Topic: Why is Bitcoin getting dumped after the ETF approval? (Read 143 times)
I,m little confused about going down BTC
If US can come up with Bitcoin ETFs then why India is not planning to do something like this. Bitcoin is considered a trade able commodity in India. Then it can get traded in Indian stock exchange.
We are always a bit backwards in civilization compared to the peers. We just have to accept that and continue plowing as usual.Even Hongkong main bank has filed for first Bitcoin ETF. The Chinese are doing it through their proxy which they have been doing in the past. Some other big names where cryptocurrency is being encouraged might now come up with their own Bitcoin ETFs. Apart from Ethereum ETF, I read a few big financial institution in the US have applied for Litecoin ETF.
If US can come up with Bitcoin ETFs then why India is not planning to do something like this. Bitcoin is considered a trade able commodity in India. Then it can get traded in Indian stock exchange.
We are always a bit backwards in civilization compared to the peers. We just have to accept that and continue plowing as usual....BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
Interesting, like opening an account to buy foreign stocks - something similar in that lines?I would have been delighted to see Bitcoin ETFs on Indian Stock market, but that is way ahead of what we have been dealing with here.
That's what am talking about. The tax will be lower than the current 30% flat tax.
Also, the government shouldn't tax just crypto ETFs at 30% even if they decide to increase the tax because that would be very unfair.
They should tax all ETFs that way.
Also, the government shouldn't tax just crypto ETFs at 30% even if they decide to increase the tax because that would be very unfair.
They should tax all ETFs that way.
You are write about Tax as TDS won't be applicable and capital gain tax would be lesser than what it is now. I am quoting this information from an article. The only problem is that through LRS a TCS of 20 % is applicable if the amount exceeds 7 lac. I think a lot of Indians who wanted to invest in Bitcoin but we're reluctant due to the big tax slab will now use this method.
If US can come up with Bitcoin ETFs then why India is not planning to do something like this. Bitcoin is considered a trade able commodity in India. Then it can get traded in Indian stock exchange.
BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
You are right that investing in bitcoin directly is far better than investing in bitcoin ETF but there is one huge reason to buy bitcoin ETF for Indian users.
The 30% tax. I am assuming that by buying bitcoin ETF we will be able to avoid the huge 30% direct tax on bitcoin.
What do you think ?
What we need is a core reduction in this 30% taxation at first, not sure how but lets be hopeful and see how the rest of the world follows ETFs over the next few months.
That's what am talking about. The tax will be lower than the current 30% flat tax.
Also, the government shouldn't tax just crypto ETFs at 30% even if they decide to increase the tax because that would be very unfair.
They should tax all ETFs that way.
BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
You are right that investing in bitcoin directly is far better than investing in bitcoin ETF but there is one huge reason to buy bitcoin ETF for Indian users.
The 30% tax. I am assuming that by buying bitcoin ETF we will be able to avoid the huge 30% direct tax on bitcoin.
What do you think ?
What we need is a core reduction in this 30% taxation at first, not sure how but lets be hopeful and see how the rest of the world follows ETFs over the next few months.
BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
You are right that investing in bitcoin directly is far better than investing in bitcoin ETF but there is one huge reason to buy bitcoin ETF for Indian users.
The 30% tax. I am assuming that by buying bitcoin ETF we will be able to avoid the huge 30% direct tax on bitcoin.
What do you think ?
My take is that if bitcoin drops to $35k and you have liquid cash at the exchanges, buy it. Although considering the condition of exchanges being blocked by ISPs here, this might be difficult - so just wait it out.
More news coming out suggesting Bitcoin can go to $35k. Mt Gox's repayment to those customers who lost their Bitcoin because of a hack has started. A lot of them would have purchased Bitcoin at a very lower price at that time. We can expect a good amount of selling as those Bitcoins are now valued at $33 billion. Although not everyone would be selling their Bitcoin as they know halving is coming and after halving a bull run is expected.
Agreed that is the positive way to look into the current Bitcoin market. A lot of investors/traders will be utilizing this opportunity to accumulate more Bitcoin which everyone should do. Some trading influencers are saying that before halving Bitcoin should touch as low as $35k. What is your opinion about it? Will it go to that low or it will hover around $38k to $39k? I do not think it can go to such a low and I do not think it will go beyond $40k.
Influencers make a lot of empty comments but it is always possible. What we should do is not speculate about what can happen, but rather what to do to capitalize over that situation instead.My take is that if bitcoin drops to $35k and you have liquid cash at the exchanges, buy it. Although considering the condition of exchanges being blocked by ISPs here, this might be difficult - so just wait it out.
Why worry about price dropping, rather see it as an option to buy bitcoin.
You cannot determine a single reason and pinpoint the drop in bitcoin price because of that reason, these are multi-factorial in nature. So why bother, let the miners sell, let people sell, you cannot reverse those things can you?
We have seen bear market trends previously too, so dont worry it will go back up. post-ETF selling may be happening, capitalize on that.
You cannot determine a single reason and pinpoint the drop in bitcoin price because of that reason, these are multi-factorial in nature. So why bother, let the miners sell, let people sell, you cannot reverse those things can you?
We have seen bear market trends previously too, so dont worry it will go back up. post-ETF selling may be happening, capitalize on that.
Agreed that is the positive way to look into the current Bitcoin market. A lot of investors/traders will be utilizing this opportunity to accumulate more Bitcoin which everyone should do. Some trading influencers are saying that before halving Bitcoin should touch as low as $35k. What is your opinion about it? Will it go to that low or it will hover around $38k to $39k? I do not think it can go to such a low and I do not think it will go beyond $40k.
This is the common question which most of us have been asking and the reason is not the drop in value of Bitcoin but rather the time when it has happened as people were expecting the price of Bitcoin to rally and cross $50k if the spot Bitcoin ETF gets approved but we have seen drop which was least expected and this shows that ETF don't have major impact on price of Bitcoin and this is just a minor price correction which occassionally takes place and soon Bitcoin will be back, always have some additional funds handy to buy Bitcoin in such situations.
Yeah, the current situation of the Bitcoin market is the best example of expectation vs reality. Everyone within the community was excited that ETF approval would cause a short Bitcoin rally but what happened is the opposite. This is why no one has been every successful in predicting Bitcoin.
This is the common question which most of us have been asking and the reason is not the drop in value of Bitcoin but rather the time when it has happened as people were expecting the price of Bitcoin to rally and cross $50k if the spot Bitcoin ETF gets approved but we have seen drop which was least expected and this shows that ETF don't have major impact on price of Bitcoin and this is just a minor price correction which occassionally takes place and soon Bitcoin will be back, always have some additional funds handy to buy Bitcoin in such situations.
Why worry about price dropping, rather see it as an option to buy bitcoin.
You cannot determine a single reason and pinpoint the drop in bitcoin price because of that reason, these are multi-factorial in nature. So why bother, let the miners sell, let people sell, you cannot reverse those things can you?
We have seen bear market trends previously too, so dont worry it will go back up. post-ETF selling may be happening, capitalize on that.
You cannot determine a single reason and pinpoint the drop in bitcoin price because of that reason, these are multi-factorial in nature. So why bother, let the miners sell, let people sell, you cannot reverse those things can you?
We have seen bear market trends previously too, so dont worry it will go back up. post-ETF selling may be happening, capitalize on that.
This is normal as we know Bitcoin is known for its volatility, it is the best time for accumulation and it is the best time to invest in altcoins. As you said it has gone down by 10 percent which is normal with Bitcoin, if you did not know the price of BTC in January of 2018 fell from $21000 to $3000. Now do your math and you will know how big the price fall was in percentage. What we are seeing is normal before halving as institutional investors love a lower entry price point for Bitcoin and it has been happening before halving.
Grayscale sold Bitcoin would now be bought by BlackRock and other institutions that have got their ETFs approved. I mentioned BlackRock because their demands are far higher than others who got their ETF approved. BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
Grayscale sold Bitcoin would now be bought by BlackRock and other institutions that have got their ETFs approved. I mentioned BlackRock because their demands are far higher than others who got their ETF approved. BTW, Indians can invest in Bitcoin ETFs, there is a way to do it but, why anyone would do it as investing in an ETF won't give anyone Satoshis as they will get a paper on behalf of the financial institution.
On the contrary, Bitcoin getting pumped it is being dumped after the approvals. It has now gone down by 10%, which for many here won't be big according to Bitcoin standards. The news circulating this fall is that FTX has been selling Grayscale Bitcoin every day. I am not sure about the amount but, I do remember reading that miners sold around 25kBTC. Whereas some are saying that it is natural for Bitcoin to go down before halving and the prediction is that it may go to $35000 before the halving.
What do you think of the reason for Bitcoin price going down? Is it normal for Bitcoin to go through a major correction before halving or it is happening because of Grayscale?
What do you think of the reason for Bitcoin price going down? Is it normal for Bitcoin to go through a major correction before halving or it is happening because of Grayscale?
Jump to: