In just a few minutes the value of bitcoin dropped from $7150 to $6430, and at this moment we have witnessed market reactions to the news, of course, negative.
Downward dynamics is nothing short of emotional response market on the decision of the Commission on securities and exchange Commission (SEC) of the United States to defer consideration of the application at the CBOE bitcoin ETF in the fall. Now traders will have to live with the new deadline, already postponed to September 30.
However, the decision of the SEC can be made before, any day in the period from 10 August to 30 September. Therefore, I advise you to keep a cheerful mood and in any case not to abandon long positions on bitcoin.
Positive decision of the Commission becomes so important event for the market, which will set the vector of its further development for years to come. In industry continue to invest, and subsequent growth can be much more dynamic growth of the gold after the launch of an ETF on precious metals. Recall that with the advent of such contracts, the price of gold has increased five times. Bitcoin is quite able to surpass this result. However, to participate in this rally can only those who will consider the potential for the entire stock market.
What you need now to keep calm and to keep their finger on the pulse. With the current decline is better to just accept it. It is normal market practice to prove the presence in the market real big players. The fact that they are unable to recruit the required long on slower movements and always use emotional Straits to open long positions. Panic — the best way to maintain the liquidity of the market, and now it is obvious.
Some time the market will be looking for a new bottom. Assume that the bearish trend might lead bitcoin to the area of the previous low of $5600. But even with this attitude it is necessary to consider the high probability of another rise in the background of the acceptance of the application from the CBOE. With that in mind, consider the rate of BTC/USD below $7000 as a great opportunity for long-term purchases.
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