Bitcoin Today: No ETF decision on August 10
Price
Yesterday BTCUSD fell sharply, breaking the 6800 support on the way, after SEC statement on the prolongation of decision period for ETF applications. The price did stumble on 6600 support for a short time, but after a while broke below and now trading around the 6500 level. 6000 is a near-term target, by reaching it Bitcoin will erase all gains and positiveness from the July growth, which was provoked mostly by the speculations about ETF applications. For now, overall price pattern is bearish with a target on 6000. A breakthrough below 6000 will send the price to 2018 minimum at 5750. Nonetheless, 6000 level should have strong supportive value, as it is close to the 2018 min, so a bounce-off from this level is probable. To gain any positiveness we need to see the price moving above the 7000 level in nearest term.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
Yesterday BTCUSD fell sharply, breaking the 6800 support on the way, after SEC statement on the prolongation of decision period for ETF applications. The price did stumble on 6600 support for a short time, but after a while broke below and now trading around the 6500 level. 6000 is a near-term target, by reaching it Bitcoin will erase all gains and positiveness from the July growth, which was provoked mostly by the speculations about ETF applications. For now, overall price pattern is bearish with a target on 6000. A breakthrough below 6000 will send the price to 2018 minimum at 5750. Nonetheless, 6000 level should have strong supportive value, as it is close to the 2018 min, so a bounce-off from this level is probable. To gain any positiveness we need to see the price moving above the 7000 level in nearest term.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
- The SEC has extended the decision-making period for VanEck SolidX Bitcoin-ETF until September 30
SEC (US Securities and Exchange Commission) has extended the decision-making period for the application to List and Trade Shares of SolidX
Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust. This is stated in a document published on Tuesday, August 7, on the Commission's website.
Initially, it was assumed that the meeting of the Commission, at which officials will decide on changes in the rules of trade at the Chicago Stock Exchange (CBOE), where the fund should be traded, will be held on August 10. However, this date has now been postponed to September 30.
The application of VanEck and SolidX was filed on June 6. If the application approved VanEck SolidX Bitcoin Trust will be immune from theft and loss of funds. It will also be tied to a new index from Van Eck, which instead of exchanges will collect the price of bitcoin from US-based over-the-counter (OTC) platforms.
The price of VanEck SolidX Bitcoin Trust shares was set at $ 200,000, which means that the new ETF will be primarily targeted at institutional investors.
Earlier, a source in the SEC, who wished to remain anonymous, made it clear that the agency was interested in approving this application.
News almost immediately affected the course of bitcoin, which, having risen during the day's session above 7100, went down sharply, dropping below 6600 as on 8 August 8:30 UTC.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.