Last night, the news that the US SEC was about to pass the Bitcoin ETF was very popular, and #BTC quickly rebounded to above 31,000 points.
Subsequently, official news showed that the U.S. SEC returned the application because the application documents were unclear and incomplete. The Bitcoin spot ETF application failed again, and BTC instantly fell to 29,500 points.
But then there were different opinions. Some people said that this application was only returned for supplementary materials, not completely rejected, and there was still hope. Then the market rebounded quickly, especially #ETH , which performed brilliantly, breaking through and holding firm at 1900.
Seeing this scene, Brother Gambling immediately thought of the Bitcoin ETF approval incident before March 12, 2020. At that time, I had just learned to play with contracts and was deeply involved in it. I was really tortured to death by this news and market. Let's review the scene together.
In March 2020, the world was in the midst of the COVID-19 epidemic and the Great Depression. Bitcoin and all financial assets were rapidly devaluing. On the evening of March 7, I saw someone in the group saying that the Bitcoin ETF was going to pass, and they were shorting ETH at the time. I saw that my account quickly turned from profit to loss, so I quickly stopped the loss and went long backhand!
But before I was happy for a few minutes, there was another news that it was just the review time point, and it might not pass, so the market crashed quickly, and I was surprised and my position was liquidated! After the liquidation, the currency price rebounded again, and I made another deposit and started going long.
Within 2 days, the application failed completely, and then the market ushered in the 312 flash crash. In those days, Brother Ji's position was liquidated to zero many times, resulting in heavy losses.
Some people say that the 312 crash was caused by the new crown epidemic and the global economic recession. However, it has to be said that the Bitcoin ETF was rejected again, which was undoubtedly one of the triggers. More importantly, the market was at the end of a bear market at that time. One fall took away everyone's last belief!
Someone asked, is it that important whether a Bitcoin ETF passes? I want to say that his influence is really great!
On October 19, 2021, the first Bitcoin futures ETF issued by the fund management company ProShares was officially launched and began trading on the New York Stock Exchange under the symbol BITO. Although it is not a Bitcoin spot ETF, the expectation of the ETF's listing also boosted the price of Bitcoin. In just one week, BTC rose by nearly 13%, reaching $63,927.
Therefore, if the real Bitcoin spot ETF is passed, it will inevitably trigger a big bull market.
Putting aside the news and looking at the market, we can see that bulls are flying around recently and contract trading is booming, which are important features of the late bear market. Market confidence is low and everyone wants to quickly recoup their capital and make profits by increasing leverage and bullshit casinos. Therefore, it is normal for the contract to be long and short, and the news is just a primer.
As for whether the 312 crash will happen again, I don’t know, but historically speaking, when a real bull market starts, there will be a final drop! The best choice is to hold the spot now and not make a contract to ensure that your position will not return to zero.
