Bitcoin price after another ETF rejection by US SEC

[GymClassHeroes]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

[pooya87]

this recent ETF and its rejection proved a couple of things in my opinion.
- looking at before its decision, the rise was practically non-existent because we only had one small spike which had other reasons actually and the size of it was not big enough to make us consider it the FOMO buy of ETF approval. so it proves that people don't have much faith in SEC approving ETFs anymore.
- looking at after the decision (rejection) there piratically wasn't any drop either. that small drop is nothing to be considered an actual drop because of panic sell of the rejection. which again proves people don't care about it anymore.

if you compare it with the initial ETF rejection a month ago, there was a bigger rise and a bigger fall after.

[ozki]

this recent ETF and its rejection proved a couple of things in my opinion.
- looking at before its decision, the rise was practically non-existent because we only had one small spike which had other reasons actually and the size of it was not big enough to make us consider it the FOMO buy of ETF approval. so it proves that people don't have much faith in SEC approving ETFs anymore.
- looking at after the decision (rejection) there piratically wasn't any drop either. that small drop is nothing to be considered an actual drop because of panic sell of the rejection. which again proves people don't care about it anymore.

if you compare it with the initial ETF rejection a month ago, there was a bigger rise and a bigger fall after.

It shows the token is maturing quite a bit. Looks like the recent developments were 'priced in.' I view this as a very positive sign.

[davis196]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

I was posting the same thing last year,when the Winklevoss twins ETF proposal was rejected.
I'm glad that you came to the same conclusion.Bitcoin doesn't ETF approvals,in order to grow and become stronger.It needs mainstream adoption from real online companies that sell goods and services,not mutual funds.
The whole "SEC decision anticipation" was highly exaggerated(as usual).

[Gozie51]

I'm not seeing bitcoin being the direct benefit of ETF, rather altcoin would because it will give more recognition to cryptocurrency. Bitcoin gained ath without ETF and so it might not really affect it with or without it. What is needed is the online companies and media to begin outright adoption.

[BrewMaster]

I'm not seeing bitcoin being the direct benefit of ETF, rather altcoin would because it will give more recognition to cryptocurrency.

the only problem with that is when someone  from outside comes in they usually only see the top altcoins and they are usually the worst coins, at least most of them are. and with the pump and dumps they see there while seeing some broken project (ETH, XRP) or a copy coin (BCH, LTC,...) they will be disappointed and go away. possibly back to bitcoin.

[Kemarit]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

Its because investors are getting smarter and they doesn't care about this so called ETF floating around. Yeah there is a minor dip, but look how quickly the market recovered. Speculators bought at the dip pushing the price to where before the last dip. I agree that we don't need ETF"s, we've seen ETF"s rejection come and go, specially during the first Winklevoss twins ETF rejection. So I wouldn't put do much weight on ETF's nowadays, because it doesn't have a direct effect long term, IMHO.

[gabmen]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

Too much hype has been placed on the etf proposals and i think it was well deserved since an approval would in a way push us a little bit closer to mass adoption but yeah, even without it we'll get there. Let's see what will happen with the sept proposal. An approval may very well start a positive run for us.

[dothebeats]

Seeing how the price moved, people don't seem to bother anymore about how ETFs are doing. Most people just gave up on the thought of the SEC approving any ETFs, and just went on to continue trading as if it's like a normal day. Perhaps we are just very eager to get some high gains for bitcoin again but in reality, we don't need ETFs that much, it's just another application that could potentially boost us into higher gains. The market seems to be dormant as of late and the up-down movement of the market seems normal despite the ETF talks.

[Slow death]

Most people just gave up on the thought of the SEC approving any ETFs, and just went on to continue trading as if it's like a normal day.

I think this is very difficult, maybe because of this people are not panic:

Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs


People still have hope, because of this hope prices are not falling too much

[socks435]

Most people just gave up on the thought of the SEC approving any ETFs, and just went on to continue trading as if it's like a normal day.

I think this is very difficult, maybe because of this people are not panic:

Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs


People still have hope, because of this hope prices are not falling too much

It's not falling too much because there is a big support at $6k value even the side are pushing the price down there are many supporters are buying while the price decreasing to keep the $6k value strong.

I believe that they are using bitcoin ETF just to keep the price jump then drop. It looks like there is a conspiracy between Winklevoss twins and the SEC that is why the Bitcoin ETF is always postponed.

[The Sceptical Chymist]

if you compare it with the initial ETF rejection a month ago, there was a bigger rise and a bigger fall after.

Wasn't it a delay last month, rather than a rejection?  I'll admit I didn't read many details, since the importance of an ETF has been blown way out of proportion IMO.  I thought I recall that a decision was just postponed last time.

Anyway, I'm not sure how much either of these news events had or is having on the price.  You'd think after an outright rejection, bitcoin would sink even lower, but it hasn't.  It's actually at around $6700 as I write this.  That's not too bad, considering where it's recently been.

Change 24h: 3% Is it what you call nicely? It's funny how a $200-300 increase in the value and the moon can appear again like within acid.

3% in a day isn't bad at all, especially since bitcoin has been moving sideways in a very small range for a while now.  Any movement to the upside is a good thing, IMO.

[LeGaulois]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

Recovering nicely how?
Change 24h: 3% Is it what you call nicely? It's funny how a $200-300 increase in the value and the moon can appear again like within acid.

People are used with the SEC rejection so this one wasn't a surprise, and the next coming next month will surely follow the same path. But in no way, there is a relation between a 3% and the SEC decision. When we will have a longer period of underlying market performance the thing will be different and only then people will be able to think dream  about the SEC approving any ETF

[KrishaBitcoin]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

Hopefully that the people will not really care anymore about this ETF proposals because Crypto currency market is in middle of recovering. We have waited long enough for the bullish run and we just hope that after this ETF issue the market will continue to move on now.

[pooya87]

if you compare it with the initial ETF rejection a month ago, there was a bigger rise and a bigger fall after.

Wasn't it a delay last month, rather than a rejection?  I'll admit I didn't read many details, since the importance of an ETF has been blown way out of proportion IMO.  I thought I recall that a decision was just postponed last time.

there were a couple of ETFs i don't really follow them either but this one stuck with me, one of them was postponed which is the SolidX ETF which is probably what you had in mind and this is the most hyped up one.
another one that was rejected last month belonged to Winklevoss twins. it happened on on July 26 which made the price drop from $8k to what we see today.

[mostkey]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

Hopefully that the people will not really care anymore about this ETF proposals because Crypto currency market is in middle of recovering. We have waited long enough for the bullish run and we just hope that after this ETF issue the market will continue to move on now.

Of course that really affected the market like yesterday's decision where the market tried to go up but with the delay turning into a decline, I didn't see much with market-focused regulations that made me believe that in the next few months we would recover, I hope everyone thinks this nothing and everything focused on the market to be pumped together, I think some people are sick and start to understand what to do.

[Binugon]

As anticipated, bitcoin took some  minor dive, losing about 300$ with the recent rejection of bitcoin ETF proposals presented by ProShares, DIREXION and Graniteshares but things seem to be recovering nicely after just a few hours, maybe we don't need the ETF afterall, just a killer app to drive adoption mainstream

The refusal begins with SEC's concern about the fraud and manipulation of the Bitcoin market and also does not meet the regulator's requirements, I think this rule is designed to prevent fraudulent or manipulative actions, this is a positive thing for the market, but unfortunately the requirements proposed by Bitcoin have not met the requirements, even though its influence on Bitcoin prices has declined but I hope the price will recover and stabilize and also the market will be protected from cheating and manipulation.

[timerland]

I really think that the markets have grown increasingly insensitive to these bitcoin ETF news.

With the tons and tons of ETFs being rejected, people are starting to realize that these rejections has basically no effect on bitcoin's long term potential, and the obvious benefits that bitcoin offers on its network and blockchain.

That's why I think prices aren't really moved by these recent rejections. There is no hype over these ETF deadlines anymore, so there isn't really panic dumping when the rejection comes either. All ETFs are is a centralized financial tool. The decision shouldn't be weighted this much by the community anyways.

[bitcoinposts]

In the coming months, they are   9 ETFs are there for approval awaiting from US SEC hopefully we can expect a positive outcome from Sec re-approval thought

[cellard]

In the coming months, they are   9 ETFs are there for approval awaiting from US SEC hopefully we can expect a positive outcome from Sec re-approval thought

If you aren't psychologically ready to take another 9 ETF rejections by the SEC then you aren't going to do well in bitcoin. The only way to keep a strong hand and don't do anything stupid is if you stop expecting that the ETF will ever pass. Assume the SEC doesn't have an incentive to pass it and move on with your life, bitcoin will do well without the ETF, hard money always wins in the end, the ETF passing would only speed up the rocket.

Now, im not saying it's impossible, im just saying people that come into bitcoin expecting it to happen are missing the big picture and will end up losing money.

As far as realistic timelines, perhaps 2020 and beyond, but some point to 2019, personally like I said before, im ready to assume it never happens.