The Drop of Bitcoin Price & Refusal in Bitcoin-ETF
Over the past day, the cryptocurrency market has declined. Many crypto analysts associate this event with the "fresh" refusal of the Securities and Exchange Commission (SEC) to create bitcoin ETF. Decrease in prices of major cryptocurrencies such as Ethereum, Ripple and Bitcoin Cash reached 5%, and bitcoin slightly lags behind - its price fell only 4% (at the time of writing).
As BitMEX CEO Arthur Hayes notes, bitcoin could soon go down even lower to $5,000 before the next rally. But investors of the same scale as Hayes emphasize that bitcoin will need to show some stability, regardless of whether it will be at the level of $5,000 or $6,000 before the course begins to recover.
Note that in the last year the greatest stability of bitcoin was manifested in August, when the average price index remained at around $6000, starting from August 8. And even after the announcement that the SEC rejected immediately 9 bitcoins-ETF offers, the price of BTC showed not only a sharp decline from $6400 to $6250, but also an equally rapid positive move to $6450, after which showing some stability in the lower limits of $6000. At this stage, most analysts and investors are inclined to conclude that bitcoin will continue to fluctuate around the $6000 mark, which in principle is a good indicator for the cryptocurrency market from the long-term perspective.