Yesterday may need uncovered how susceptible bitcoin might be to a ‘promote the actual fact’ commerce following the launch of a bitcoin ETF.
Two reviews hit:
1) The primary was an extremely flimsy analysis piece from a no-name agency speculating that an ETF approval might be submarined as a result of Democrats are operating the SEC. That led to a 6% drop.
2) The second was a sourced report from Fox Enterprise that the SEC was assembly with exchanges to finalize ETF filings. “The conferences are seen as a optimistic signal that the SEC is nearing
approval of some or the entire dozen purposes by main cash
managers and crypto corporations for the product, in line with folks on the
corporations who requested to not be quoted by identify,” Fox reported. That report barely led to a bounce.
Today’s price action is cautiously optimistic, with bitcoin up 2.6% but still below when the negative report hit.
I think we should see optimism fuel bids into the weekend with an approval likely to come next week. However if that drags without positive reports suggesting that it’s still coming, then sellers could step in again. What worries me is that many of the buyers in the past six months have been trying to front-run an ETF approval, which certainly sounds like a sure thing to me.
tweet from Bloomberg ETF reporter
