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Speculation may be partially behind the price drop. But one of the three Chinese exchanges that had withdrawals frozen allowed trading to resume. That’s a months worth of BTC for some massive mining operations being dumped to cover expenses.
That has to be one of the factors. Also, if ETF is denied at the same time the other two open, get ready to buy because you could see some 2014 pricing.
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I’m getting nervous on this. LOL. Anyways, another milestone in bitcoin history whether approve or not. The whole bitcoin community will be all ears come Friday or Monday. I hope the result will be favorable to us so that bitcoin price will rise and most likely be adopted by a lot of merchants globally. But If something doesn’t went our way, I think expect a drop in price. I’m speculating that the price will go as low as $900 as base. This is just my opinion.
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I don’t expect any news until the 13th. I think they already extended the deadline to include Monday, as they won’t announce anything on Saturday. Buy the rumour sell the news in this case would seem to mean that you should sell now and buy back lower after the announcement.
It seems fairly universal that people expect the ETF not to be approved, so buy that rumour (sell bitcoin), then when it happens, sell the news (buy bitcoin).
I expect a weekend pump if they really don’t announce until Monday, unless there is a leak.
The problem with that line of logic, more people think it’ll be approved. There is a survey on this forum and most speculators are leaning towards approval. You’ve got a bubble in this thread where you think negatively. Some of it based on bad speculation like the price drop.
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