This sensational fuss over the ETF is borderline lunacy. It's just another reason to jerk the price around and stop out everyone who hid under the 7000 level or wherever. I'm getting sick and tired of these 30,000 by Dec / 50,000 by Oct / 100,000,000 by 2020 forecasts. How in the hell can anyone have a true idea of what the coin's value is going to be if there are no fundamental values to base a judgement on? Forecasters have a hard enough time doing it even when the values do exist.
This dip is just another good reason to hang on and chill out. It's not the doom, and the ETF isn't the future.
Completely agree and even the legendary theymos also agrees.
Basically there are way too many weak hands, too many highly leveraged speculators and too many people who just want to get rich quick and they are the reason why these crazy $1000 in 24 hours sell offs happen.
We all knew the ETF would be delayed, all these ETF get delayed first before they get rejected.
I think what the retail traders do is as follows,
1) Heard from a friend of a friend of a friend or an Uber driver and buy BTC at $20,000
2) When BTC went to $6000, they panic sold and became a bear.
3) They shorted BTC and got liquidated on the most recent move
4) They finally figured, "ok BTC will go up now" and bought at $8500
5) They sold again when the ETF was delayed.
Rinse and repeat.