There is an old saying on Wall Street: buy the rumor, sell the news.
The adage is based on the belief that market participants, being forward-looking, tend to buy an asset when expecting positive information and take profit, driving the market lower on confirmation of the news.
Bitcoin has rallied over 40% this month on expectations that the U.S. Securities and Exchange Commission (SEC) would approve an exchange-traded fund investing in futures contracts tied to the cryptocurrency.
With ProShares’ product live now on the New York Stock Exchange, there is a lot of noise in the market about the possibility of a sell-the-fact pullback in bitcoin.
Similar price action was seen earlier this year as bitcoin topped out at $64,801 when crypto exchange @Coinbase debuted its stock listing on Nasdaq on April 14. The cryptocurrency fell to $30,000 the following month.
Blockchain data supports the case for sell-the-fact action after the ETF listing. Analysts, however, stand divided on the issue.
https://www.coindesk.com/markets/2021/10/19/analysts-divided-on-prospects-of-sell-the-fact-move-as-bitcoin-etf-listing-nears
The adage is based on the belief that market participants, being forward-looking, tend to buy an asset when expecting positive information and take profit, driving the market lower on confirmation of the news.
Bitcoin has rallied over 40% this month on expectations that the U.S. Securities and Exchange Commission (SEC) would approve an exchange-traded fund investing in futures contracts tied to the cryptocurrency.
With ProShares’ product live now on the New York Stock Exchange, there is a lot of noise in the market about the possibility of a sell-the-fact pullback in bitcoin.
Similar price action was seen earlier this year as bitcoin topped out at $64,801 when crypto exchange @Coinbase debuted its stock listing on Nasdaq on April 14. The cryptocurrency fell to $30,000 the following month.
Blockchain data supports the case for sell-the-fact action after the ETF listing. Analysts, however, stand divided on the issue.
https://www.coindesk.com/markets/2021/10/19/analysts-divided-on-prospects-of-sell-the-fact-move-as-bitcoin-etf-listing-nears
CoinDesk
Analysts Divided on Prospects of Sell-the-Fact Move as Bitcoin ETF Listing Nears
Bitcoin peaked after Coinbase’s debut on Nasdaq on April 14
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UseTheBitcoin
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Cointelegraph
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Cointelegraph
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U.Today
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NY Mayor-elect Eric Adams will take his first three paychecks in Bitcoin — link
Cointelegraph
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Developers can now port their Ethereum dApps to Nervos as ‘Godwoken’ goes live — link
CryptoSlate
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