Is Hong Kong Bitcoin ETF Responsible for Recent Bear

justdimin

hero member

Activity: 2968

Merit: 670

www.Crypto.Games: Multiple coins, multiple games

Quote from: Aanuoluwatofunmi on May 01, 2024, 03:49:10 AM

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

There is no reason to try to find some bad news, it is not working that way and it wouldn't help anyone at all. I think it's clear that we are talking about something that is not going to take any time, we should probably see it get change with time as well and we shouldn't be worried about it.

I believe that the best thing to do would be just making sure that we are dealing with volatility in the market which is a common thing that happens and it is not going to end up changing much of the market neither. I get that sometimes we end up with different results, so it doesn't really make people change all that much, but as long as we trust what is going on, we will see ups as well as downs, so if we saw a down, the nit means it's time for an up.

Maus0728

legendary

Activity: 1904

Merit: 1563

Bitcoin Casino Est. 2013

Quote from: bittraffic on May 01, 2024, 11:45:10 AM

Quote from: Maus0728 on May 01, 2024, 11:09:39 AM

Only thing I can say about this is that it's really weird that this is what's happening when ETF approval is supposed to be a good thing for the bitcoin market so I don't know if it's because of the Hongkong ETF that's lead to this, it's not a negative factor for the market right? So how come it's the cause of the decline in prices? @TravelMug might be right, this is a whale move to make sure that they're making the most money as much as possible, I just hope that retail investors don't end up having to get taken away by the waves created by these whales.

It seems to be the pattern because, during the start of US Bitcoin ETF trading, the prices are also taking a dive. HongKong ETF trading day also triggers the same effect. If another ETF is approved too soon with the same effect, all I can say is that its the pattern that is being planned which is most probably played by the traditional institutions trying to allow institutional traders to buy at discount prices.

I see, that's probably why bitcoin's at 65k again, I guess I'm wrong to speculate that whales are making moves to manipulate the market. I don't get the logic of allowing institutional traders getting discount price when buying bitcoin though, if you sell at them at a lower price, wouldn't it be weird because you're not getting any kind of profit out of it? Or there's something more to it that I'm too oblivious about the corporate stuff that I don't know about. Maybe when another ETF happens and the same thing happens, maybe it's time that we wish for another because that's going to be an indicator of a potential quick profit for us.

STT

legendary

Activity: 3878

Merit: 1411

Leading Crypto Sports Betting & Casino Platform

Bear market is wrong characterisation, dont jump the gun this isnt a bear its a snake market Tongue

Whats the price today 63k, what was the price weeks ago 63k, a month ago it was near 63k and even further back again near 63k and a couple months ago oh dam look its 63k again Cheesy

So in what universe is it correct to be calling this a bear market, Im the correct one here to make up a new phrase which would be snake or crab market if you like; basically we move sideways. I know its boring and impatience is common, maybe we get bitten every now again but the negative moves fail and also the positive its not doing much in sum total.

Speed high but velocity zero to phrase it another way. If you are trading then every little thing matters but good luck connecting that to news which in of itself is delayed. The Ukraine war was known of before it even actually occurred, I bet anything much big happening that does occur will again be with someone knowing before you are given news via public channels.

moneystery

full member

Activity: 644

Merit: 152

★Bitvest.io★ Play Plinko or Invest!

the bitcoin etf approval in hong kong has nothing to do with the current bear market, since it is an etf product that is not really related to the bitcoin market.

on the contrary, the price of bitcoin should increase considering that etf providers have to buy bitcoin as reserves for their etf products, but what happens is that the bitcoin market experiences a decline, which means the bitcoin market experiences a regular correction.

shinratensei_

legendary

Activity: 3080

Merit: 1024

Leading Crypto Sports Betting & Casino Platform

its more of good news rather than the main culprit of the recent correction, because ETF hypes is already drained of its full potential when the first ETF approval, it does make sense why the other ETF that follows might fall short in term of hypes, but it doesn't mean its a bad thing, people just getting used already to the ETF news, so they picture the ETF approval of other countries as something just rather ordinary since the market for them aren't bigger than the previous news of ETF approval anyway.
i think the previous price correction was instead caused by the interest rate rumour, but since it has resolved, the price bounced back to the level of $64k in just matter of few days.
its the magic of bitcoin and crypto market in general wherever a good news coming out the market suddenly turn direction and make recovery very fast.

adaseb

legendary

Activity: 3738

Merit: 1708

Another thing you need to realize is that the launch of the etf couldn’t of caused bearish activity because the AUM was pretty much nothing.

Even if some large whale wanted to short bitcoin, there would have to be AUM out so they can be lent out and shorted. There isn’t even options out yet for some whale to buy tons or puts to profit off bitcoin going down.

Like I said a few posts back, it was just a coincidence that it dumped on that day.

fuguebtc

hero member

Activity: 1750

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote from: ShowOff on May 03, 2024, 02:41:44 PM

Quote from: fuguebtc on May 03, 2024, 12:16:10 PM

Quote

Is Hong Kong Bitcoin ETF Responsible for Recent Bear

Maybe it's just a coincidence and I personally don't think much of it. Why do we always have to run around every time bitcoin corrects and see what causes it? And if we know the cause, what will we do next? Personally, I think it's very simple, cryptocurrency is also a financial market and increases and decreases are very normal in the market. Bitcoin has risen so much and a correction is inevitable, why are we trying to make things more complicated? You cannot expect bitcoin to rise and rise, and only rise without correction.

It has become a habit to know what causes the decline in the price of Bitcoin at any given time, that is part of what must be considered as a fundamental before you invest. I know some investors don't think about it as much as they could, but others need it to support subsequent analysis to know where the price is going.

If the reason for the decline is considered very negative and has the potential to impact the possibility of the price falling, then they will prepare to sell or place a buy order at a price that is more likely to be achieved during a correction. The reason for the price drop is important, so don't blame those who want to shop around for information about it.

Perhaps everyone's investment mindset is different, and I also admit that knowing the cause of price drops to react promptly is not too bad. But with a market full of manipulation and mixed real and fake news like cryptocurrency, I think we should limit monitoring too much because sometimes it will cause us to make wrong decisions. Just like the recent news surrounding the Iran and Israel war, real news and fake news are intertwined and those who bought bitcoin probably regretted it afterward.

I think if we invest for the long term, we should ignore Fud and negative news because market makers will use the news as a legitimate excuse to manipulate the market to scare us and sell cheap bitcoin to them. News is the perfect tool that whales use to manipulate market sentiment.

spectre71

member

Activity: 324

Merit: 22

Ice cream sales are directly correlated to shark attacks in Florida.

Doesn't mean they are related.

Listen Einstein's, what happened a few days ago? Oh the FED that's right.

Some anticipated the fed would drop but it held, no cheap money coming soon. Prices respond accordingly.

The Sceptical Chymist

legendary

Activity: 3332

Merit: 6809

Cashback 15%

Nah. Bitcoin sometimes responds to events big and small, but in the case of the Hong Kong EFT I think the drop in price was just coincidental. I can't see any reason why the launch of an EFT would cause the kind of volatility that we've seen since March.

A better explanation is that some of the bigger bitcoin players who made a lot of money from the recent bull run took their money off the table, i.e., sold bitcoin to lock in their profits. If you look at the one-year price chart for bitcoin, you'll see it hit its ATH and then slowly taper down:

That indicates to me that there was a lot of selling going on, and what better time is there to sell an asset if you're not in love with said asset? You sell it when its at or near its peak. But hey, that's just my semi-educated guess. There's just no telling why bitcoin's price does what it does.

Republikcoin.com

legendary

Activity: 2716

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: Mate2237 on May 03, 2024, 01:45:42 PM

Op supposed know that bitcoin is a volatile in nature and the price moves up and down. And I don't think it is because of the Hong Kong approval of bitcoin ETF that the price.od bitcoin come down these days but it is in the correctional stage and after now everything will be settled back to normalcy to the ATH. We are expecting the ATH from the month to November or December to enter next year. Investing now is a good idea.

I also thought that this was just a coincidence which happened at the same time as the Bitcoin price correction in the market so I don't have to think of it as a definite effect. Because the more logical effect is due to the take profit of some investors and also traders in large amounts after they bought Bitcoin at a lower price. And now Bitcoin has also started to increase again in the market and has again touched the $63K level that occurred today so there is a possibility that market conditions and Bitcoin prices will return to what they were at the beginning of last month.

wiss19

sr. member

Activity: 2142

Merit: 341

Quote from: TravelMug on May 01, 2024, 05:48:19 AM

It's really hard to see the relationship, but in any case, the volume just ceases to exist in the US as well, so for me it's not the only reason for the price to go below $60k right now. There could be some individuals who are manipulating the price or just trying to create negativity by selling some and newbie traders seeing that huge sell order and they panic and sell. But in any case if your observation is true, then after this downside, in the next couple of months we should see the price going up again and maybe we could reach at least $80k next quarter.

Or we can say that there is no relationship at all but in terms of bear only because BTC ETF is supposed to bring the price up. I think there is no bear yet but what happened is only a correction, as we know we broke an ATH last time and this correction is not new, so Hong Kong and their BTC ETF approval has nothing to do with it.

I do not think this downside can last for a couple more months but we should recovered by the next few days and that would resume the bull run which can get us to $80k and beyond but if there is a limit to what we can achieve this year, I would go with the most requested which is none other than $100k.

X-ray

hero member

Activity: 2898

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote from: Mate2237 on May 03, 2024, 01:45:42 PM

Op supposed know that bitcoin is a volatile in nature and the price moves up and down. And I don't think it is because of the Hong Kong approval of bitcoin ETF that the price.od bitcoin come down these days but it is in the correctional stage and after now everything will be settled back to normalcy to the ATH. We are expecting the ATH from the month to November or December to enter next year. Investing now is a good idea.

current market sentiment really poor, right now even if other countries also releases news of ETF approval the price will still get some corrections.
there's absolutely no correlation with the hongkong bitcoin ETF to the current pricing, maybe because we already got approved of ETF once now other ETF approval doesn't really sell out as a good news but instead just your ordinary things.
I can understand that since even current price is unimaginable back few months ago.
if we gonna see bitcoin price increase we might see new narrative in the future which might causes the price to get back up again, the fact that such narrative just suddenly appear and make the market bullish is one of the characteristic of crypto market that I like.
who would've thought few years ago that bitcoin ETF gonna get approved but here we are.

we only need a little patience until there's new thing that could make price surge.

stomachgrowls

hero member

Activity: 2856

Merit: 769

Quote from: ShowOff on May 03, 2024, 02:41:44 PM

Quote from: fuguebtc on May 03, 2024, 12:16:10 PM

Quote

Is Hong Kong Bitcoin ETF Responsible for Recent Bear

Maybe it's just a coincidence and I personally don't think much of it. Why do we always have to run around every time bitcoin corrects and see what causes it? And if we know the cause, what will we do next? Personally, I think it's very simple, cryptocurrency is also a financial market and increases and decreases are very normal in the market. Bitcoin has risen so much and a correction is inevitable, why are we trying to make things more complicated? You cannot expect bitcoin to rise and rise, and only rise without correction.

It has become a habit to know what causes the decline in the price of Bitcoin at any given time, that is part of what must be considered as a fundamental before you invest. I know some investors don't think about it as much as they could, but others need it to support subsequent analysis to know where the price is going.

If the reason for the decline is considered very negative and has the potential to impact the possibility of the price falling, then they will prepare to sell or place a buy order at a price that is more likely to be achieved during a correction. The reason for the price drop is important, so don't blame those who want to shop around for information about it.

Its a common approach on which people or the community will really be finding out those news and other fundamentals on which causes up the recent dip or correction on which its really that a normal thing.
Although not all news that would really be attached to it will really be precisely the reason on why did the market dips because we know that this marketi isnt something that can be predicted.
It could really be able to move without any reasons backed at it, somehow having these kind of information and events could really be giving out something that will really be helpful for you to make out
some analysis on which you could really be able to apply with these sentiments and make out assumptions whether it would be negative or not.

Drop or pump, then it would really be impossible for you not to be able to make yourself that doing on the things that must do. There are really such conditions that
you would be skeptical but you should act and move if you do want to take advantage on such movement.

macson

full member

Activity: 1008

Merit: 141

The bearish market that occurred this time is not much different from the bearish market that occurred during the previous bitcoin halving and is not the result of the Hong Kong Bitcoin ETF. if we go back to the past, we will see that the price of bitcoin will not always be at the top, there are times when the price falls far from the ATH and this is normal.

Bitcoin is a very volatile investment asset ^{(not like gold or property, but the price increase can exceed that of gold and property)}, and this is something that really allows us to make big profits, especially those who apply the DCA concept.

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: fuguebtc on May 03, 2024, 12:16:10 PM

Quote

Is Hong Kong Bitcoin ETF Responsible for Recent Bear

Maybe it's just a coincidence and I personally don't think much of it. Why do we always have to run around every time bitcoin corrects and see what causes it? And if we know the cause, what will we do next? Personally, I think it's very simple, cryptocurrency is also a financial market and increases and decreases are very normal in the market. Bitcoin has risen so much and a correction is inevitable, why are we trying to make things more complicated? You cannot expect bitcoin to rise and rise, and only rise without correction.

It has become a habit to know what causes the decline in the price of Bitcoin at any given time, that is part of what must be considered as a fundamental before you invest. I know some investors don't think about it as much as they could, but others need it to support subsequent analysis to know where the price is going.

If the reason for the decline is considered very negative and has the potential to impact the possibility of the price falling, then they will prepare to sell or place a buy order at a price that is more likely to be achieved during a correction. The reason for the price drop is important, so don't blame those who want to shop around for information about it.

Mate2237

hero member

Activity: 700

Merit: 577

Eloncoin.org - Mars, here we come!

Op supposed know that bitcoin is a volatile in nature and the price moves up and down. And I don't think it is because of the Hong Kong approval of bitcoin ETF that the price.od bitcoin come down these days but it is in the correctional stage and after now everything will be settled back to normalcy to the ATH. We are expecting the ATH from the month to November or December to enter next year. Investing now is a good idea.

fuguebtc

hero member

Activity: 1750

Merit: 520

Leading Crypto Sports Betting & Casino Platform

Quote

Is Hong Kong Bitcoin ETF Responsible for Recent Bear

Maybe it's just a coincidence and I personally don't think much of it. Why do we always have to run around every time bitcoin corrects and see what causes it? And if we know the cause, what will we do next? Personally, I think it's very simple, cryptocurrency is also a financial market and increases and decreases are very normal in the market. Bitcoin has risen so much and a correction is inevitable, why are we trying to make things more complicated? You cannot expect bitcoin to rise and rise, and only rise without correction.

bitgolden

legendary

Activity: 2800

Merit: 1128

Leading Crypto Sports Betting & Casino Platform

Quote from: Yaunfitda on May 02, 2024, 06:42:19 AM

Quote from: Lucius on May 02, 2024, 06:29:44 AM

Hong Kong's total ETFs market is worth about $50 billion, which is very small compared to the US ETFs market, which is estimated at slightly less than $9 trillion. The amount of money and the number of investors in HK therefore could not have any significant impact on the price of BTC, with the fact that mainland Chinese cannot invest in that ETF.

The story was sold for weeks as "the next big thing", and realistically few mentioned that Hong Kong and China are not the same thing when it comes to investing really large amounts of money in anything. Maybe that's why China allowed such an ETF to be approved, because interest in it will probably be quite low, and money control will still be at a high level.

True, there is no connection at all, it's just a coincidence that when Hong Kong has it's first trading day, it's not enough to push the market and there are news about the Feds that coincides with it and so the negative news = price going down. The question is, it this going to be worrisome for us as we are expecting that the price is going to go up because of halving? Nah, for experience investors, they might see this a normal movement. And we have seen this in the past that after the halving, their is no immediate effect and seems that the price will go down and then it will settle down in a straight line for quite sometime before the prices or investors started to pour their money to cause the price to go on a parabolic rise later before the end of the year.

I agree with the part where experienced traders and investors would know that it is not important what it was about, but we know that it will go up, so we just need to make sure that we can do whatever we can do, to make sure that it is going to get better in the end, that's what we need right now. I personally believe that we are going to get a great result in the end, and that's what we should be doing for the long term.

I hope that it could get to a point where we could just consider it to be a lot better, and because of that I believe that we are going to get a good result eventually. Just assume that we are going to get good results because if people keep thinking that it is not going to get better, then they will not invest, and will miss their chance.

el kaka22

legendary

Activity: 3500

Merit: 1162

www.Crypto.Games: Multiple coins, multiple games

I do not think that it would be. Because, if it was something so large and big and cared about as well, then it would have a lot more liquidity and volume. Because, it has no volume that people care about then I feel like it can't also be the thing that dropped it so much, for it to drop it requires a lot of sellers and a big volume on that side, if there was volume about it then I would guess that it would be on the people who actually traded there.

This must be just people who sold after the halving, there were a lot of people who bought until the halving and they sold afterwards, a wrong move but there are a lot of people who make wrong moves anyway, so it is not really a shocker, and I believe that it will not be all that simple.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Quote from: Yaunfitda on May 02, 2024, 06:42:19 AM

~snip~
Nah, for experience investors, they might see this a normal movement. And we have seen this in the past that after the halving, their is no immediate effect and seems that the price will go down and then it will settle down in a straight line for quite sometime before the prices or investors started to pour their money to cause the price to go on a parabolic rise later before the end of the year.

I would not even use the word "normal" but rather "extremely profitable development of events" because the volatility that Bitcoin has is something that attracts investors (at least serious ones who know how to trade). Those investors were obviously very satisfied with their profits and estimated that it was time to exit, and there should be no doubt that they will use the current dip to invest part of their profits in cheap BTC.

I also hope that a new bull run will follow in a few months, but that should be taken with a grain of salt considering that we live in a world that is completely unpredictable. However, if the announcements of central banks about lowering interest rates come true, there should be no doubt that this will be an additional incentive for most investors.

Yaunfitda

hero member

Activity: 2870

Merit: 594

Quote from: Lucius on May 02, 2024, 06:29:44 AM

Hong Kong's total ETFs market is worth about $50 billion, which is very small compared to the US ETFs market, which is estimated at slightly less than $9 trillion. The amount of money and the number of investors in HK therefore could not have any significant impact on the price of BTC, with the fact that mainland Chinese cannot invest in that ETF.

The story was sold for weeks as "the next big thing", and realistically few mentioned that Hong Kong and China are not the same thing when it comes to investing really large amounts of money in anything. Maybe that's why China allowed such an ETF to be approved, because interest in it will probably be quite low, and money control will still be at a high level.

True, there is no connection at all, it's just a coincidence that when Hong Kong has it's first trading day, it's not enough to push the market and there are news about the Feds that coincides with it and so the negative news = price going down. The question is, it this going to be worrisome for us as we are expecting that the price is going to go up because of halving? Nah, for experience investors, they might see this a normal movement. And we have seen this in the past that after the halving, their is no immediate effect and seems that the price will go down and then it will settle down in a straight line for quite sometime before the prices or investors started to pour their money to cause the price to go on a parabolic rise later before the end of the year.

Lucius

legendary

Activity: 3234

Merit: 5637

Blackjack.fun-Free Raffle-Join&Win $50🎲

Hong Kong's total ETFs market is worth about $50 billion, which is very small compared to the US ETFs market, which is estimated at slightly less than $9 trillion. The amount of money and the number of investors in HK therefore could not have any significant impact on the price of BTC, with the fact that mainland Chinese cannot invest in that ETF.

The story was sold for weeks as "the next big thing", and realistically few mentioned that Hong Kong and China are not the same thing when it comes to investing really large amounts of money in anything. Maybe that's why China allowed such an ETF to be approved, because interest in it will probably be quite low, and money control will still be at a high level.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

Quote from: Aanuoluwatofunmi on May 01, 2024, 09:18:25 AM

Quote from: Oshosondy on May 01, 2024, 03:57:42 AM

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, this make the market between that same yesterday to the early hours of today to fall below $60,000, while the one you're having in consideration was from the initial fall from $70,000 below as a result of the Israel attack from Iran.

Although macro news can impact the market, things don't always work out that way. I don't see any impact from the war between Iran and Israel on the market since the war broke out, it's all just our imagination.

Let's accept the fact that large funds and investment organizations also need profits and this is the financial market. After a long time, bitcoin ETFs continued to buy bitcoin in large quantities every day, and it is understandable that they began to take profits, causing the market to plummet.
With continuous negative cash flows for many consecutive days from bitcoin ETFs, it is not too difficult to understand why bitcoin prices are falling and we do not need to blame the war or anything. No financial market can increase vertically, if there is an increase there will be a decrease and we have had 7 consecutive months of growth and correction is inevitable.

tabas

hero member

Activity: 2954

Merit: 725

Top Crypto Casino

I've made the thread about this topic when the news was new. But I don't think that they have something to do with the current correction that we're experiencing. It's because the volume for the first day of it was too low.

Quote from: tabas on April 30, 2024, 07:58:11 AM

HONG KONG BITCOIN ETFS RECORD $8.5 MILLION IN FIRST DAY VOLUME

With what people are telling about US ETF, I guess this also added to the plunge done by the FED[1]. Because every time there's a news related to them, there's always the market reaction.

[1] Fed meeting recap: Powell pretty much rules out a hike as the central bank’s next move

rodskee

full member

Activity: 2394

Merit: 198

★Bitvest.io★ Play Plinko or Invest!

Quote from: OgNasty on May 01, 2024, 05:46:08 AM

I don’t see how. It wasn’t a situation like here in the US where GBTC started selling BTC with outflows once ETFs were approved. In Hong Kong they were starting at 0 so I would assume the effects of them buying BTC would have a purely positive effect on the market. This is more likely just a normal correction following a block reward halving.

Same as what i do believe , because we did not happen to see that dumping before the
Halving instead we experienced a breaking of ATH which means this is the scenario that normally
happen every halving season its just the effect is delayed yet i think we will see this going above
again in the coming days or week when the bull market starts spiking like what we have observed
in the past halving.

edward500

jr. member

Activity: 32

Merit: 50

Quote from: Frankolala on May 01, 2024, 11:55:34 AM

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

Hong Kong bitcoin ETF approval is not the cause but just nature taking place with the way bitcoin was designed to be volatile. The current dip should be an advantage for us to buy more Bitcoin and stop worrying about what caused the dump, because in bitcoin when there is a pump or dump people relates it to an event that is happening or that just occurred, which is not true in most cases. The dump is to help the price of bitcoin go higher than the highest price which we saw as 73k before the halving.

These are very good points, and I agree with them.

As I am becoming more and more experienced with trading as I have been doing it for over 5 years now and mostly in the stock market. I started to just buy more bitcoin into this dip because I feel it is just a normal dip that is needed before we go higher.

It also seems normal after a bit event, like the ETF's, the halving, that bitcoin always drops after those events, but it should come back with an even higher price.

adaseb

legendary

Activity: 3738

Merit: 1708

No I think it’s just a coincidence. The market rallied up until the etf launched and right after it started to dump. The market has been weak for many weeks and the $60K support was going to break one way or another.

The US etf dumped because people were expecting a sell the news event like the prior 3 events which led to market tops. The Bitcoin futures, Coinbase ipo and bitcoin futures etf launches. People just took profits because they knew it might of been a top, but this time they were wrong.

Aanuoluwatofunmi

sr. member

Activity: 532

Merit: 390

Quote from: Woodie on May 01, 2024, 11:48:59 AM

Usually something has significant as an ETF approval should excite the markets and bring with it positive price moves, but because this could be an opportunity for some to sell high now as there is a market from Asia buying heavily, the US markets and other whales could be selling and will buy for cheap when the price takes and get more profits in no time as they know price will rebound after this setback!!

So in some way I think the the "Hong Kong Bitcoin ETF" is very much responsible here!!!

Quote from: Frankolala on May 01, 2024, 11:55:34 AM

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

I think I have to go with the two opinions here along with other relevant ones from members already contributed concerning this discussion, I may not have to quote as many as possible, but the idea others have contributed should be found inclusive under the same idea from this two highlights I've quoted from other members, the first is on the reason for having a post halving effect on bitcoin price, while the second is about the even of hearing a breaking economical news, you could understand these the moments we heard about the strike from Iran to Israel, the market quickly went down, now regarding Hong Kong Bitcoin ETF breaking news, it goes more bearish, all these doesn't mean that we can not still experience the continuation of bullrun along the month of May to a new all time high with bitcoin.

Frankolala

hero member

Activity: 700

Merit: 523

Leading Crypto Sports Betting & Casino Platform

The price correction is a norm when it comes to bitcoin price movement, especially now that the halving event is over. I believe that what happened in 2017, is what we are seeing here, when after the halving, the price of bitcoin dips before it pumps again.

Hong Kong bitcoin ETF approval is not the cause but just nature taking place with the way bitcoin was designed to be volatile. The current dip should be an advantage for us to buy more Bitcoin and stop worrying about what caused the dump, because in bitcoin when there is a pump or dump people relates it to an event that is happening or that just occurred, which is not true in most cases. The dump is to help the price of bitcoin go higher than the highest price which we saw as 73k before the halving.

Woodie

hero member

Activity: 1792

Merit: 871

Rollbit.com ⚔️Crypto Futures

Usually something has significant as an ETF approval should excite the markets and bring with it positive price moves, but because this could be an opportunity for some to sell high now as there is a market from Asia buying heavily, the US markets and other whales could be selling and will buy for cheap when the price takes and get more profits in no time as they know price will rebound after this setback!!

So in some way I think the the "Hong Kong Bitcoin ETF" is very much responsible here!!!

bittraffic

hero member

Activity: 2870

Merit: 612

Quote from: Maus0728 on May 01, 2024, 11:09:39 AM

Only thing I can say about this is that it's really weird that this is what's happening when ETF approval is supposed to be a good thing for the bitcoin market so I don't know if it's because of the Hongkong ETF that's lead to this, it's not a negative factor for the market right? So how come it's the cause of the decline in prices? @TravelMug might be right, this is a whale move to make sure that they're making the most money as much as possible, I just hope that retail investors don't end up having to get taken away by the waves created by these whales.

It seems to be the pattern because, during the start of US Bitcoin ETF trading, the prices are also taking a dive. HongKong ETF trading day also triggers the same effect. If another ETF is approved too soon with the same effect, all I can say is that its the pattern that is being planned which is most probably played by the traditional institutions trying to allow institutional traders to buy at discount prices.

uneng

hero member

Activity: 2044

Merit: 784

Leading Crypto Sports Betting & Casino Platform

Bitcoin sinks to $57,000 to start May as investors brace for Fed rate decision

Quote

The central bank is widely expected to hold interest rates steady, according to fed funds futures pricing data.

Quote

Investors are looking for clues from Fed Chair Jerome Powell on what needs to happen before rates can come down.

It really seems the most powerful factor influencing Bitcoin's price right is the US economical policy which is still uncertain. Like we have seen previously already, interest rates by FED have to decrease in order to have Bitcoin's demand rising, and consequently its price.

Quote

Bitcoin investors expect a strong recovery in the cryptocurrency later this year, but say its price could continue to chop for the next few weeks given macro and geopolitical pressures.

Expectations are still good between 2024-2025 for Bitcoin, though. It's not hard to find predictions pointing Bitcoin is going to hit 150,000$ by next year. The problem is that there is a lot of bad things happening worldwidely which only contributes to the crashes in Bitcoin's price we are seeing.

Actually, I'm pretty sure that these bad things aren't going to cease anytime soon. The tendency is that conflicts and economical issues go further. So investors will have to inevitably rise the demand for Bitcoin at some point, while disregarding all the shit happening meanwhile.

Otherwise, there will be always a runaround or another to justify why Bitcoin isn't doing well...

Maus0728

legendary

Activity: 1904

Merit: 1563

Bitcoin Casino Est. 2013

Only thing I can say about this is that it's really weird that this is what's happening when ETF approval is supposed to be a good thing for the bitcoin market so I don't know if it's because of the Hongkong ETF that's lead to this, it's not a negative factor for the market right? So how come it's the cause of the decline in prices? @TravelMug might be right, this is a whale move to make sure that they're making the most money as much as possible, I just hope that retail investors don't end up having to get taken away by the waves created by these whales.

stompix

legendary

Activity: 2828

Merit: 6108

Blackjack.fun

Quote from: Aanuoluwatofunmi on May 01, 2024, 03:49:10 AM

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet

The US ETFs are the only reasons we are still at 58k as we speak, the approval by the US is what triggered this bull run, nothing else, what you see now is profit taking and lower and lower cash inflow into them.As for Hong Kong ETF, nobody cares, it's just a shady one in a controlled economy with clear requirements and restraints, no wonder the volume was 12 million compared to $4.6 billion in the US.

If you think they are the cause for it just think of what will happen if Blackrock decides to quit, we will visit 20k in an instant.

Quote from: Aanuoluwatofunmi on May 01, 2024, 09:18:25 AM

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, t

It happened two weeks ago:
https://www.cnbc.com/2024/04/15/hong-kong-regulators-approve-spot-bitcoin-and-ether-etfs-.html

Kelward

sr. member

Activity: 364

Merit: 220

One of the influencers of Bitcoin price is global news, and this perticular Hong Kong, ETF news is directly on Bitcoin, so I think that the ETF will have an impact in the further dip in Bitcoin price, whether it's minimal or majorly. The first ETF caused a major price surge where we saw an ATH before halving, now we're seeing a dip during this recent ETF, so some of us will not know the extent of this ETF to the present price dip, all we can do is speculate.

As TravelMug, have noted, it could be that some whales might be manipulating the market by selling and causing this dip, inexperienced investors will panic and sale too, and it'll cause further dip and the whales will buy it all.

Aanuoluwatofunmi

sr. member

Activity: 532

Merit: 390

Quote from: Oshosondy on May 01, 2024, 03:57:42 AM

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

I got your point here, what I meant was base on this recent experience with the market price which was all that just transpired between yesterday and today, following the news, the Hong Kong government just officially made the announcement yesterday to recognized Bitcoin ETF as approved, this make the market between that same yesterday to the early hours of today to fall below $60,000, while the one you're having in consideration was from the initial fall from $70,000 below as a result of the Israel attack from Iran.

TravelMug

hero member

Activity: 2632

Merit: 833

Quote from: Aanuoluwatofunmi on May 01, 2024, 03:49:10 AM

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

It's really hard to see the relationship, but in any case, the volume just ceases to exist in the US as well, so for me it's not the only reason for the price to go below $60k right now. There could be some individuals who are manipulating the price or just trying to create negativity by selling some and newbie traders seeing that huge sell order and they panic and sell. But in any case if your observation is true, then after this downside, in the next couple of months we should see the price going up again and maybe we could reach at least $80k next quarter.

OgNasty

donator

Activity: 4732

Merit: 4240

Leading Crypto Sports Betting & Casino Platform

I don’t see how. It wasn’t a situation like here in the US where GBTC started selling BTC with outflows once ETFs were approved. In Hong Kong they were starting at 0 so I would assume the effects of them buying BTC would have a purely positive effect on the market. This is more likely just a normal correction following a block reward halving.

Odohu

sr. member

Activity: 350

Merit: 335

Quote from: Aanuoluwatofunmi on May 01, 2024, 03:49:10 AM

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

Nice observation I must say because it might not just be a coincidence that market is dumping just after such a supposed positive news. In my humble opinion, the present dump is the least I expected from market now considering that Bitcoin halving just happened, following by Hong Kong Bitcoin ETF approval and that of Australia on the pipeline. What even the reason might be, I have the feeling the drop in price will not tarry. Its just to hold while we wait it out, after all losses only happen when one sells.

Oshosondy

legendary

Activity: 1414

Merit: 1118

...gambling responsibly. Do not be addicted.

Hong Kong bitcoin ETF approval is not the reason for the bear market. I can remember United States said Israel fired some missiles to Iran and the market went below $60000 again at the time like two or more weeks ago. Not quite after that Hong Kong approved bitcoin ETF. The price of bitcoin moved back above $60000 and got to almost $67000 before this bear market started. I think the bear market is just how the market wants to be normally.

Aanuoluwatofunmi

sr. member

Activity: 532

Merit: 390

Bitcoin ETF was approved officially in Hong Kong and it's trading has already kick started as Bitcoin Spot ETF https://www.nasdaq.com/articles/spot-bitcoin-etfs-commence-trading-in-hong-kong

Let's dive back on the memory lane, Bitcoin spot ETF was approved by SEC in US and immediately this happens, the market plummet and thereafter we continue to experience a bull market till where we are today, could these recent bear be attributed to the bitcoin ETF approval in Hong Kong as part of the economic developments and incidence of flash news effect on bitcoin market price, we should never forget that we are still on the bull season despite all these.

Topic: Is Hong Kong Bitcoin ETF Responsible for Recent Bear (Read 288 times)