Bitcoin Today: No for ETFs in near future?
Price
Saturday brought another-one dive and left the price hanging on the 7000 support level. So, the downtrend continues to escalate rather quickly and do not show any intentions to settle into a lateral correction. The July 17 – August 4 figure already looks like a Head and Shoulders and could be a sign of reversal for many. Nonetheless, the last level which protects the bullish view is 6600 support, which lies slightly below the 61,8% Fibo retracement of the July uptrend. So, from the bullish view 6600 – 7000 zone should play a supportive role and push the price up; otherwise, we will be aiming for the 6000 level.
Today forecast
Trading in the 6800 – 7300 zone.
Latest news
Saturday brought another-one dive and left the price hanging on the 7000 support level. So, the downtrend continues to escalate rather quickly and do not show any intentions to settle into a lateral correction. The July 17 – August 4 figure already looks like a Head and Shoulders and could be a sign of reversal for many. Nonetheless, the last level which protects the bullish view is 6600 support, which lies slightly below the 61,8% Fibo retracement of the July uptrend. So, from the bullish view 6600 – 7000 zone should play a supportive role and push the price up; otherwise, we will be aiming for the 6000 level.
Today forecast
Trading in the 6800 – 7300 zone.
Latest news
- Starbucks clears rumors about accepting Bitcoins
Starbucks has clarified that it will not be accepting Bitcoin (BTC) or other cryptocurrencies as payment, despite misleading reports from mainstream media.
A spokesperson for the multinational coffee chain that in fact “customers will not be able to pay for Frappuccinos with bitcoin,” but rather the company is part of a new venture creating a platform, Bakkt, to “convert digital assets like Bitcoin into U.S. dollars, which can be used at Starbucks,” adding:
“At the current time, we are announcing the launch of trading and conversion of Bitcoin. However, we will continue to talk with customers and regulators as the space evolves.” - SEC Approved Bitcoin ETF Possible in 18 months
The US Securities and Exchange Commission (SEC) could approve a Bitcoin ETF in the next 18 months, said Ali Hassan, the CEO, and one of the three co-founders of asset manager Crescent Crypto.
Hassan, a former Goldman Sachs executive, was speaking at Bloomberg Markets studios about the considerable potential of passive management strategies in cryptocurrency markets. On being asked about the SEC’s rejection of Winklevoss Bitcoin ETF twice in a row, he acknowledged the US regulator’s concern about investors’ protection. However, Hassan proposed passive investments as a solution to reduce some of those concerns, saying that they will “actually increase the participation in the [cryptocurrency] market.”
“We do think that a product is coming soon,” said Hassan. “Perhaps, in the next 18 months, we’ll see a Bitcoin-only ETF.”
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