(s), so what if the first one was disapproved. the next one might be approved, march 30th is when we'll know the fate of second etf.
do we even need etf? bitcoin price will rise without etf(s).

[cpfreeplz]

ETFs are obsolete. Buy your own bitcoins, don't talk to a banker about how you're going to buy your bitcoins through him. Pay them their commission and regulatory fees etc. Screw all of that, why wouldn't I just put everything into a paper wallet and store it in a safe (or maybe even a very useful sated deposit box in a bank ).