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Here is a quick announcement about the Bitcoin EFT being denied by the SEC and the subsequent price drop.
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https://toshitimes.com/sec-rejects-winklevoss-twins-backed-bitcoin-etf/
https://www.cnbc.com/2018/07/26/winklevoss-twins-bitcoin-etf-rejected-by-sec.html
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I saw the price drop today and then I saw the headline about the Winklevoss Twins ETF being denied. I'm glad I found your video because now I know more. The SEC says this is not a judgement on the entire crypto space, they want more investor protection, and there is at least one other BTC ETF looking for approval. All good things to know.
Also, I hope everyone who watches your video takes the time to understand that just because something happens after another thing, it doesn't mean it happened Because of the other thing! If some people do a rain dance and it then rains, the dancers may not have caused the rain. If some people pray for a sick friend who then gets well, the prayers may not have caused the recovery. As they say in Latin, Post hoc ergo propter hoc. After this, therefore because of this - is a logical fallacy. It May be caused by "this" but it's not necessarily the case!
However in the case of the big drop today in the BTC price, I would have to think the ETF denial might very well at least have been a factor!
This was kind of expected. Even though there has been a lot of progress in this matter and Bitcoin has become more mature, there are still many "uncertainties" around it.
I think the fact that Coinbase is opening up for institutional investors is a sign that it's going on the right track. For now they will just find excuses not to approve the ETF, even though everything looks just fine.
Hope it gets approved the next round!
It was overbought, it would drop anyways. No need for any news.
It was overbought,
It would drop anyways. No
Need for any news.
- andrejcibik
I'm a bot. I detect haiku.
This Information Is really Great Because Everyone is Talking about the ETF but most of them don’t even know the real meaning of it and how it works.
They are just Trying to manupulate the Market by using the Name Of ETF. In this Scenario I think you Make it understand very well.
Thank you sir..!
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Great info!!!! (as usual, enjoy San Francisco!)
Almost always bad news is good news to btc holders and buyers.
I think you're the best m8, SF has a lot to see and do.
Hope the yank's you encounter heap helpings of hospitality on you:) be safe and thanks for the update, sharing it on all my little known forums and social media places I visit to keep me sane.
Your videos are always first on my list of things to do to keep informed & educated.
Very best regards,
The unfortunate part of this is that it is impacting the overall market which includes altcoins that did not participate in the rally caused by the speculation of the approval for bitcoin. However, the price resistance surpassed could help the market stabilize here for a bit.
Yes, I am Agree with You.
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If at first you don't succeed, try and try again!