The price dropping, any reason the huge dump?

[palle11]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

[mk4]

It's basically because apparently the SEC is saying that the Bitcoin spot ETF filings are "inadequate". Not sure how major/minor this news actually is, but it's definitely what people reacted to.

https://www.coindesk.com/markets/2023/06/30/bitcoin-tumbles-on-report-of-sec-saying-spot-btc-etf-filings-inadequate/

[alastantiger]

Yes we are at the end of a quarter and in the financial world it is very significant time. Why so is because Large financial institutions involved in bitcoin are at this time making crucial decisions that would span into the next quarter. Yes, so that is why we see some price drop in bitcoin at least this is the best explanation I can come up with(I may be wrong but I do not see any other explanation).

[tbct_mt2]

It's basically because apparently the SEC is saying that the Bitcoin spot ETF filings are "inadequate". Not sure how major/minor this news actually is, but it's definitely what people reacted to.

https://www.coindesk.com/markets/2023/06/30/bitcoin-tumbles-on-report-of-sec-saying-spot-btc-etf-filings-inadequate/

SEC has never approved a Bitcoin Spot ETF and it is not a shock as they continue to reject this Bitcoin Spot ETF application. I guessed they will reject it because with such very big news like a first Bitcoin Spot ETF approval, it should be done in a bull market, not in a bear market.

I am watching Patrick McHenry and Financial Service GOP Twitters for more updates on it.

Gary Gensler and SEC are continuing to play their games but they will have to be governed more by rules.

[BD Crypto]

1. Sometimes market dumps a little bit for the correction because Bitcoin pumped from 25k level to 31K level. And sometimes FUD break a stable market to volatile as mk4 said about the news which may create FUD among the traders. So we should wait for some more hourly charts to observe the current situation. And already Bitcoin pumped back to above 30K.

2. This little dump can't be a sign to end the second quarter on Bear because from last week Bitcoin have done a nice growth and people started accumulating Bitcoin for the upcoming Bull Season. I am expecting a few dumps are remaining before the Bullrun which will be some small correction.

3. Bitcoin can't be predicted only based on the monthly chart. We can go more upward in July and obviously in the 3rd Quarter as we can see a vital growth in weekly chart. Already Bitcoin passed a long Bear Season and it's time to move to make history again.

[_act_]

Yes we are at the end of a quarter and in the financial world it is very significant time. Why so is because Large financial institutions involved in bitcoin are at this time making crucial decisions that would span into the next quarter. Yes, so that is why we see some price drop in bitcoin at least this is the best explanation I can come up with(I may be wrong but I do not see any other explanation).

I have checked it on many news now that it is because of the spot bitcoin ETF that the United States SEC did not approve. mk4 is very correct about this. The bitcoin spot ETF that SEC turned down has been the reason bitcoin price decreased from over $31000 to below $29500.

https://cointelegraph.com/news/bitcoin-overreacting-sec-etf-filings-btc-price-dives-6

The price has risen back a little and it is at $30400 after it rose to $30500 recently.

[electronicash]

happy feeling's gone when the price went more than $31k and then the red candle plunges the price. feels like it's been manipulated to make everyone frown while our excitement was at its highest. Gensler can really ruin the day when you think you're the happiest.

i think there is the need for more countries that encourages banks to support crypto not just Hongkong and Spain so that crypto will not reply to US regulators.

[rhomelmabini]

An opportunity strike once again, I think this dump will be good for accumulation, it's probably that SEC is stirring things up once again. As far as I understood it's not that new to spot ETFs and the headline doesn't seems to be that alarming tbh, it's just the market reacts without scanning the whole context.

[RewFrew]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

Today's we saw huge dump For Bitcoin and others cryptocurrency market. I think it happen for : SEC says the spot #Bitcoin ETF filings are Inadequate. I think Bitcoin dump for this news. After this news Bitcoin price fall $1k within one minit. But within short time bitcoin price bounced. Now bitcoin price $30700 again. No i cannot think it is sign of bear. As bitcoin price pumped agin monthly candle can show sign of bull.

[Timmzzy]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

Too bad i started with crypto, as at 2018 but today i dont trade crypto anymore i just get to love forex, with the knowledge of forex market and its behaviors, i get to understand it actually has a high impact on the crypto market lets just have fingers crossed to see what the month of July will do. we cant actually predict if

Its a sign to end the second quarter on a bear?

[goaldigger]

SEC issues again and of course that a resistance level, and its not easy to break it.
This could be another opportunity for us to accumulate, don’t listen to those FUD and continue to buy more. This is why implementing ETF is still not possible with SEC, they have so many issues about it. Again, don’t panic and see this as a buying phase again.

[Johnyz]

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

We might see BTC trying to break the resistance again because this is just a temporary correction and just a short FUD from SEC.
We should start looking at the market for long term now because Bitcoin is about to break the resistance, maybe it just need more time to do this but we are getting there. I don't know much about the issue of ETF and with SEC but if this FUD continues to spread in the market, then we might see a more cheaper price, try to wait for it.

[DoublerHunter]

SEC issues again and of course that a resistance level, and its not easy to break it.
This could be another opportunity for us to accumulate, don’t listen to those FUD and continue to buy more. This is why implementing ETF is still not possible with SEC, they have so many issues about it. Again, don’t panic and see this as a buying phase again.

^ I agree and that is definitely right the line that I highlighted above, don't panic.
Instead, make this opportunity to fulfill your bag again and hold it while it has a BTC price resistance. I suggest also doing a DCA or buying BTC, instead of making a single large purchase, you may consider spreading your investment over time using a strategy called dollar-cost averaging. This involves investing a fixed amount at regular intervals, regardless of the price. This strategy can help mitigate the risk of making a large investment at an unfavorable price. The main reason would be all CEXs were facing the same issue against on SEC which is government pushing it right now.

[irhact]

The price of bitcoin is dropping just this afternoon with more than $2k from the opening of $31k today. The huge dump is still going on, so anybody knows what is happening with the dump?

Is this a sign to end the second quarter on a bear?

If bitcoin close on the bear for the month, what do you think with July and 3rd quarter?

We can't say we're ending the second quarter been bearish when we're also trading close to the highest price Bitcoin has been trading since the start of the year, Bitcoin has only made it to $31k one time since the year started and we're ending the month around that price as well. I'll say the next quarter of the year will be good for Bitcoin because more people will be buying Bitcoin as the preparations start heating up for the halving. So many reasons can be presented as the reason behind the recent price falling but I see it as the market relaxing.

We'll continue from where the market stop next month and keep rising, I see Bitcoin breaking pass $35k next month and also trading at the price for a very long time and not just testing it and retracing back below the price. Next month would be bullish that's my prediction.

[jossiel]

I still don't know the reason behind it but it seems our friends telling that it's because SEC releasing a statement about SEC should do it.

But no matter what again, Bitcoin easily recovers and goes back to $30k quickly. And even if there is no reason, it's normal to see these dumps every after bump that we see.

Then, we go from there and that news impact did a bit a lot but very short time.

[tbct_mt2]

We'll continue from where the market stop next month and keep rising, I see Bitcoin breaking pass $35k next month and also trading at the price for a very long time and not just testing it and retracing back below the price. Next month would be bullish that's my prediction.

I don't focus on trading and I don't want to let my emotion changes with market. If you predict that price will move up to $35k in July but what do you feel if it won't move up, but down.

Have to consider that if you buy and wait for its rise, you will feel disappointed. If you have a Long position and it falls down, you will have loss with your leverage trading by your cut loss or forced liquidation.

I look a wider view, till 2024 halving and I DCA (Dollar Cost Averaging) to stack more bitcoin in last 10 months till halving.

https://dcabtc.com/

[mk4]

SEC has never approved a Bitcoin Spot ETF and it is not a shock as they continue to reject this Bitcoin Spot ETF application. I guessed they will reject it because with such very big news like a first Bitcoin Spot ETF approval, it should be done in a bull market, not in a bear market.

I am watching Patrick McHenry and Financial Service GOP Twitters for more updates on it.

Gary Gensler and SEC are continuing to play their games but they will have to be governed more by rules.

https://pbs.twimg.com/media/Fzy--p7aMActmx3?format=jpg&name=small[/img][img width=400]https://pbs.twimg.com/media/Fzy--p8acAAPE-Z?format=jpg&name=4096x4096

They haven't really rejected the spot ETFs yet — they're just asking for more information about who the custodian will be (Coinbase in this case). Fidelity and others have now resubmitted with more information, with all(as far as I know) pointing to Coinbase.

[tbct_mt2]

They haven't really rejected the spot ETFs yet — they're just asking for more information about who the custodian will be (Coinbase in this case). Fidelity and others have now resubmitted with more information, with all(as far as I know) pointing to Coinbase.

Sorry, I did not use a correct word. They did not reject it but require additional information before they can consider more, then approve or reject it.

The process takes time even companies will fill in additional information quickly. I still stand with my point that first Bitcoin Spot ETF will not be approved in a bear market. If SEC approves a first one, it will be in a bull run next year or next two year.

Think that SEC will approve it in a bear market is too optimistic.

[South Park]

I still don't know the reason behind it but it seems our friends telling that it's because SEC releasing a statement about SEC should do it.

But no matter what again, Bitcoin easily recovers and goes back to $30k quickly. And even if there is no reason, it's normal to see these dumps every after bump that we see.

Then, we go from there and that news impact did a bit a lot but very short time.

While the charts may impress a few people out there as the price went down in a matter of minutes, we can see that overall not much happened, very quickly the bulls noticed the drop and bought the bitcoin they could taking advantage of the discount and then the price recovered, and all of this happened in the lapse of a few hours so there are many traders out there which may not have even noticed that such a dump happened at all.

[dothebeats]

It's basically because apparently the SEC is saying that the Bitcoin spot ETF filings are "inadequate". Not sure how major/minor this news actually is, but it's definitely what people reacted to.

https://www.coindesk.com/markets/2023/06/30/bitcoin-tumbles-on-report-of-sec-saying-spot-btc-etf-filings-inadequate/

Pardon my ignorance but ETFs are still a thing that people still react to? Upon doing a quick search, it seems like the SEC didn't really completely rejected the filings, just asking for more information. Not sure why traders and people react to this that much, because the news seems harmless and it's not really disrupting a lot of things in the crypto space, if anything.

In bitcoin trading, I guess this is the part wherein I don't completely understand the dynamics, or I'm just too dumb to see the gravity of such news to the cryptospace.