[2018-07-28] Bitcoin Immediately Recovers From Winklevoss ETF Rejection

[BitcoinArsenal]

The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”
Full article on NewsBTC

[1713575060]

1713575060

[bombie1]

Despite the rejection, The world is getting shocked about the recovery and uptrend.I think it is time for the market to go higher so despite all odds ,the world will once again hear about BTC high prices .Those who hodl  until now will soon smile.The price is set to go higher but maybe manipulated by whales that is my only fear.

[acheampong64]

Well, maybe the big whales and the whole crypto are angry and furious at the SEC. In view of that, we are going to show them we are still as strong as we've been and we are going to go even higher.

[milewilda]

The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”
Full article on NewsBTC

If we've been here for years we would able to see these kind of scenarios or events to be just like a normal thing. When there are upcoming decision either approved or reject the price do really react either it would be on big percentage or on just small or not being affected at all. I cant say its a recovery since we didnt deep too much or going back to 6k price point but only a little pullback into the price but such rejection is already having an anticipated result to the market and fundamentalist will easily spot it on.

[mazdafunsun]

The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”
Full article on NewsBTC

I found it interesting, it seems like Bitcoin and the whole market did not overreact what it has done countless times. Also right now i cant see how the market is holding up, possibly - investors are feeling bullish after all.

[Lucius]

Winklevoss ETF was completely irrelevant and practically had no chance even this time, but media ( in this case CNBC) is make this news big and tragic so this had a brief impact on the market until people actually did not realize that there is another ETF which has much greater importance and a much greater chance of being accepted.

In a nutshell ignorance from crypto users and sensationalism from the media were able to briefly shake the market, and I bet whales help them by some quick dump.

[Betwrong]

The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”
Full article on NewsBTC

Many experts see an ETF approval as another step forward to legitimizing Bitcoin in the eyes of big businessmen and thus its approval would most likely nudge the price of BTC up. But, at the same time, many others think Bitcoin feels pretty good without it and that declining of the price because of ETF rejection was irrational. That's why some traders have decided to take advantage of this temporary decline and started to buy as much as they can, which, in turn, made the price to bounce back up.

[chaoscoinz]

The U.S. SEC rejected a revised proposal for a Bitcoin ETF backed by the Winklevoss Twins. The market immediately took a dive, with Bitcoin and a majority of altcoins posting 4-5% losses on the day. The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”
Full article on NewsBTC

Pardon me, but correct me if I'm wrong. I heard there were other ETF proposals presented to the SEC, not just the recent two from the Winklevoss brothers. This article below here sheds some light upon the situation. Mathews this is the reason behind the speed recovery.

https://bitcoinmagazine.com/articles/sec-puts-decision-5-bitcoin-etfs-till-september-2018/amp/

[bob_rushford]

Well now its below the 8K mark. Lets see if its gonna recover now or not? And when is this gonna happen.

[Kemarit]

Well now its below the 8K mark. Lets see if its gonna recover now or not? And when is this gonna happen.

Did the current nose dive has something to do with the twins ETF rejection? It doesn't sounds like it. The rejection was like couple of days ago, if there's some drastic effect, it will immediately indicate hours after the news of the rejection went out. For me this is just another healthy correction and not to be attributed to the ETF rejection. One ETF though that we need to monitor is the VanEck SolidX ETF application, for me this is the one that can either push/pull the price come mid August. No need to worry about the sudden decline of the price in the last 24 hours, it started to move up and around $7600 at this moment.

[bob_rushford]

Actually the price was imploded to cross 8k. It was doomed to fall.

[Harlot]

The rapid move downwards led some to ask “was this decline really warranted or was it all an overreaction?”

Obviously it is an overreaction of the people again in the market, seeing that the Bitcoin ETFs is now the major catalyst for price movement of Bitcoin anything bad or good they see, they will use it on their advantage, today the rejection of their proposal has been use to trigger a sell off which gave the market a big hit, from its recent rally to 8,400$ we dive down round 7,500$ which is really a big drop, but not to say that it is all in the news BTC was bound to have a correction based on how it moved after the rally which really has no volume backing up the price increase.

[Lucius]

Did the current nose dive has something to do with the twins ETF rejection? It doesn't sounds like it. The rejection was like couple of days ago, if there's some drastic effect, it will immediately indicate hours after the news of the rejection went out. For me this is just another healthy correction and not to be attributed to the ETF rejection. One ETF though that we need to monitor is the VanEck SolidX ETF application, for me this is the one that can either push/pull the price come mid August. No need to worry about the sudden decline of the price in the last 24 hours, it started to move up and around $7600 at this moment.

Rejection of Winklevoss ETF had a short-term effect on price, price is drop under 8000$ but it is bounce back very quickly. This big drop in over 500$ has a cause in something else, and this is certainly has nothing to do with any ETH. If you look at the charts there is some big dump, the fact is that somebody is decide to make profit and this is crush price down.

We know that there are people who take advantage of any news, bad or good - market manipulation is something that can still be done if you have enough money.

[Ridwan Fauzi]

Did the current nose dive has something to do with the twins ETF rejection? It doesn't sounds like it. The rejection was like couple of days ago, if there's some drastic effect, it will immediately indicate hours after the news of the rejection went out. For me this is just another healthy correction and not to be attributed to the ETF rejection. One ETF though that we need to monitor is the VanEck SolidX ETF application, for me this is the one that can either push/pull the price come mid August. No need to worry about the sudden decline of the price in the last 24 hours, it started to move up and around $7600 at this moment.

Rejection of Winklevoss ETF had a short-term effect on price, price is drop under 8000$ but it is bounce back very quickly. This big drop in over 500$ has a cause in something else, and this is certainly has nothing to do with any ETH. If you look at the charts there is some big dump, the fact is that somebody is decide to make profit and this is crush price down.

We know that there are people who take advantage of any news, bad or good - market manipulation is something that can still be done if you have enough money.

A contradiction if previously the price of bitcoin experienced a drastic increase from the price of $7000 to $8200 associated with ETF posted by Winklevoss brother's against the SEC, but now when the $500 price reduction after rejection occurs is not associated with the SEC. However, I see like that also when rejection occurs by SEC bitcoin prices are still at $8100, mean that only gives little effect to the bitcoin price reduction.

Agreed that just something else and this reason

We know that there are people who take advantage of any news, bad or good - market manipulation is something that can still be done if you have enough money.

is the first-ever possibility.

[magneto]

I think that based on the fact that various ETFs have already been rejected multiple times in the past, this current rejection doesn't really matter as much or have as strong as influence on the market price as people may think.

However, prices are still obviously correcting from the recent rally. Right now, the prices stands around only $7.5k from the high of $8+k, a 8-10% correction.

I don't think that this is caused by the ETF rejection, it's just the bear market. Markets have grown very insensitive to news along the lines of this. It's very unlikely to see bitcoin all of a sudden go into a bull market even with the ETF being approved, as a matter of fact.

[richardsNY]

One ETF though that we need to monitor is the VanEck SolidX ETF application, for me this is the one that can either push/pull the price come mid August.

The problem here is that with this ETF being such an obvious factor, people have the time to open up positions in Bitcoin, which most actually have done. It means that people are prepared for it and we might actually go down instead of up, regardless of the outcome. We'll see what happens but I'm not that bullish on this ETF anymore for that reason. It's being hyped up to such degree that this can't end well and I'm not going to open any long positions but will think about going short without leverage. I didn't do it during the consensus event while I was considering it, but I will probably pull the trigger this time. Acting is better than doing nothing....

[Lucius]

A contradiction if previously the price of bitcoin experienced a drastic increase from the price of $7000 to $8200 associated with ETF posted by Winklevoss brother's against the SEC, but now when the $500 price reduction after rejection occurs is not associated with the SEC. However, I see like that also when rejection occurs by SEC bitcoin prices are still at $8100, mean that only gives little effect to the bitcoin price reduction.

Agreed that just something else and this reason

We know that there are people who take advantage of any news, bad or good - market manipulation is something that can still be done if you have enough money.

is the first-ever possibility.

You miss the point in this story, nobody even mentioned Winklevoss ETF until the moment when it is rejected by SEC - so that increase in price was not caused by this ETF, but with a completely different one by Cboe BZX Exchange&VanEck SolidX Bitcoin Trust. Someone just used this news and make some FUD which caused a short-term decline in price.

The ETF I mentioned is still under consideration, but as you can see the effect of this news has weakened and price is went down. There are lot of weak hands out there, for them bad news is bad news, even if it is almost insignificant.