The SEC is expected to vote on August 10 on the authorization, or refusal, of Bitcoin ETFs. ETFs had exploded the gold market, operators expect the same dynamics on Bitcoin.
Safe information or simple speculation ?
For the moment, we are at the stage of speculation. A vote must take place on August 10, operators speculate on the rumor. We can see it on the market, Bitcoin is off the Altcoins, speculators are refocusing on BTC and waiting for news to sell their profits. We, therefore, have no guarantee that the SEC will accept the proposal. Nevertheless, it is this type of rumor, positive, that we expected on the support at 5800 USD. Here is finally the first good opportunity to speculate.
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Prices Manipulation or real reversal of the trend ?
This news is to be taken with tweezers. Indeed, on one hand, we have no certainty on the acceptance of the SEC, on the other hand, it is not the first time that the market would be manipulated. Selling before August 10 seems relevant and will limit the risk in case of refusal of the SEC.
External factor: Tether prints 3.5 billion.
Another element that could play in favor of bitcoin. Tether keeps increasing its stock in recent weeks, 3.5 billion have just been added. This cash flow could benefit Bitcoin once available on the market.