On July 27, 2018 news that the SEC had rejected the Winklevoss twins bitcoin ETF broke out making it a relatively safe opportunity to place a short with Bitmex. The following days bitcoin dropped 30%.
Predibit sent a critical alert to clients shortly after a Tweet surfaced outlining the event before the mainstream news. The news was followed by undecidedness in an already sensitive market, with traders unsure of whether there would be a price reaction. The following 12 hours the price of bitcoin dropped 6% losing $450 in value. The next 15 days, the price of bitcoin would drop 30%, losing a total of $2400 in value (from $8300 to $5900).
The rejection of the Winklevoss bitcoin ETF proposal heightened the possibility of a VanEck bitcoin ETF delay or rejection, and as a result expectations of a bitcoin ETF fueled bull-run were dramatically lowered.
This in addition to the high sensibility to price movements turned into a large market sell-off, with bitcoin dropping 16% and losing $1350 in value the next 10 days, followed by a brief period of sideways movement.
Then, on August 7, 2018 Predibit detected an early report that the VanEck bitcoin ETF proposal was being delayed by the SEC, and Predibit clients received an alert about this immediately.
The news that the VanEck bitcoin ETF proposal had been delayed fueled the continuation of the sell-off, taking bitcoin another 15% leg down, from $7150 to $5900.