Bitcoin Price Defends $3.5K After Cboe Pulls ETF Proposal

[exstasie]

Remember how in the last year the price was dropping when ETF's got rejected? Now one of the most promising ETF's got called off, and no one cares, the price didn't even flinch. The market is getting more and more rational, people don't FOMO or panic because of the news, this is good. The less volatile and sensitive Bitcoin is, the more valuable it becomes. Price volatility has been and still is a major flaw of Bitcoin.

I wouldn't get too used to it. It could just be a short term aberration from the norm. It might just indicate that sellers are exhausted after the crash from $6K, or it might just mean the market had already priced in an ETF rejection.

For all we know, more significant bad news will trigger a real selloff.

[1714952998]

1714952998

[1714952998]

1714952998

[1714952998]

1714952998

[Agapelove]

I don't know if it just only me but I really didn't care much about the ETF proposal... If BTC rode from cents to 20K without the ETF proposal in view then we are still good.

That's right, Bitcoin started from 0 without ETF but stil rise up to $20k. These only means that even without the ETF proposals Bitcoin would still be on the go for another bullrun.

Agree! Bitcoin investors are numb about any bitcoin ETF disapproval or postponement. Bitcoin will eventually find its way to go mainstream adoption as time goes by. As soon as we shifted back our focus on the development of the technology rather than focusing on investment.

[3core]

All I can say is that Bitcoin showing resilience to negative news flow is just a proof that Bitcoin doesn't need The ETF to thrive again, if the ETF supposed to be very influential bon Bitcoin, its delays after all this while should have showed significant impact on Bitcoin price.

[susuberuang]

currently there are still those who hold bitcoin at a price of $ 3.5k if there are no supporters and anchors of bitcoin prices then it seems that the price of bitcoin could potentially fall deeper because there is no good news that occurs when there are ETF proposals, because many traders also disapprove This ETF.

[owlman]

It seems to me that the SEC decision, regarding ETF-Bitcoin, is attached too much importance and nobody knows how a positive decision would affect the cryptocurrency market. I hope that the recovery of the market does not depend only on the SEC and its decisions.

[ecnalubma]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season.

[deisik]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season

The answer to this question should be pretty obvious

People are not so much pro-decentralization as they are pro-profit deep inside. In other words, they would easily exchange a little bit of decentralization for a little bit of profits. That's the reason why we care so much about SEC decisions as their attitude directly affects our profit potential, either way. Then again, you yourself talk about prices and rewards, not adoption and use, which is telling

[horrifiedx1]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season.

of course the government plays an important role in regulating its community, so that policies from them are needed to encourage the growth of cryptocurrency. moreover US, where the power has an influence on other countries in the world. they seemed to appear in front of each sector, moreover economic things

[BitBustah]

All I can say is that Bitcoin showing resilience to negative news flow is just a proof that Bitcoin doesn't need The ETF to thrive again, if the ETF supposed to be very influential bon Bitcoin, its delays after all this while should have showed significant impact on Bitcoin price.

The news shows little correlation with price action.  I've seen bitcoin drop many times on good news and the opposite as well. The best move is to just buy and hold and not try to time the dips and try to sell the pumps and buy back in cheaper.

[BitHodler]

For all we know, more significant bad news will trigger a real selloff.

You think? I don't see how any bad news will affect the market, because it's going down anyway. People blame it on bad news, because that's what they do, but the news isn't behind the declining prices.

I'm sure that you remember how people first blamed South Korea for the price to go down, then social media ad bans, anti ICO regulations, bans, and so forth. It's literally news for the masses, the most useless news there is.

If we're due for one last dump to shake out noobs and get rich quick crypto funds, then it will happen out of nothing, when no one expects it, because that's how you make sure that they will hate Bitcoin and crypto and dump.

[Idrisu]

Very sad I am hearing this for the first time.  ETF should be the reason for the next bull but if cboe has withdraw it means bitcoin has to survive by itself.  The market is seriously bearish and that is why it could not goes down more than expected.  I believe that something positive will come up this year.

[exstasie]

For all we know, more significant bad news will trigger a real selloff.

You think? I don't see how any bad news will affect the market, because it's going down anyway. People blame it on bad news, because that's what they do, but the news isn't behind the declining prices.

Bad news isn't behind declining prices, but it definitely catalyzes selloffs. Consider the selloffs that followed the Bitfinex hack or the Mt Gox shutdown, or all those times "the PBOC banned Bitcoin!" I'm big on technical analysis and I've always taken the position that these market moves were going to happen anyway eventually. But it's obvious that major news can help trigger strong supply/demand that was already waiting in the wings.

This is why during bull markets, bad news has virtually no effect. Demand is simply too strong. It's during bear markets that bad news matters, because demand is so weak and the market is looking for any reason or catalyst to sell off.

[1Referee]

Very sad I am hearing this for the first time.  ETF should be the reason for the next bull but if cboe has withdraw it means bitcoin has to survive by itself.

Lol. You make it sound like Bitcoin desperately needs an ETF, which isn't the case. We went up to where we are without futures, ETF's, Bakkt, etc, and we can do the same again without them. People just think they are important because they want the price to finally go back up, but it doesn't work like that. Without the market having found a bottom nothing will help you initiate a bull run.

Bitcoin's most bullish development is how Lightning is growing, and in the long term it will boost Bitcoin's adoption in the most favorable possible way. Use is what we need, not more institutions thinking that Bitcoin is an interesting short term bet, then dump it to secure profits causing a massive decline in price. They don't care about Bitcoin, they just want their profits.

[Jating]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season

The answer to this question should be pretty obvious

People are no so much pro-decentralization as they are pro-profit deep inside. In other words, they would easily exchange a little bit of decentralization for a little bit of profits. That's the reason why we care so much about SEC decisions as their attitude directly affects our profit potential, either way. Then again, you yourself talk about prices and rewards, not adoption and use, which is telling

Gone are the days of pure bitcoin maximalist and underground anarchist saying f*** government and banking system. Now crypto has been overrun by businessman, wealthy elitist and wanted to make money out of thin air in this market. Bitcoin now is touted as the best investment platform, but totally forgot the original vision of Satoshi which is a P2P system without any 3rd party in the middle.

That's why their attitude is really pushing for the approval of ETF's so that they will take advantage of the market once lots of noobs FOMO again.

[deisik]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season

The answer to this question should be pretty obvious

People are no so much pro-decentralization as they are pro-profit deep inside. In other words, they would easily exchange a little bit of decentralization for a little bit of profits. That's the reason why we care so much about SEC decisions as their attitude directly affects our profit potential, either way. Then again, you yourself talk about prices and rewards, not adoption and use, which is telling

Gone are the days of pure bitcoin maximalist and underground anarchist saying f*** government and banking system. Now crypto has been overrun by businessman, wealthy elitist and wanted to make money out of thin air in this market. Bitcoin now is touted as the best investment platform, but totally forgot the original vision of Satoshi which is a P2P system without any 3rd party in the middle.

That's why their attitude is really pushing for the approval of ETF's so that they will take advantage of the market once lots of noobs FOMO again

That's my point exactly

However, people who claim that they stick to their guns, i.e. to Satoshi's true vision, turn out to be even greater elitists and profit-oriented blokes wanting "to make money out of thin air in this market" than what you would expect from an average businessman, huh. In fact, it can be said that "pure bitcoin maximalists and underground anarchists" turned out to be not much better than the rest of the pack or maybe even worse if we consider their impact on Bitcoin's development these days

[STT]

Can you please remind me if the CBOE one was the physical one? because if the ETF proposed was the physical one, then it is definitely a sad news. Otherwise it is the reason to cheer. Because in physical ETF, actual bitcoin will be traded but in a synthetic ETF, only bitcoin futures will be traded which will bring no impact to the market other than increasing the numbers of speculators. So please tell me if the CBOE one was the physical one.

This proposal was by CBOE futures to be contained in an ETF which would be a similar system to how people can trade various agriculture commodities without actually getting involved in storage fees for vast warehouses of the product.    Its the most basic long term justification for markets like these, that can facilitate trading of a product by people entirely unconnected to the originating commodity.  

I think it would have been a good thing, I'm not a farmer but Iam part of a society that uses and relies on the use of wheat so maybe I want to be bullish on that product from afar and an ETF allows that.  Similarly BTC is a product that has a global range to it and should be feasible as a product to hedge but unfortunately they are not going ahead with that idea immediately it seems ?    Answer was due around Feb 2019 so I guess it was not going to be approved so they withdrew to reformulate an idea with a better chance perhaps

[Sithara007]

By now ETF rejections should not have any impact on the exchange rates.

[andriarto]

Investors are immune too much for this dramas which no surprise the market didn't dip that much what happen is opposite. We are pro decentralization but why are we so much affected by a centralized authority specially the US SEC decisions? On which there is no guarantee that upon approval the price will skyrocket again, I can feel the organic growth but due to manipulators its hard to achieve rewards during this season

The answer to this question should be pretty obvious

People are no so much pro-decentralization as they are pro-profit deep inside. In other words, they would easily exchange a little bit of decentralization for a little bit of profits. That's the reason why we care so much about SEC decisions as their attitude directly affects our profit potential, either way. Then again, you yourself talk about prices and rewards, not adoption and use, which is telling

Gone are the days of pure bitcoin maximalist and underground anarchist saying f*** government and banking system. Now crypto has been overrun by businessman, wealthy elitist and wanted to make money out of thin air in this market. Bitcoin now is touted as the best investment platform, but totally forgot the original vision of Satoshi which is a P2P system without any 3rd party in the middle.

That's why their attitude is really pushing for the approval of ETF's so that they will take advantage of the market once lots of noobs FOMO again

That's my point exactly

However, people who claim that they stick to their guns, i.e. to Satoshi's true vision, turn out to be even greater elitists and profit-oriented blokes wanting "to make money out of thin air in this market" than what you would expect from an average businessman, huh. In fact, it can be said that "pure bitcoin maximalists and underground anarchists" turned out to be not much better than the rest of the pack or maybe even worse if we consider their impact on Bitcoin's development these days

I just realized, indeed the essence of this time is that people enter the world of cryptocurrency, to double their money. but they were wrong when at the beginning of 2018 prices fell and many lost their money. this year there are many people who only focus on the price of bitcoin to increase dramatically, of course this makes it different from the initial purpose of bitcoin

[Kakmakr]

I think most investors know that this application will be filed again after the government shutdown has been resolved. They wanted to avoid a scenario where the SEC just had to rush a possible denial of the application, based on the Feb 27 deadline.

They might even hope if they do not push the SEC into a corner to meet the deadline, that they would be more willing to approve the application.  <It also gives them an opportunity to streamline the application> 

https://www.coindesk.com/cboe-withdraws-proposal-for-vaneck-solidx-bitcoin-etf

[davinchi]

Exactly my thoughts, if you force them to give an answer right away they would probably say no to be on the safe side, they are on a shutdown and they have bigger problems to deal with right now than accepting a bitcoin ETF, hence withdrawing seems like the right idea since that would give SEC some breathing room and show bitcoins understanding of the situation and when everything is fixed on the shutdown part (we still don't know when it will be solved) they can reapply for the ETF and that way we will have more time and will wait for it to be solved and so forth. That still looks like the simplest solution to this problem (shutdown of the government). Hence I think this probably took the possibility of ETF getting accepted higher with a smart move on the perfect time.