The US Securities and Exchange Commission (SEC) has finally officially approved the first applications for admission to trading in Bitcoin exchange-traded funds. Contrary to market expectations, this information did not contribute to a crazy increase in the prices of the first cryptocurrency. It can be said that exactly the opposite has happened. BTC prices fell by more than $5,000, that is, almost 11 percent Rafał Zaorski believes that this is just the beginning of a major sell-off and is betting that both BTC and ETH will fall.
Bitcoin rises by 217%
Recent weeks have brought a significant recovery in the cryptocurrency market. Over the past four months, Bitcoin has risen by more than $24,000, or nearly 97 percent.
Starting from its lows in the second half of November 2022, when one bitcoin had to pay for less than $15,500, the price of the first cryptocurrency rose by about 34,000 Polish zlotys. US dollars, which is approximately 217%.
This caused a significant increase in prices Digital gold It exceeded $49,000 last Thursday, which is the highest value since December 2021.
This estimate was largely driven by expectations of the US Securities and Exchange Commission (SEC) approving applications for admission to trading spot Bitcoin ETFs.
BTC price fell by approximately 11%
Although information about the US regulator giving the green light to launch such financial instruments contributed to the rise in the price of the first cryptocurrency, this increase was only small and temporary.
Counting from yesterday's highs, Bitcoin has fallen over 5,000 points. US dollar, which is approximately 11 percent and currently sits well below $44,000.
Buy rumours, sell facts
The decline witnessed in the price of the first cryptocurrency over the past few hours confirms the validity of the stock market’s saying about buying rumors and selling facts.
As long as the approval of applications for spot trading for Bitcon ETFs was within the “rumor” range, the price of the oldest cryptocurrency was on the rise. However, when it became “reality”, he turned around and began to fall dynamically.
Rafał Zaworski bets on a decline in Bitcoin and Ethereum
Rafał Zaworski, nicknamed the King of Polish Speculators, believes that the currently observed decline is just the beginning of a much larger sell-off that the virtual assets market will witness in the near future.
For this reason, he decided to bet on the decline of Bitcoin and Ethereum. As he himself admits, he sells facts after ETFs.
– The S on BTC has currently crossed 43,700 under the sell-off facts after the ETF. Also ETH 2600 #short I'll keep it at least until the end of January – He wrote on the social media platform X (formerly Twitter).
He also added that in addition to short positions on Bitcoin and Ethereum, he is also playing on declines in the US Nasdaq technology index. He intends to hold this position “By the end of the week or longer.”
– Volatility comes back, and I come back – he added, jokingly reminding us of his recent unsuccessful investments, which we wrote more about in a separate article.
S on BTC is currently at 43,700 under sell-off facts after ETF. Also ETH 2600 #short I'll keep it at least until the end of January. From the other Nasdaq stock exchange #short After 16815 until the end of next week or more. The volatility is back, I'm back. Recently, anti-indicator XD, so I call contrarians
– Rafael Zaorski (@rafal_zaorski) January 12, 2024
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