Bitcoin's price is slipping, here's why...

SEC Bitcoin ETF news is why did Bitcoin drop today.

FOMO Spreads

The Securities and Exchange Commission (SEC) has given a deadline to companies that want to launch a type of investment called a spot Bitcoin ETF. This deadline means that these companies need to make some final changes to their applications by December 29, 2023. The SEC had meetings with representatives from at least seven companies who want to launch these investments in early 2024. They told at least two of these companies to make their final changes by the end of next week.

If a company doesn't meet this deadline, it means they will miss the first chance to get approval for their spot Bitcoin ETFs in early January. The SEC has already said no to several applications to launch these kinds of investments in the past. They say that the cryptocurrency market can be manipulated, so they're being careful about approving these types of investments.

Don't buy the news, buy the coins

If money is involved, it can and will be manipulated no matter the regulation. The news currently is ETFs may not be approved, however, prior to this news when the ETFs were being applied for, the fintech community decided that the SEC may deny the first round and approve the second round. So what's the point of mentioning this news now? 

If the ETF is approved...Bitcoin price will continue to rise before the halving event and then begin its cyclical Bitcoin cycle.

If the ETF isn't approved...Bitcoin price will dip but don't expect any nose dive before the halving event and then begin its cyclical Bitcoin cycle.

No matter what happens with the SEC-controlled side of the industry, any possible outcome is possible before the halving event and then begin its cyclical Bitcoin cycle. 

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