Image Source: Cointelegraph
In the past few days, we have seen a couple of internet news outlets and cryptocurrency websites recycling reports about the refusal of the US Securities and Exchange Commission to grant a regulatory approval for the launching of the Bitcoin Exchange-Traded Fund or Bitcoin ETF by the Winklevoss twins. This particular news was initially released in March of 2017. How come are we seeing the same news again after more than a year of its original release?
The cryptocurrency market is characterized by high volatility. Prices of bitcoin and altcoins can rise and drop according to existing market demand and supply. Investor speculations which are brought about by current news and regulatory updates also affect the movement of prices.
The recycling of the SEC-Winklevoss news can be considered as an attempt to bring down the price of Bitcoin after slowly recovering in the past weeks. We could easily remember that the same news in March 2017 has caused a significant drop in Bitcoin’s price from $1295 to $1000, which was a negative 22% change.
There was much confusion as to which ETF has been denied when the story came out again last week.
Recycling of negative news concerning the regulatory status of Bitcoin in world governments has the potential to gravely affect the Bitcoin and cryptocurrency prices. As years of market history has already proved, investor speculations and random news are among the primary movers of cryptocurrency values.
When a story comes out, be sure to pay attention to the details. Market manipulators use real stories out of context or with intentional facts omitted to control the market to their liking.