Welcome back,
In today's blog we will discuss about why might bitcoin has seen a downfall even after the approval of bitcoin ETF's. This is something people want to know and those who are active traders and those who keep themselves aware with what is happening in the market might already know one of the major reasons already.
We will discuss it all here in this blog so stay with me till the end of this blog.
Bitcoin ETF and Gold ETF, A comparison
In November 2004 Gold ETFs were approved and the gold trading was made popular and common among people. Similarly, Bitcoin ETFs were approved recently and now we can say the same thing for bitcoin as well.
The thing is that people are worried about why Bitcoin price has not moved extraordinarily after the approval of ETF's. Let me tell you all a thing, when gold Eft's were approved back in 2004 same thing happened with gold as well but what happened in future?
Gold never went down to where it was at the time of approval of its ETF. In no way I am saying that bitcoin will also follow the same thing, but we can at least stay positive knowing that even gold saw this kind of behavior after approval back in 2004.
Ethereum ETFs are on the way
Those who do not know Ethereum Spot ETF are also listed already and the first deadline for it is January 2024 itself. If Ethereum ETF gets approved this month itself then we will see a huge rally in ETH price followed by a Altcoin rally.
That is what I think but if it gets delayed for later deadline that is in May or June if I am not wrong then the market will travel differently.
I think these two facts are enough to stay calm about what is going on with bitcoin right now. Thing is that people don't want to keep themself aware with what is happening in the market or else they will never be worried about a asset like bitcoin.
I always say that read about what is going in the market because that will actually help you understand the market movement with respect to news coming from different organizations.
Conclusion
To conclude I will say that bitcoin is having a healthy correction just like gold and the future for bitcoin is really bright. In no way we have got the reason to get away from an asset like bitcoin so stay calm and wait for the upcoming months for bitcoin to rock.
Secondly, Ethereum ETFs are also listed and that is also one of the reason why people are selling bitcoin and buying ethereum at this point of time. I have missed one thing and I would like to add that in short, I should have kept this at the beginning but anyways.
Grayscale have sold there bitcoin recently and the only reason I can think of is that:
- This will create panic between common people.
- They are not going to let their user buy bitcoin at a price of 50k dollars.
- They too want to get benefit of this ETH ETF hype.
So that is my opinion based on very little knowledge I hold with myself. If anyone thinks I am wrong at any place then kindly correct me and I will humbly accept my mistake and work on it.
Also, If anyone wants to add any piece of information to what I have already shared here, they are most welcome to do so as it will not only help the readers but also me in increasing my knowledge.
Thank You
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