The controversy surrounding the possible rejection of three bitcoin ETF applications has led to a halt in their price decline, and many investors are expecting an upswing. Critics argue that this is due to the increasing regulation around cryptocurrencies, but some proponents believe it’s because institutions aren’t ready for such large losses yet.
The “bitcoin dump today” is a cryptocurrency that has seen 12,700% gains over the last year. However, in the past few months, this currency has halted losses amid criticism of ETF rejections costing investors ‘12,700% gains’.
On Nov. 13, Bitcoin (BTC) pared losses as the market remained unconcerned with US authorities’ refusal to approve a spot exchange-traded fund (ETF).
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Few market issues arise as a result of ETF rejection.
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was trading in a $1,000 range heading into the weekend.
The news that the Securities and Exchange Commission (SEC) had rejected VanEck’s spot ETF product caused a brief slide towards $60,000 support, but no considerable volatility.
The VanEck incident, the first of many judgements addressing spot ETFs, came as little surprise to many, yet the company expressed “disappointment” with the outcome.
Jan Van Eck commented on Twitter, “We are disappointed with today’s announcement from the SEC refusing clearance of our physical bitcoin ETF.”
“We feel that a non-futures ETF structure is the preferable method for investors to get BTC exposure via a regulated fund.”
Other commenters were more outspoken, with Matias Dorta, vice president of marketing at asset management Roundhill Investments, pointing out the risks to investors as a result of the SEC’s denials over the last eight years.
“In 2013, the SEC rejected a $BTC ETF for the first time. They were able to safeguard investors from a gain of +12,700% “”It’s a win-win situation,” he claimed.
Timeline for the Bitcoin ETF Arcane Research is the source of this information.
Everyone is kept wondering by the weekly closing.
Traders turned their attention away from the rejection and onto the weekly closing.
Despite a dip, Bitcoin is expected to exceed $90,000 in the next weeks, according to the latest technical analysis.
According to prominent trader Pentoshi, BTC/USD needs to stay above range resistance in play since April’s initial $64,900, with this becoming the important feature in the coming days.
There are just two days left, but here’s what I’ll be looking for.
— Pentoshi Won’t Dm You. Pentoshi despises Dms. Scams in DMs (@Pentosh1) 12 November 2021
Meanwhile, Rekt Capital, another analyst, remained optimistic on the stock’s long-term price potential.
In one of a series of tweets on Friday, he claimed, “All data science models imply that BTC will peak considerably higher than $100,000 in this cycle.”
Others cited a lack of evidence that the bull market had come to an end or was even in jeopardy at this time.
The “bitcoin price usd” is a cryptocurrency that has been in the news recently due to its rapid rise and fall. The bitcoin halts losses amid criticism ETF rejections have cost investors ‘12,700% gains’.
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