Cryptocurrency

Bitcoin falls after ETF approval



CNBC’s Kate Rooney joins ‘Power Lunch’ to discuss the fall of Bitcoin shares after ETF approval. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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TYLER, BACK TO YOU. >> RICK SANTELLI, THANK YOU VERY MUCH. >>> BITCOIN COMING OFF AND WE DO MEAN COMING OFF THE EUPHORIA OF THE BIG ETF MILESTONE DOWN 16% SINCE THE 10th OF JANUARY. WHO IS DOING THE SELLING? KATE ROONEY KNOWS. >> PART OF THE CRYPTO SELLING WE

HAVE SEEN LATELY HAS TO DO WITH THIS LOSS IN ENTHUSIASM AROUND THAT ETF LAUNCH, BUT LEVERAGE IS ALSO A BIG FACTOR HERE. AND IT’S INCREASINGLY DOMINANT FORCE IN THESE MARKETS. ANALYSTS OVER AT GLASS NOTE POINT OUT THE OPEN INTEREST IN JANUARY 9th AND 11th WHEN THE

ETF SPECULATION PEAKED PRICES NEAR 49,000 AT THAT POINT. AND THEN THAT WAS FOLLOWED BY THIS WIPE OUT IN SOME OF THE POSITIONS. PRICES YOU SAW THIS BITCOIN SELL OFF OVER THE WEEKEND, THE LARGEST CRYPTO CURRENCY DROPPED TO LOWEST LEVEL SINCE DECEMBER. THIS WEEK THAT HAS BEEN

DISAPPOINTING FOR A LOT OF CRYPTO INVESTORS. HOPING IT WOULD UNLEASH NEW INVEST FROM TRADITIONAL INVESTORS AND THEREFORE BOOST PRICES BUT THE OPPOSITE HAPPENED IN THE NEAR TERM. BITCOIN ROUGHLY 15% OFF OF WHERE IT WAS TRADING ON THOSE FUNDS LAUNCHED. AND IT’S EMERGING AS A SELL THE

NEWS EVENT. POPULAR IN THE HEDGE FUND WORLD SOME INFORMSERS WORRIED ABOUT HEADING INTO THIS ETF APPROVAL. COIN BASE ARE ALSO GETTING HIT THIS WEEK. JP MORGAN DOWNGRADED COIN BASE, AT LEAST, SAYING TODAY THAT THEY THINK A KEY CATALYST FOR THE CRYPTO INDUSTRY IN THOSE BITCOIN

E TRK Fs HAS BEEN OVERESTIMATED BY THE CRYPTO COMMUNITY. THEY ACKNOWLEDGE THAT COIN BASE THEY THINK IS A DOMINANT U.S. EXCHANGE AND LEADER IN THE SPACE. BUT THEY THINK THE CATALYST IN THOSE BITCOIN ETFs SAY THAT PUSHED THE ECOSYSTEM OUT OF ITS WINTER.

THEY SAY IT WILL STILL DISAPPOINT MARKET PARTICIPANTS. JP MORGAN EXPECTS THE ETF ENTHUSIASM TO FURTHER DEFLATE AS THEY DESCRIBED IT DRIVING PRICES LOWER ALONG WITH LOWER ANCILLARY REVENUE OPPORTUNITIES FOR FIRMS LIKE COIN BASE. BACK OVER TO YOU GUYS. >> WHERE WERE THESE WET BLANKETS

BEFORE THE ETF APPROVAL CAME ALONG? YOU DIDN’T HEAR A LOT OF PEOPLE SAYING, OH, THIS ETF APPROVAL, IT’S GOING TO GO DOWN FROM HERE. BITCOIN IS BECAUSE IT’S OVERBOUGHT. >> THAT’S A GREAT POINT, TYLER. HINDSIGHT IS 20/20, AT LEAST IN THE ANALYST COMMUNITY.

YOU’RE NOW HEARING MORE BEARISH SENTIMENT AHEAD OF THIS NEWS IT WAS A LOT ABOUT THE POTENTIAL OF CONSTITUTIONAL INVESTORS. NOW THE REALITY IS SITTING AND HEARING WAY MORE BEARISH TONE OUT OF THE SELL SIDE WHEN IT COMES TO COIN BASE AND SOME OF THOSE NAMES.

I WILL SAY ALL OF THE BEARISHNESS YOU’RE HEARING ON THE CRYPTO-RELATED STOCKS COMES AFTER THIS MASSIVE RUN-UP LAST YEAR. SO STOCKS, TAKE COIN BASE FOR EXAMPLE, UP 400% LAST YEAR. SO THERE IS THAT TO TAKE INTO ACCOUNT. >> CAN YOU THINK OF —

>> BEARISHNESS BUT PART HAS TO DO WITH VALUATION. >> CAN YOU THINK OF MANY, IF ANY, WHO PREDICTED A 15, 20% SELL OFF AFTER THE APPROVAL OF ETFs? >> THERE WERE SOME THAT DID SAY, YOU KNOW, BUYER BE WARE. THERE IS THE BUY THE NEWS, SELL

THE RUMOR RISK THAT ESPECIALLY IN CRYPTO CURRENCY MARKET. SO ABSOLUTELY. THAT WAS BEING SAID. WE SAID IT ON CNBC MULTIPLE TIMES. FIRMS SAID, YES, WE’RE EXCITED BUT YOU HAVE TO BE CAREFUL. COUPLE WALL STREET FIRMS DID GET AHEAD

36 Comments

  6. @StarryRockz

    Oh why didn't anyone say it was a risk event? Maybe because all of the people who were saying it didn't get invited on TV because of how euphoric they were about it.

  12. @slytherben

    Sometimes bitcoin predicts the direction of the market. Bitcoin down 16%? I'm still expecting a 2-6 week downturn like this for the general market. But so far I've been wrong

  13. @shayan724

    worthless coin is ever worth anything. It is not a currency and it is not is not a commodity. It is only used for tax evasion and fraud. if people say crypto is a currency then why not use it for exchange and buy stuff in store? why not trade it for USD or other real currency to buy the stuff? Hate the people who ran first and let the people who push up the price to hold the bag.

  16. @FlanaganHomestead

    There has been huge interest in the Bitcoin ETF. Over 1 Billion$ sold already. One of the most succesful ETF launches ever. Two things happened many of us bought coming up to the event which brought price up. The other is Greyscale GBTC is no longer a good value compared to the ETF's. They are selling off huge and will continue for a few weeks. Then the Bitcoin market will be set up for a huge bull run. But it will take a while to drain GBTC.

  19. @AeriaFoster

    <<<<<< Great video! I really do have a question. For someone with less than $10,000 to invest, how would you recommend we enter the crypto market? I am looking at studying some traders and copying their strategy rather than investing myself and losing money emotionally. What’s your take on this approach?

  22. @user-ul1ku1ds9d

    Buy the rumor sell the news…. Nothing new. Everyone on the channel was saying nothing but this would be the biggest thing next to electricity. It’s a flop…maybe a hedge but something to look at way down the road. Man I timed this horribly. Maybe the having can make up for the flop this thing is…so I have no choice but to hold on to this junk until I can dump it and go back to the futures market where I belong.

  23. @rggfdvdv-ei4uf

    Очень хороший и понятный видеоурок об арбитраже криптовалют. Я считаю, что это очень полезная информация для тех, кто хочет заработать на разнице в курсах. Спасибо за отличное объяснение темы!

  24. @Short-Fridays

    If Blackrock bought $1 Billion worth of Bitcoin like they said they did and they simply lend to short sellers and those short sellers put Limit short sell orders at a certain level that is so immense no retail buying can push the price up then of course it will keep going down because they have more money than the buyers; They are the House in casino terms and we are the players; The House always wins

  29. @Uptownfunkkkk

    You work for 40yrs to have $1m in your retirement, Meanwhile some people are putting just $10k in a meme coin for just few months sometimes less and now they are multi millionaires. I pray that anyone who reads this will be successful in life ✊🏻❤️

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