Bitcoin is taking a beating after ETF approval
The Bitcoin price action continues to decline, namely and according to the appreciation of most investors is that this decline is due to the approval of the Bitcoin ETF in the United States, now is this really the cause of the price plunge we are seeing in the cryptocurrency market.
According to information uploaded on the Cointelegraph portal, "The Securities and Exchange Commission (SEC) approved a series of Bitcoin ETFs on January 10, which generated speculation about how the markets might react in the coming weeks."
What is certain is that "Bitcoin soared to USD 49,000 in the hours following the announcement before falling to just over USD 43,000 by January 12, impulsive moves that perhaps few observers found surprising. However, with Bitcoin halving scheduled for April, there is little agreement on what might happen next."
So, "To get some analysis, we asked some Cointelegraph contributors and authors for their opinions. (Note that the last time we asked for predictions, some were off by as much as five digits, so don't consider this as investment advice unless you're looking for money-losing tips.)"
One of the items I agree with the most is when he refers that, "We might see some "sell the news" action, but only from some short-term traders. HODLers are not selling, and certainly not before the Bitcoin halving, which has been the catalyst for a big rally every time in the past. The number of long-term holders stands at about 76%, which is higher than at any time in its history."
SOURCES CONSULTED
Cointelegraph. Will Bitcoin keep dropping because of the ETFs?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
Dear @lupafilotaxia
From the moment when ETF has been approved it has been clear to me that amount of market manipulation within crypto space will reach all time high right now.
Most people seem to believed that approving all those ETF applications will result with increasing demand for bitcoin. I see it differently. In my opinion all those big institutions will take time to accumulate BTC and will use their influence and resources to keep crashing the market during that accumulation period. I think it does make sense and should be easy to understand.
Perhaps we would see sell-the-news scenario happening if we could also witness solid PUMP right before ETF approval. But that did not really happen.
I've read theories that recent dump was nothing more than 'buy the rumour and sell the news'. I disagree with that as well. That dump that took place recently (from 46k to 42k) does not look to me like it has been "organic" at all. I consider it nothing more than market manipulation and we all shall get used to it. Big boys will shake crypto market very often and by doing so they will move BTC from hands of regular investors to their own hands.
In long term I believe that price of BTC will reach some crazy levels. Most likely, once big boys will be done with accumulating then they will use influence and resources to pump it.
Just my own 2 cents,
ps.
You got an amazing payout for that post. wow
Yours,
Piotr
Hello dear friend @crypto.piotr
Since the Bitcoin ETF was approved, we entered a phase of selling the news, and I would add that buying the nerves of weak hands.
Now regarding what is happening with the price action I certainly agree with you with that of market manipulation.
Best regards, be well.