, the dropped was may cause by long term investors trying to cash out for profit, but one thing that coincides with the timing is the Direxion Bitcoin Strategy Bear ETF which is betting against the success of bitcon.
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What caused the drop in Bitcoin price?
The crash is partly driven by long-term holders selling at a high to take home profits, according to blockchain data. That’s typical following a price spike.
But it also coincided with financial company Direxion filing for a new bitcoin exchange traded fund (ETF) that would bet against the future price of the crypto.
It will be called the Direxion Bitcoin Strategy Bear ETF, according to its filing with America’s Securities and Exchange Commission.
The crash is partly driven by long-term holders selling at a high to take home profits, according to blockchain data. That’s typical following a price spike.
But it also coincided with financial company Direxion filing for a new bitcoin exchange traded fund (ETF) that would bet against the future price of the crypto.
It will be called the Direxion Bitcoin Strategy Bear ETF, according to its filing with America’s Securities and Exchange Commission.
Is this a hindrance to the success of bitcoin in the future?
How and why?