Bitcoin - Buy The ETF Rejection Dip
The cryptocurrency market is changing. The hype premium has been greatly reduced and I think we're getting close to a bottom for Bitcoin which could turn the market around. The SEC is set to make a decision on two more Bitcoin ETFs this Thursday, August 23rd. I think ETF approval is unlikely. If I'm correct this could tank prices to even lower levels. Meanwhile, many sovereign nations are working on their own cryptocurrency to avoid the US dollar. The stage is set for widespread tension to boil over due to trade policy and sanctions resulting in a new breed of cyber warfare. The SEC has denied or delayed on every Bitcoin ETF so far. I think the upcoming decision on the ProShares Bitcoin ETF will be no different and the reason is simple. Nothing has changed since the last decision. The Wilklevoss twins have taken their rejection in stride, deciding to form a self-regulatory organization to combat bad behavior in the space. But, how long will it take to see some meaningful results from this effort? Since the ETF was denied by the SEC, on July 26th, the price of Bitcoin has fallen from the $8k range, into the $6k range that we're seeing now.
