ETF postponed creates another dip

[cellard]

https://www.cnbc.com/amp/2018/08/08/bitcoin-price-falls-after-sec-postpones-key-etf-decision.html


This news from 17 minutes ago should be the reason of the current dip. Obviously insider information made the dip happen before the news hit, so as pretty easily predicted by anyone that wasn't delusional enough to think the ETF would pass, we are now going to shed all the noobs and speculators that heard somewhere how the ETF was coming and we would be going to the moon next morning.

Probably new speculative pump before the next decision which of course be a rejection. Until all the ETF noobs are shaken out of the market we can continue going up without them.

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[fabiorem]

I would prefer tether printing to the ETF.

If ten billion tethers are printed (without a fiat equivalent), the bears are burned. 

[lilli_stitch]

This sensational fuss over the ETF is borderline lunacy. It's just another reason to jerk the price around and stop out everyone who hid under the 7000 level or wherever. I'm getting sick and tired of these 30,000 by Dec / 50,000 by Oct / 100,000,000 by 2020 forecasts. How in the hell can anyone have a true idea of what the coin's value is going to be if there are no fundamental values to base a judgement on? Forecasters have a hard enough time doing it even when the values do exist.

This dip is just another good reason to hang on and chill out. It's not the doom, and the ETF isn't the future.

[LeGaulois]

https://www.cnbc.com/amp/2018/08/08/bitcoin-price-falls-after-sec-postpones-key-etf-decision.html


This news from 17 minutes ago should be the reason of the current dip. Obviously insider information made the dip happen before the news hit, so as pretty easily predicted by anyone that wasn't delusional enough to think the ETF would pass, we are now going to shed all the noobs and speculators that heard somewhere how the ETF was coming and we would be going to the moon next morning.

Probably new speculative pump before the next decision which of course be a rejection. Until all the ETF noobs are shaken out of the market we can continue going up without them.

ETF speculators will always come back, don't worry "Follow The Money" Also the dip started the last week of July, it's a too long period of time up to today in my opinion. It could also be the fact that the wave of ETF speculators has come to its end.

[aqila baruroh]

This delay makes the price of bitcoin fall even further today, most likely there will be a pump if it has received approval. but if it is not approved, maybe the bitcoin price will drop deeper.

[Warbson]

some people said Bitcoin price will go to 1000 if etf refused , that will be a big crach of the market and investors confident

[BitHodler]

some people said Bitcoin price will go to 1000 if etf refused , that will be a big crach of the market and investors confident

The ETF isn't that important. At worst we might be testing newer lows between $5000 and $6000 but nothing more than that. If people say they think the price will fall to $1000 they are delusional.

While others are panicking I have bought myself some smaller bits around $6400 some moments ago. It boggles my mind how people still don't understand that corrections are a blessing instead of a negative event.

The real market test will follow directly after an actual rejection. If I'm not mistaken (correct me if I'm wrong) the SEC has still one more opportunity to postpone the ETF before actually approving or rejecting it.

In all cases we will for sure know the outcome this year.

[Farma]

well, I think this is the main cause of the decline in bitcoin prices that have occurred for now. well, I think ETF really affects the price of bitcoin for now. I really hope that the effort on the founder of the crypto market was truly accepted by the ETF at the next call.

[gentlemand]

I'm disappointed the market is this dim. However we know perfectly well the people driving these movements are not dim. They'll make hay while the sun shines and others are more than willing to run straight into their hands.

No one has said anything to me that has convinced me that an ETF in any form will pass at any time in the nearish future. The main reason seems to be 'well, it would be, like, todally AWESOME.' Quite possibly. That's no reason for them to say yes.

Let it not be forgotten that the price did rather more than fine after the first proper rejection. It will again some day.

I don't think this bubble is fully popped by any means. ETF shite can be pinned on as an excuse but really it's the same old cycles playing out once again.

[Baofeng]

Yes, I totally agree that the postponement creates another panic causing the price to go down again. Those speculators who get into the picture thought that it might be approved but since they consider this delay as a negative news, they sold and newbie traders panics again. Its really a disappointed and we are back to square one again waiting for another positive news that can help us get the price again above $7K-8K.

[hatshepsut93]

Remember how just a few weeks ago people were telling that we have passed the bottom and on the road to 20k/30k/40k by the end of this year?

But some users on this forum understood that the market at the moment was insanely tied to ETF news, big price movements always followed them. Also those users are skeptical about the possibility of the SEC actually approving an ETF. So, overall this dip shouldn't be surprising to experienced bitcoiners. Noobs should take a lesson here to stop losing money in the future due to FOMO/FUD and instead plan for some long term strategy or maybe sharpen their trading skills.

[mostkey]

Public enthusiasm for ETFs is very high expectations so that after the actual decision is postponed then the fear occurs very quickly, a very large effect occurs, with a very rapid price reduction adds panic to new people in investing, very common with every increase and decrease, what which is probably because everyone doesn't want to lose all the money that is in possession but always ambitious to get high achievement, I believe that in the future there will be a tremendous increase, it won't be like this continuously.

[adaseb]

This sensational fuss over the ETF is borderline lunacy. It's just another reason to jerk the price around and stop out everyone who hid under the 7000 level or wherever. I'm getting sick and tired of these 30,000 by Dec / 50,000 by Oct / 100,000,000 by 2020 forecasts. How in the hell can anyone have a true idea of what the coin's value is going to be if there are no fundamental values to base a judgement on? Forecasters have a hard enough time doing it even when the values do exist.

This dip is just another good reason to hang on and chill out. It's not the doom, and the ETF isn't the future.

Completely agree and even the legendary theymos also agrees.

Basically there are way too many weak hands, too many highly leveraged speculators and too many people who just want to get rich quick and they are the reason why these crazy $1000 in 24 hours sell offs happen.

We all knew the ETF would be delayed, all these ETF get delayed first before they get rejected.

I think what the retail traders do is as follows,

1) Heard from a friend of a friend of a friend or an Uber driver and buy BTC at $20,000

2) When BTC went to $6000, they panic sold and became a bear.

3) They shorted BTC and got liquidated on the most recent move

4) They finally figured, "ok BTC will go up now" and bought at $8500

5) They sold again when the ETF was delayed.


Rinse and repeat.

[figmentofmyass]

it didn't really "create" another dip. that dip was likely coming anyway. this is a bear market until proven otherwise---and it doesn't help that sentiment is so bullish.

some people said Bitcoin price will go to 1000 if etf refused , that will be a big crach of the market and investors confident

The ETF isn't that important. At worst we might be testing newer lows between $5000 and $6000 but nothing more than that. If people say they think the price will fall to $1000 they are delusional.

really? it wouldn't be outside the realm of normal. that's roughly the equivalent of the 2011 bubble pop. that would probably be the worst case scenario, but i wouldn't rule it out!

[fabiorem]

Retail traders are nocoiners.

Only the hodlers are true bitcoiners.

[BitHodler]

really? it wouldn't be outside the realm of normal. that's roughly the equivalent of the 2011 bubble pop. that would probably be the worst case scenario, but i wouldn't rule it out!

Just because something can happen doesn't mean it will happen. If that's your way of looking at things, we shouldn't discard the possibility of falling back below $100 either, or even below $10.

Back in 2013 we were initially hovering around $15 and within the same year we touched $1100. The long term correction took the price back down to around $150 in 2015. It didn't fall back to its starting point and it won't this time.

If there ever would be a time it was a realistic possibility, it would be after the 2013 correction, but it didn't happen. We're way further now and created a new floor just like how we created a new floor after the 2013 bull run.

[pitiflin]

This sensational fuss over the ETF is borderline lunacy. It's just another reason to jerk the price around and stop out everyone who hid under the 7000 level or wherever. I'm getting sick and tired of these 30,000 by Dec / 50,000 by Oct / 100,000,000 by 2020 forecasts. How in the hell can anyone have a true idea of what the coin's value is going to be if there are no fundamental values to base a judgement on? Forecasters have a hard enough time doing it even when the values do exist.

This dip is just another good reason to hang on and chill out. It's not the doom, and the ETF isn't the future.

ETF is crap. Bitcoin was created to be a mainstream currency and not to be a main stream investment(which I am afraid it already has). ETF eliminates the purpose of bitcoin. So fuck that shit.

Can someone start a petition and ask the assholes who want to get bitcoin ETFs approved to shut the fuck up and get away from bitcoin and its community? Thanks.

[kendedese]

this is a very serious problem and this is the umpteenth time they delay this, the price of bitcoin will continue to decline until there is agreement. there seems to be someone who wants to take advantage of this  

[exstasie]

This sensational fuss over the ETF is borderline lunacy. It's just another reason to jerk the price around and stop out everyone who hid under the 7000 level or wherever. I'm getting sick and tired of these 30,000 by Dec / 50,000 by Oct / 100,000,000 by 2020 forecasts. How in the hell can anyone have a true idea of what the coin's value is going to be if there are no fundamental values to base a judgement on? Forecasters have a hard enough time doing it even when the values do exist.

This dip is just another good reason to hang on and chill out. It's not the doom, and the ETF isn't the future.

ETF is crap. Bitcoin was created to be a mainstream currency and not to be a main stream investment(which I am afraid it already has). ETF eliminates the purpose of bitcoin. So fuck that shit.

I think the securitization of Bitcoin is bad news all around. It doesn't eliminate the purpose of Bitcoin, but it distracts from it. The protocol/network keeps chugging along no matter what. You won't see me treating ETF shares as sound money. It's paper based on trust.

But the problem is that society bows so heavily to authority. People will trust (and some Bitcoin folks around here already do trust) that "paper backing" is as good as real bitcoins. But this is inevitable. It's really not much different than counterfeiting coins in the traditional sense. Most people simply trust legal face value.

Re: the currency vs. investment dilemma: I think Bitcoin was created to be sound money. Money is only an investment insofar as Gresham's law ("bad money drives out good"). As long as our economies are dominated by freely printed and debased currencies, people will invest in BTC. There's no way around that.

So I guess we should expect these slimy derivative products to come to market as well. All we can do is preach the difference between real BTC and paper BTC.

[pitiflin]

I think the securitization of Bitcoin is bad news all around. It doesn't eliminate the purpose of Bitcoin, but it distracts from it. The protocol/network keeps chugging along no matter what. You won't see me treating ETF shares as sound money. It's paper based on trust.

But the problem is that society bows so heavily to authority. People will trust (and some Bitcoin folks around here already do trust) that "paper backing" is as good as real bitcoins. But this is inevitable. It's really not much different than counterfeiting coins in the traditional sense. Most people simply trust legal face value.

Re: the currency vs. investment dilemma: I think Bitcoin was created to be sound money. Money is only an investment insofar as Gresham's law ("bad money drives out good"). As long as our economies are dominated by freely printed and debased currencies, people will invest in BTC. There's no way around that.

So I guess we should expect these slimy derivative products to come to market as well. All we can do is preach the difference between real BTC and paper BTC.

How does it not eliminate the purpose of bitcoin? It eliminates the fact that bitcoin was supposed to be a peer to peer currency eliminating the usage of 3rd party intermediaries. ETF sucks and people need to understand that. Hell people even got scammed by such methods(through unofficial sources who were actually scammers).

Unfortunately at the moment I don't have a counter argument about the currency vs investment dilemma, good points made there. But the ETF thing, fuck that.