A second ETF application was rejected further and the market reacted more to it than the first...
BEcause many of people around crypo community are relying on that ETF thats why when denial happens,market shakes alot
Why not concentrate in the market value and not for this ETF thats impossible to happen,theres no assurance and may not happen forever
People do that because they want the price of bitcoin to go up as fast as possible, but to me that is a mistake I prefer that the price of bitcoin goes up because there is a new breakthrough in the technology instead of going up because there is a new law that regulates the market and people see this is a good thing, some may think that growth is growth no matter how we got it but the problem with that kind of growth is that countries could always reverse that decision and then the market will crash.
But if the price happens to go up because there is a breakthrough and bitcoin is improved then that growth is never going to disappear and it will never be reversed by any decision of the governments around the world.