Bitcoin price after another ETF rejection by US SEC - page 3.

Kemarit

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Quote from: GymClassHeroes on August 22, 2018, 06:37:30 PM

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.

BrewMaster

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Quote from: Gozie51 on August 24, 2018, 10:24:44 AM

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.

Gozie51

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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.

davis196

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Quote from: GymClassHeroes on August 22, 2018, 06:37:30 PM

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).

ozki

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Quote from: pooya87 on August 22, 2018, 10:11:00 PM

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.

pooya87

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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.

GymClassHeroes

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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

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