Crypto Market Stagnates on the Eve of the ProShares Bitcoin (ETF) Decision

Crypto Market Stagnates on the Eve of the ProShares Bitcoin (ETF) Decision
фото показано с : ethereumworldnews.com

2018-8-23 19:45

Earlier this morning, during the BitMEX’s Bitcoin spike, the crypto markets looked like they were ready for a breakout as BTC almost got to levels above $7,000. BTC had increased by $400 dollars in a span of less than half an hour and was trading at $6,800. During this time period, the total crypto market capitalization had risen to $222.8 Billion from $210.6 Billion. The total market cap now seems to be going back to the levels before the BitMEX maintenance and currently at levels of $210 Billion.

The hope and euphoria that had enveloped the crypto-markets during this period of a brief resurgence of BTC seem to have been weighed down by a pending decision by the SEC on the ProShares ETFs.

The deadline to rule on the ProShares ETFs is tomorrow, the 23rd of August and many crypto traders and enthusiasts have not forgotten the market reactions during past SEC announcements. One trader in one of the busy Telegram chats reminded others of the popular phrase that goes as follows:

Everything that happens only once can never happen twice. But everything that happens twice will surely happen a third time.

Rejected Winklevoss ETF and the postponement of the CBOE ETF Decision 

The above quoted phrase is a bit ominous given the fact that the market has over reacted on two occasions due to the SEC announcing news related to the Winklevoss and CBOE ETFs.

On the 26th of July, the SEC rejected the Winklevoss sponsored Bats ETF causing a knee jerk reaction in the market. This was due to the fact that many traders were convinced that the SEC had rejected the CBOE sponsored ETF. In simple words, there was total confusion and it resulted in panic selling in the markets.

A brief look at the value of Bitcoin yields that it was valued at around $8,200 before the rejection of the Bats ETF. After the announcement and panic selling, BTC would fall for over a week to a value of $7,000. Then the SEC dropped another announcement about postponing the CBOE ETF. This then resulted in BTC dropping from around $7,100 on August 7th, to $6,000 by the 14th.

Worrying Trend

On both occasions, BTC fell by an average of $1,000 in value, Does this mean that it will drop to around $5,600 if the SEC reject the ProShares ETFs?

Well Informed Crypto Community

Unlike the last two SEC announcement, the ProShares deadline comes at a time when crypto traders are more informed about which ETFs are pending at the SEC. Some have even already accepted that there is a possibility of a rejection and a possible market response of panic selling.

Most have a well laid out game plan on either outcome of a rejection or an acceptance of changing the rules as proposed by the ProShares ETFs.

Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available. 

The post Crypto Market Stagnates on the Eve of the ProShares Bitcoin (ETF) Decision appeared first on Ethereum World News.

origin »

Bitcoin (BTC) на Currencies.ru

$ 83019.68 (-0.02%)
Объем 24H $55.285b
Изменеия 24h: 4.59 %, 7d: -5.38 %
Cегодня L: $82789.04 - H: $83265.49
Капитализация $1646.738b Rank 1
Цена в час новости $ 6732.47 (1133.12%)

crypto bitcoin market btc decision stagnates eve

crypto bitcoin → Результатов: 126


What Mark Carney’s Rise to Prime Minister Means for Bitcoin and Canada’s Crypto Future

Mark Carney, Canada’s new Prime Minister, has been a vocal opponent of Bitcoin for years. His stance could lead to tougher regulations and increased support for a digital Canadian dollar. Crypto investors, take note! The post What Mark Carney’s Rise to Prime Minister Means for Bitcoin and Canada’s Crypto Future appeared first on BeInCrypto.

2025-3-10 13:02


Report: Trump expected to announce Bitcoin reserve strategy at White House Crypto Summit

Howard Lutnick said Bitcoin would receive special status under US President Donald Trump’s proposed crypto reserve Lutnick believes that other crypto tokens will be “treated differently—positively, but differently” So far, 12 people within crypto have been invited to attend the Crypto Summit US President Donald Trump is expected to unveil a Bitcoin reserve strategy at […] The post Report: Trump expected to announce Bitcoin reserve strategy at White House Crypto Summit appeared first on CoinJournal.

2025-3-6 05:00


Фото:

Goldman Sachs “U-Turn”: Massive Increase in Bitcoin and Ethereum ETF Investments – A Crypto Market Signal?

Key Takeaways: Bitcoin and Ethereum ETF holdings of Goldman Sachs increased drastically. This is an indication that the traditional financial institutions see crypto as essential. Even though traditional finance initially The post Goldman Sachs “U-Turn”: Massive Increase in Bitcoin and Ethereum ETF Investments – A Crypto Market Signal? appeared first on CryptoNinjas.

2025-2-14 17:48


Фото:

Crypto’s winners and losers: who’s cashing in on the Bitcoin boom?

The cryptocurrency world is awash in new wealth as Bitcoin’s record-breaking climb above $90,000 propels the total value of digital assets past a staggering $3.2 trillion. Forbes estimates that 11 of the top crypto billionaires, whose holdings are predominantly liquid tokens and stocks, have collectively added $38 billion to their fortunes in 2024. Remarkably, $24 […]

2024-11-20 14:48


Bitcoin Price Breaks $60K – Why Is The Crypto Market Up Today?

This is turning out to be a great week for crypto. Bitcoin price just broke past the $60K level for the first time this month. In fact, remember how everybody was saying September is historically bad for crypto? We’re almost halfway through the month, and this is, for now, a “green” month since the BTC […] The post Bitcoin Price Breaks $60K – Why Is The Crypto Market Up Today? appeared first on CaptainAltcoin.

2024-9-14 00:52