Bitcoin price after another ETF rejection by US SEC

[therwtonn]

By now crypto users have accepted the fact that the SEC is never going to approve an ETF which is primarily backed up by crypto-currency. Perhaps that was the reason why the reaction was milder this time around.

We need to move forward without any ETF which in fact not going to ever approve. I hope that bitcoin has a very good and bright future, people need to get their confident back and put their money in bitcoin which can in fact give a real support to bitcoin.

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[entrepmind23]

We need to move forward without any ETF which in fact not going to ever approve. I hope that bitcoin has a very good and bright future, people need to get their confident back and put their money in bitcoin which can in fact give a real support to bitcoin.

Yeah, for now we should not expect too high with the approval of ETF because it maybe their tactic to control the price or accumulate more coins so that in due time when they release the ggood news, they would be profitable since they have accumulated enough of it. We should just take advantage of movement of bitcoin as it is now because even if there are small fluctuations, we can still see an opportunity from it and if there is a chance, we should take profit because it price movements are unpredictable at time so if we are not always ready then we will have a tendency to lose and all the profit we have accumulated so far will be lost.

[btc78]

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 believe that we must stop relying on this ETF because the market price wasn’t affected even if this fails meaning we are standing at our own feet without this approval.

Why not just wait if what will be the outcome about this and lets give no affection instead make our best for perfection

[magneto]

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

Traders simply do not care much about ETFs getting rejected anymore, or at least not as much as they used to. And this reflects within the price, which barely moved when the news first came out.

The fact of the matter is that bitcoin ETFs will benefit pretty much no average adopters even if it was approved, and I think that's the fact that's finally starting to catch up to some people. It's only going to be benefiting those in big financial institutions, no one else.

Also, a part of this is relative stability when it seems like everything is going bearish is probably contributed by the fact that there was no hype surrounding the ETF anymore. Markets don't go into a frenzy awaiting for the decision, so when the decision comes, the impact on the market is much lesser than previously, which is actually a great thing.

[Rembedful]

Thankfully bitcoin and all crypto people are smart enough to know that rejection from ETF doesn't mean a lick in this market. Even the suggestions to bitcoin and how it got rejected is very important to us. The more rejections we get the closer we get to an accepting. The amount of rejections bitcoin etf can get is limited, in the end one day they will have to accept it and the more rejections we get the closer we are getting to that acceptance.

People want bitcoin ETF, people are asking for it, in the end they will have to give up and just give people what they have wanted. Thats why the more rejections we get the higher bitcoin price is getting, because everyone knows that each rejection makes bitcoin worth more.

[Bokugo]

Thankfully bitcoin and all crypto people are smart enough to know that rejection from ETF doesn't mean a lick in this market. Even the suggestions to bitcoin and how it got rejected is very important to us. The more rejections we get the closer we get to an accepting. The amount of rejections bitcoin etf can get is limited, in the end one day they will have to accept it and the more rejections we get the closer we are getting to that acceptance.

People want bitcoin ETF, people are asking for it, in the end they will have to give up and just give people what they have wanted. Thats why the more rejections we get the higher bitcoin price is getting, because everyone knows that each rejection makes bitcoin worth more.

ETFs don't have much influence on the price of bitcoin, as you say if the price of bitcoin has dropped by $ 300 because of the rejection of the ETF proposal. but bitcoin prices recovered in an instant.l

[cellard]

If you are adventurous you could open shorts each time the SEC is about to deliver a resolution on an ETF request, since you can pretty much expect with 99% chance that the rejection will happen. However short squeezes are a real thing and it has happened many times in the past...

The best and most reasonable way to go about it as I see it is just to buy the deep dips. Wait for people to panic, and once it looks nice and deep on a single candle, start considering buying back in. That's all these hearings are for, to buy the dip when it gets rejected.

This strategy may stop being efficient tho. Once something is too predictable, it has no impact anymore on the price. It's like when the PBOC sent their FUD in a press release saying "this or that exchange is getting closed". Eventually the market couldn't give a fuck about the chinese close any more exchanges.