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Bitcoin Today: Bitfinex, not too many coincidences?Price Bullish Tendency continued to develop during the weekend, bringing the price to the 100-days EMA during the Saturday and testing 7300 resistance during the Sunday, peaking at the 7430. The week opened above the 100-days EMA, leaving only 7300 above to finish the turnaround pattern and turn into a bullish state. Many connect bullish state of BTCUSD with the recent emission of Tethers, which usually precedes to volatility jumps and bullish movements (read lower in details). For today: 100-days EMA and 7000 – support levels; breakthrough above 7430 (previous peak) – a bullish signal. Today forecast Trading in the 7000 - 7300 zone. Breakthrough above 7430 – bullish signal. Latest news Bitfinex connectivity issues just before the BTC growth On Friday, August 31, Bitfinex issued a series of tweets about the forced suspension of trade due to technical problems. “The platform is encountering connectivity issues with one of the servers. As a precaution, we had to suspend trading temporarily. We are working hard to have the platform return to normal operations as soon as possible.” - @bitfinex Soon a tweet was published stating that the main server with the exchange engine was restarted by the hosting provider without prior notification and that the recovery process will take at least 30 minutes. “Our matching engine server was restarted by our hosting provider without notice. We are in the process of restarting the server and returning the platform to normal operations. We expect this process to take at least 30 more minutes. Apologies for any inconvenience.” - @bitfinex Later, Bitfinex published the blog post, which says that in total the downtime was about an hour. Representatives of the exchange assured the users that all funds are safe and the situation is under control. Also, Bitfinex assured that all transactions are recorded and will be executed in the order of the queue. Many users of social networks were worried by the fact that the technical failure coincided in time with the expiration of the bitcoin futures on the CME exchange. "I will never believe that you have only one server that is responsible for the operation of trading services," wrote one of the users. One of the popular opinions is the connection between the hosting provider and CME, as this shutdown could be very beneficial for CME. Others were unhappy that the restart of the operations occurred without prior notice. Another 100 mln Tethers were transferred to Bitfinex The next portion of "freshly printed" tokenized dollars Tether (USDT) entered the Bitfinex wallet, one of the largest crypto-exchanges. “Just sent $100,000,000 USDT from the tether reserve to Bitfinex!” - @eurtprinter It is noteworthy that the previous similar transaction for the same amount was made less than two weeks ago, on August 21. Then it led to a short-term revival in the market, which was interrupted literally the next day. However, soon the uptrend continued and the price overcame the 7000 mark. Currently, the price is testing 7300-7400 zone, a breakthrough above which will be interpreted as a strong bullish signal. More and more users see new Tether emissions as something of a very accurate growth indicator. “Does anyone else feel like this Tether transfer thing is a bit too obvious now? I mean it seems to have become a leading indicator for the next move for a lot of people lol. Could it really be that easy? Usually isn't but who knows “- @CredibleCrypto “$100 MILL Tether incoming. 8,000 BTC on the horizon for the upcoming week.” - @bullishgentlemn
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Ether futuresPrice Yesterday Bitcoin didn’t manage to withhold the 7000 level and went down into a correction. Later BTCUSD lowering was stopped by 6800 support, the price even showed a rapid comeback to the 7000 but did not manage to gain enough power to break above it. For now, local view of the price is a correction to the recent uptrend movement, from the wider view – recent growth looks like a correction to bearish trend and to change this overview the price needs to get above 7300 level. The main upward target stays 7000 – 7300 zone, breakthrough above this zone will be read as an upward signal. From the downside, a break below 6800 will be enough to eliminate all positive mood that market gained during the recent growth. Today forecast Trading in the 6800 – 7000 zone. Breakthrough above 7300 – bullish signal. Latest news [* ]Ethereum futures will be a sign of crypto-markets maturity Chicago Board Options Exchange (CBOE) intends to launch futures trading on Ethereum by the end of this year, reported by Business Insider with reference to its own sources. Sources report that CBOE futures on Ethereum will be based on the market data of the Gemini Exchange, the same solution the Chicago Options Exchange used during the launch of Bitcoin futures in December of the last year. At the moment, CBOE is awaiting the approval of the US Futures Trading Commission (CFTC) and will launch Ethereum-futures trading after the corresponding decision. According to Danny Kim, SFOX's development director, the CBOE proposal will allow traders to use both long and short positions on ETH, which will be the next step towards adopting this asset class. “With this, I think the new investment opportunity will take crypto out of the bearish market and reverse to a new bull." - adds Danny Kim. Earlier, Chicago Options Exchange president Chris Concannon said that SEC had finally removed barriers to the potential launch of Ethereum futures. Nevertheless, the head of the rival CME Group, Terry Duffy, in July made it clear that he was not in a hurry with the launch of Ethereum futures and other altcoins because of their volatility, taking a wait-and-see position.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bithumb is the reason of recent growthPrice As we expected 7000 – 7300 zone showed its resistive manner and pushed the price downwards, sending it into a lateral movement along the 7000 level. If bitcoin won't gain support in nearest time the recent trend will go into a correction and reach at least to the 6800 level. Let’s not forget, that until price will be holding firmly above 7300 the overall pattern looks like a correction of the downward trend, so it is logical that traders are afraid to bay at the cornerstone levels. From the fundamental point, the markets still rely on the SEC vs Bitcoin ETF funds relationships, which is crucial for institutional investors, so it is highly possible that BTCUSD will continue to drow a sideways pattern until next SEC announcements, or at least meeting of European Finance Ministers on Bitcoin regulation scheduled for September 7. For today: 6800 – local supportive level; 100-days EMA will serve as a resistance in case of upward impulses. Today forecast Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal. Latest news Bithumb could be a reason for resent growth The market is dominated by the idea the recent bullish trend, that in view of the absence of serious fundamental indicators, was provoked by the inflow of funds from the recently closed to new users the largest Korean exchange Bithumb. Seoul-based Bithumb was forced to shut registration by its banking partner Nonghyup Bank after losing the equivalent of $30 million in a June hack. The world's fifth largest exchange reopened account registrations again this week, according to Korean local media outlet Yonhap News. "All of this buying is coming from Asia," said Brian Kelly, founder and CEO of BKCM. "The biggest news in the market right now is that South Korea exchanges are coming back online." Bithumb's daily trading volume had dropped to around $72 million at one point in August after the NH Bank news. By Tuesday, its 24-hour volume had recovered to $362 million, according to data from CoinMarketCap.com. South Korea is the fourth largest market for bitcoin despite some tightening by regulators earlier this year. The country's top financial watchdog said in June it would require domestic banks to monitor all exchange accounts in compliance with Korean anti-money laundering laws. South Korea's justice minister said in January that the government was considering a shutdown of cryptocurrency exchanges but got major pushback from retail investors. A petition asking the government to hold back on "unreasonable" regulation got 280,000 signatures following that announcement.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: weak dollar and Morgan Creek Digital Price One more day presented us with one more breakthrough, continuing the local bullish trend. It is worth noticing, that due to rather low volumes and relatively low momentum this uptrend looks more like a correction to the oversold market, as like there were no one willing to sell on these levels so the market went upwards to gain more volume. Nonetheless, now we are in the last resistive zone 7000 – 7300 and crossing of these levels which also coincides with 100-days EMA will give a buy signal to many by finishing the turnaround pattern. So, if BTCUSD is willing to continue the current tendency and breach above 7300 at the end of the day, that will definitely provoke a much powerful reaction. It is also highly probable that we will see some selling at the 7200 level before the upward rally, as it will be a 20% profit point for those who bought 6000 (good place to fix profits and then re-enter the market). In such case, the price will have the space for maneuver until the 6800 level, which should stay strong to support the bullish tendency. And of course, a clean and strong breakthrough above 7300 will be a bullish signal, especially if supported by positive fundamental background. Today forecast Trading in the 6800 – 7300 zone. Breakthrough above 7300 – bullish signal. Latest news Weak Dollar and Morgan Creek Digital launch are possible reasons for bullish BTC In the evening of August 28, activity on digital platforms declined slightly, which led to a weakening of bitcoin, but the coin kept its position above 7,000. The main reason for strengthening bitcoin was the weakening of the U.S. dollar, which has caught the eye of analysts: “This kind of behavior is typical of commodities. As the buck falls, it takes more dollars to buy a barrel of oil or an ounce of gold and vice versa,” said Mati Greenspan - senior market analyst at eToro. “My suspicion here is that as the dollar dominates the markets, people are placing more faith in it over bitcoin and of course, vice versa, when the dollar falls.” Asian investors have reduced the volume of investment in the traditional currency and switched to alternative assets. At the time of writing, bitcoin is trading at 7057 USD. Almost all coins from the top-10 CoinMarketCap also shows growth on Wednesday. A leader of growers was the EOS cryptocurrency, which went up by 9.67%, to 5.85 USD price point. The second and third digital currencies in terms of capitalization were Ethereum and Ripple, increased by 2.3%, to 292 USD and 0.34 USD respectively. The total market capitalization of the digital market exceeded 230.06 billion dollars, and the bitcoin dominance index reached 52.9%. Cryptocurrency Dash Coin rapidly adds, receiving support from Venezuela. The digital currency is in high demand in this country, recently the coin jumped by more than 20%. Support for the cryptocurrency market was also provided by the launch of the Morgan Creek Digital investment fund, which trades the most liquid digital currencies, according to MarketWatch. Morgan Creek Digital, an operating subsidiary of Morgan Creek Capital Management, announced the launch of a digital asset index fund. The fund, which is in partnership with San Francisco-based Bitwise Asset Management, is a market-cap-weighted basket of the top 10 largest digital assets, excluding Ripple and Stellar as they have a central supply of more than 30%. “Increasingly, institutional investors are coming to us asking for exposure to the space,” said Mark Yusko, chief investment officer of Morgan Creek Asset Management.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Baidu blocks cryptocurrencies themesPrice Monday went much better than expected and the price broke above Bearish Trend Line at the end of the day. Then BTCUSD went above 6800 resistance and now trading on the 22 August high – 6900. One of the possible drivers for such unexpected bullish behavior is CFTC report about low levels of short positions in the bitcoin futures market (reached historic low at the 1266 contracts point). Now on the way the most important zone for now 7000 – 7300 which also supported by 100-days EMA. A breakthrough above this zone will identify a completion of the turnaround pattern and take-off for the further highs with the main target on the 10000. Still, as the higher part of the turnaround zone, these levels will be holding a lot of selling pressure, at least those, who bought on the bottom now can fix up to 20% (6000 – 7200). For today, 6800 turns into a supporting level and should be strong for the upward scenario, from the above the price will meet a strong resistance during the whole 7000 – 7300 zone. Today forecast Trading in the 6800 – 7300 zone. Latest news Chinese Search Giant Baidu Joins Tencent and Alibaba in Cryptocurrency Blockade The Chinese search giant Baidu, following Tencent, decided to distance itself from the crypto-currency topic by starting to censor and ban the crypto-currencies related topics on the Baidu Tieba platform, China Times reports. "At the moment the company has toughened the attitude to digital currencies and does not allow creating sub-forums on this topic, relying on existing laws and regulations," the source, who wished to remain anonymous, notes. Currently, the sub-forums "Digital currencies" and "Virtual currencies" are not available and a search for these keywords leads to the message "This forum is temporarily closed due to non-compliance with existing regulations." "The company will manage its business in accordance with Chinese laws," the representative of the search giant said. He also noted that these sub-forums were blocked due to the dissemination of information on ICO and speculation by crypto-currencies. It is noteworthy that many other sub-forums about crypto-currencies such as Bitcoin, Ethereum and others remain available. The Baidu Tieba platform was launched in 2003 and, according to the company, at the moment its monthly audience reaches 300 million active users. Latest opinions on bitcoin ETF future Last week SEC announced that it would be denying nine Bitcoin-backed ETF proposals from ProShares, Direxion, and GraniteShares. In three individual documents elaborating on the verdict, SEC commissioners outlined the fact that Bitcoin markets lack “significant size” and are still subject to widespread fraud and manipulation. While the U.S. regulatory body has since sought to stay and “review” the denial verdict, the SEC’s concerns regarding such a vehicle stay the main concern of many. Wall Street Journal crypto-reporter Paul Vigna recently appeared on CNBC to discuss his opinion regarding the regulatory state of Bitcoin/Crypto-backed ETFs Vigna revealed that unless the SEC can determine how much manipulation is going on and from where it will be neigh-impossible for an ETF to hit retail markets: “The SEC’s concerns are very valid… for a currency that makes a big deal out of having a public transaction ledger, there is not a lot of transparency with exchanges — what’s going on behind the scenes. You can see the price, the transaction but you don’t really know who is doing the exchanges.” CNBC host Mellisa Lee then acutely brought up the idea of a Bitcoin ETF being a catalyst for markets but noted that such a product goes against the very ethos of decentralization and self-custody. Alluding to the fact that custody isn’t proper ownership of the private keys, Lee added: “The passage or the approval of an ETF has been looked at by many in the crypto world as the next big catalyst… But there are some in the cryptocurrency industry who look at this and think that this isn’t right, so unless you own the Bitcoin, you don’t own the Bitcoin.” Drawing his segment to a close, WSJ reporter Paul Vigna provided some insight on the SEC’s role in the cryptocurrency industry, adding that the regulatory body is doing its best to bring cryptocurrencies to the mainstream. He stated: “I think we’re at the point that good governments aren’t looking at this (crypto) as something they need to clamp down on, outlaw it, or drive it out of existence. They see that there is potential here and we have something that might be able to benefit people… They are trying to figure out ways where they can regulate it, make it mainstream enough so that we can use in our daily lives.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bearish Trend Line on the wayPrice Friday pleased us with a bullish breakthrough above 6600 resistance, and even more, the price managed to hold out at new levels throughout the weekend. Until BTC price will reach above 7000 level we cant identify a turnaround pattern, so the breakthrough doesn’t change much of the wider view, but still it lefts more levels as a support below the price, which is a positive sign. For now, we have a supportive zone 6300 – 6600 below, and from above a highly resistive zone 6800 – 7000, a breakthrough of this zone will add much to the bullish overview of the chart. There is also a latest Bearish Trend Line arise on the way (trend line from the overall heights and 8500-peak on July 25) the clash with this trend line without any significant fundamental support could send the price down, testing 6600 support. Today forecast Trading in the 6600 – 7000 zone. Latest news Fourth Chinese cryptocurrencies rating list China Electronic Information Industry Development (CCID) published the fourth in this year's rating of 33 crypto-currencies, adding new projects to the list: NULS and Tezos (21st and 28th). For the third consecutive time, EOS took the lead. Bitcoin, compared with the previous month, rose from 16 lines to 10. The second position is held by Ethereum, and the third place this time was Komodo, replacing the line below Nebulas. NEO closes the TOP-5 crypto-currency. 10 leaders: 1. EOS – the most popular in China infrastructure for decentralized applications 2. Ethereum – the most popular in the world blockchain app platform (decentralized applications) 3. Komodo – privacy-oriented cryptocurrency, a fork of ZCash, official cryptocurrency of SuperNet 4. Nebulas – from the founder and developers of NEO, promising smart contracts without scaling worries, the second layer of blockchain protocols that incorporate a massive range of tools and options along with search engine functionality. 5. NEO – smart contracts development platform (EOS and Ethereum competitor) 6. Stellar - distributed blockchain based ledger and database that facilitates cross-asset transfers of value, including payments. 7. Lisk - a decentralized app (DAPP) and sidechain development platform. Lisk APP SDK uses JavaScript. 8. GXChain - blockchain-based decentralized data exchange designed to set up a bridge between data sources released on different platforms and realize peer-to-peer data trading and sharing between all kinds of organizations or agencies 9. Steem - is a cryptocurrency used to power the platform Steemit - an incentivized blockchain social media platform (reward-for-content platform) 10. Bitcoin – digital cryptocurrency In terms of the "innovation" parameter, the top five projects of the month included EOS, Bitcoin, Bitcoin Cash, Hcash, and Stratis. Bitcoin received the highest score in this category - 40.3, due to the high activity of working on the code of the first cryptocurrency. Previously, CCID researchers stated that when evaluating a rating, they assess the technological capabilities, the usefulness of applications, and the level of innovative development of projects. This month, analysts have revised some data accounting techniques. The researchers do not report what exact changes to the evaluation techniques where made.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC bamboozlingPrice Though yesterday closed with a slight growth, the pattern stays as a lateral stagnation accompanied by a decrease in volumes. Recent comments from the SEC officials, that they will reconsider the disapproval orders for nine bitcoin ETFs issued on Wednesday, caused even more confusion on the markets, leaving the price in its comfortable boundaries 6250 – 6600. Wider technical view stays bearish and without a sufficient positive fundamental news the price will eventually lose grab on this levels and start to go lower to the 6000 support. From above we have 6600 resistance and the whole strong resistive zone up to 7000. Today forecast Trading in the 6000 – 6600 zone. Possible bearish rally. Latest news SEC intends to review the refusals As was reported by CoinDesk, the US Securities and Exchange Commission (SEC) announced its intention to reconsider its previous decision to deny the launch of nine bitcoin-oriented ETFs. In a letter to by SEC secretary Brent Fields addressed to the senior advisor of the NYSE Group, David De Gregorio, says: "This letter is to notify you that, pursuant to Rule 43 I of the Commission's Rules of Practice, 17 CFR 20 I .43 1, the Commission will review the delegated action. In accordance with Rule 431 (e), the August 22 order is stayed until the Commission orders otherwise." The time frame during which the Commission intends to take final decisions on the proposed ETF is not specified. A copy of the letter was also received by Cboe Global Markets. The news of the SEC's intention to reconsider its decision was first reported by Commissioner Hester Pearce, who earlier criticized the refusal to launch the bitcoin-ETF of the Winklevoss brothers. “In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.”, @HesterPeirce.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC says NOPrice As we expected yesterday, the price went back below the 6600 level, into the 6250 – 6600 channel. 6000 – 6250 zone is still showing its resistive manner as we see how the fall stopped on the 6300, but the overall market looks bearish right now. The yesterday false breakthrough along with negative SEC answer on ProShares ETF Application will definitely send the price testing 6250 – 6000 zone, for now, this is the main scenario. Today's market will probably be driven by comments and opinions of market leaders about ETFs future, as the picture of Bitcoin ETF that should ignite the next growth leap of bitcoin prices fades away with every new rejection. Today forecast Trading in the 6000 – 6600 zone. Possible bearish rally. Latest news Another one SEC rejection The US Securities and Exchange Commission (SEC) rejected the application for the opening of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF - Bitcoin-oriented exchange-traded funds. At the same time, a similar fate awaited several more applications for bitcoin ETF, filed by Direxion and GraniteShares. The application of ProShares Bitcoin ETF and ProShares Short Bitcoin ETF was in partnership with NYSE Arca, but SEC answer was that the proposed changes in the rules of the exchange cannot be accepted. As noted in the Commission's official response, the exchange was not able to demonstrate that its offer meets the requirements of Section 6 (b) (5) of the Exchange Act, in particular with regard to the requirements for preventing manipulation on the market. Separately, the SEC drew attention to the fact that its decision does not depend on an assessment of whether bitcoin has value as an innovation or an investment. Almost the same arguments were brought by the Commission regarding its decision to refuse the launch of five bitcoins-ETF, the applications for the launch of which were previously filed by Direxion, and two GraniteShares funds. The applications describe tools that are directly tied to the rate of bitcoin and other crypto-currencies. ProShares filed its first application in September 2017 but later withdrew it. The new application was filed in December of the same year, and in the spring of this year, it became known that the SEC began their consideration. It is worth noting that by now the American financial controller has only rejected or postponed bids for the launch of Bitcoin-ETF. For example, in July, the application of the twins Cameron and Tyler Winklevoss for the opening of the BITS Global Exchange (BZX) - exchange investment fund was rejected for the second time. In early August, the SEC extended until September 30 the deadline for the decision on the applications for the launch of Bitcoin-ETF, filed jointly by New York companies VanEck and SolidX.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: BitMex sneaky shutdownPrice Bitcoin price jumped by as much as 7% almost instantly at around 1:00 UTC today. Many connect the movement to BitMex shutdown, as it was giving a huge arbitrage opportunity to traders. Nonetheless, the movement led the price out from the 6250 – 6600 channel. 6900 level appeared to strong and stopped the growth, eventually pushing the price down to the 6600 level, which transformed into a support after the breakthrough. For now, traders are digesting the news about BitMex, which eventually could lead to the conclusions that there are no reasons to buy now and send the price back in 6250 – 6600 zones. And don’t forget that everyone is waiting for SEC decision on ProShares Bitcoin ETF, which will be the major driver. Today forecast Trading in the 6600 – 6900 zone. Possible comeback to the 6250. Latest news BitMex shutdown was a wild trading opportunity Yesterday Bitcoin price jumped, breaking above 6600 level and almost reaching 7000 high. The move coincided with scheduled maintenance on BitMEX, a derivatives trading platform for bitcoin and other cryptos. And insiders say the move precipitated some wild trading. The platform went down at 1 a.m. UTC today — which was the exact moment that Bitcoin spiked. Prices peaked at 6899 before easing back to the 6600. Industry insiders indicated the spike appeared to be directly related to the BitMEX shutdown. Hunter Horsely, the CEO of Bitwise, told Business Insider that the shutdown sparked a widespread trade to buy. "It is a silly short term trade," he said. "Buy when maintenance starts. Sell when ends." In addition, as soon as BitMEX went down a big arbitrage opportunity opened up for traders, according to Dave Weisberger, chief executive officer of CoinRoutes. "Bitfinex led it up to 6800+, but when GDAX caught up, their clients were paying over $100 too much when the other exchanges all fell back to 6700," he said. "There was a real arbitrage for a while when this all happened." Such price variations were common at the end of 2017 during the major rally towards 20000, but have since dried up. In such situations, a trader can buy up coins where they are priced lower to sell on venues on which they are priced higher. In three hours after shutdown BitMex announced the completion of work, but stated the difficulties with access to the site, confirming that the reason is a large DDos-attack, which is why many users had difficulties with logging into accounts.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: SEC answer until 23thPrice The price continues to fluctuate inside the 6250 – 6600 channel, high selling volume at the end of the day brought BTCUSD to the 6250 level but quickly found a support and all selling volumes were closed near the 6250. Today we see a continuation of the lateral movement which gradually lowering bulls appetite for the current price levels and eventually could push the price lower, at least to 6000 support. Overall, the rule of thumb is simple – the longer we stay lateral – the more probable to go lower looking for buyers. Given that this week the market expects to hear the SEC response to the next ETF request (Thursday, August 23 - ProShares Bitcoin ETF), we will probably see a breakthrough out of this channel soon, the direction will depend from the SEC answer of course. Boundaries for today stays the same as yesterday: 6600 from above and 6250 from below. Today forecast Trading in the 6250 – 6600 zone. Latest news Next SEC decision until August 23 Less than a month after delaying a decision date on Cboe's VanEck/SolidX bitcoin ETF, the U.S. Securities, and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed ETFs. Officials at the U.S. securities regulator are set to make a decision on the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF by Thursday, August 23. Unlike Cboe's VanEck/SolidX bitcoin ETF request, this rule change proposal – filed by ProShares in conjunction with NYSE Arca – cannot be delayed any further. The ProShares ETF proposals – initially submitted to the SEC last December – are underpinned by bitcoin futures contracts, rather than any physical holdings of bitcoin itself. In other words, the ETF's value will be determined by the bitcoin futures contracts trading on CME or the Cboe Futures Exchange, according to the original filing. ProShares originally proposed the futures-based ETFs in September 2017 but noted at the time that the futures market was young and "there can be no assurance that an active trading market for bitcoin futures contracts will develop or be maintained," according to the filing. To date, the regulator has only denied or delayed bitcoin ETF proposals, with the latest denial coming last month when it rejected a proposal filed by Gemini founders and long-time bitcoin investors Cameron and Tyler Winklevoss. The Winklevoss proposal had already been rejected in the spring of 2017, but the Bats BZX Exchange, which submitted the proposal, filed an appeal that was later heard by SEC commissioners.
BITFINEX:BTCUSD
by DestinationMoonCrypto
2
Bitcoin Today: The calm is bad for bullsPrice Weekends passed in a lateral manner, the price was fluctuating between 6250 and 6000 levels. Prolonged lateral movement after the 6000 rebound speaks of uncertainty in the market and makes the emergence of a reverse Head and Shoulder the less likely (the figure needed a fast price movement above 7000). For now, the price fluctuates around pivotal point 6500, which could be a start of one-more testing of 6600 level, a breakthrough at the beginning of the week could be a good base for further bullish developments, though such breakthrough should be supported by positive fundamental feedback. 6000 – 6250 zone stays the major support for now. Today forecast Trading in the 6250 – 6600 zone. Latest news Binance Launches Fiat-to-Crypto in Liechtenstein Binance LCX, a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX), has announced the launch of a fiat-to-crypto exchange, according to a press release published August 16. Using a joint venture with LCX, they plans to build up a team of up to 15 professionals for the Liechtenstein office that will manage customer support, legal requirements, due diligence, KYC, AML and government communication, while the team at Binance will provide and maintain the platform. The new exchange will offer trading for Swiss francs (CHF) and Euros (EUR) against major cryptocurrencies and promised to add more trading pairs in the future. Adrian Hasler, Prime Minister of Liechtenstein, welcomed the joint venture and said: “We are confident that Liechtenstein’s existing and future legal framework and practice provide a robust foundation for the Binance LCX and other blockchain companies to provide exceptional services here in Liechtenstein.” Andreas Antonopoulos says that BTC ETF could impact the market in a bad way Recently, in a Q&A YouTube video, well respected cryptocurrency researcher and security expert Andreas Antonopoulos disclosed his stance on Bitcoin ETFs, firmly stating that he is against the introduction of ETFs in regulated markets. Antonopoulos said that while ETFs have the ability to open the Bitcoin market to a group of institutional investors and retail traders that have not been able to trade the dominant cryptocurrencies due to issues pertaining to regulation, they also provide a platform for large investors to manipulate the price of BTC. “Everybody is so excited about ETFs. What we have seen in other markets is that when an ETF becomes available, the price really increases dramatically, as suddenly that commodity becomes available to a lot more investors and these investors pile on. But, the other side of it, is that there are always these claims that the commodities markets are heavily manipulated and opening up these ETFs only increase the ability of institutional investors to manipulate the prices of commodities.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bitcoin Note?Price Bitcoin price refuses to form any kind of an uptrend and proceeds in a lateral manner, nevertheless, the peak of volumes trades a little higher each day is a positive sign. 6250 level was tested once more today but again showed itself like a strong support. Yesterday BTCUSD tested a 6600 resistant and also confirmed it’s power for now. So, for today, the boundaries stays the same: 6250 – 6600. Below 6250 we will get a whole supportive zone 6000 – 6250 and 5750 (2018 low) afterward. From the above, to consider any bullish developments we need to see the price going above 7000, so 6600 will be just the first checkpoint on the way up to the bullish take-off. Some traders identify movement in 6000 – 6600 channel as Reverse Head and Shoulders pattern (head on the 6000 and shoulders on 6600), which confirms 6600 resistive power. Nonetheless, from the wider view, we still will need a fast growth above 7000 to consider reversal, beware of false pierces of 6600. Today forecast Trading in the 6250 – 6600 zone. Latest news Tyler Winklevoss talks about cryptocurrencies future on the Wall Street Tyler Winklevoss, Gemini Exchange CEO, is convinced that institutional investors from Wall Street will need some time to enter the cryptocurrency market. In his Bloomberg interview, Tyler states: “Wall Street is taking cryptocurrencies seriously, however, the vast majority of Wall Street firms are still not participating in the cryptocurrency market, which remains primarily a retail-driven market… This will change over time, but it will take time.” The main reason for the delay in the entrance of institutional investors to the crypto-currency market is called the fuzzy position of regulators in relation to the industry. According to a widely held opinion, after approval by the US Securities and Exchange Commission (SEC) of Bitcoin-ETF, the crypto-currency market will be open for institutional investors. Tyler Winklevoss noted that at the moment Gemini is focused on expanding the retail business. Over the past six months, the staff of the stock exchange has doubled and will be further increased by the end of the year. Also, Gemini planning to list new crypto-currencies. Recall that at the end of July, SEC for the second time rejected the application of Cameron and Tyler Winklswes to create a stock exchange investment fund tied to Bitcoin. Nasdaq Stockholm launched an Exchange-Traded Bitcoin Note That American Investors Can Buy US investors, tired of waiting for the launch of the regulated bitcoin-ETF, now have access to another no less significant instrument in the form of exchange notes (ETN) for bitcoins on the Nasdaq Stockholm (NASDAQ OMX Nordic) exchange, the value of which is displayed in the US dollar. Reported by Bloomberg. The new product is provided by XBT Provider and is traded under the ticker CXBTF within the Bitcoin Tracker One, which was launched in May 2015, but has so far only been displayed in euros and Swedish krona. “Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” said Ryan Radloff, the chief executive officer of CoinShares Holdings Ltd., the parent of the company that offers the ETN. “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.” Unlike exchange-traded funds, ETNs are debt instruments that are backed by their issuers - often a bank - rather than a pool of assets and often focus on esoteric strategies that don’t easily fit in a fund. Bitcoin Tracker One may give investors an alternative to Grayscale’s Bitcoin Investment Trust, which also offers exposure to Bitcoin. The Grayscale product trades at a significant premium to the underlying asset.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: correction to bearish trend?Price Yesterday went in an expected manner, fluctuating between 6250 and 6600. For now, BTCUSD is holding above 6250 which is important for an upward overview. Nonetheless, until the price reaches 7000 – 8000 zone this upward movements could be considered as a correction of the bearish trend. As the negative news background, has changed to neutral we expect a continuation of lateral movement for today, maybe with testing of 6600 during the US trading session. Boundaries: 6000 – 6250 zone as a support and 6600 – 6800 as a resistance. Today forecast Trading in the 6000 – 6800 zone. Latest news Chris Concannon, CBOE president and CEO optimistic about ETF approval The moment when the Securities and Exchange Commission (SEC) will improve their attitude regarding bitcoin-ETF is not far off. This view was expressed by the president of the Chicago Option Exchange (CBOE), Chris Concannon. CBOE president also said that the launch of bitcoin futures, which took place at the CBOE in December, indicates the maturity of cryptomarkets. Concerning ETF on the basis of futures, Concannon noted that since no one has yet tested this product, one important task is to determine the correct level of liquidity. SEC also concerned about volume issue. The trading volume of bitcoin futures is relatively low in comparison with contracts for such commodities as oil or gold. ETF is designed to solve this problem. However, the SEC is unlikely to approve crypto-currency ETF-products without sufficient liquidity of bitcoin futures themselves. As Concannon noted, in the crypto industry, ETF can offer huge dividends to pioneers. Recall, on August 7, the SEC extended the term of consideration of the joint application for the creation of bitcoin-ETF from the companies VanEck and SolidX. Nevertheless, representatives of CBOE and the above-mentioned firms are still convinced of the positive outcome of the case.
BITFINEX:BTCUSD
by DestinationMoonCrypto
3
Bitcoin Today: 18000 transaction on BitMEX walletsPrice From yesterday BTCUSD showed a sustainable growth, with a hike in volume after reaching the Bearish Trend Line and 6250 level. This growth showed a supportive power of the 6000 – 6250 zone, which gives a hope to bulls, but still consideration of any reversal will need more confirmations. The most important requirements to change outlook from bearish to correction/reversal is to stay above 6250 level. From the above, 6600 level will be the next resistance. A comeback below 6250 and Bearish Trend Line will send the price to test the next support at 5750 (2018 low). Also, it is worth remembering that the SEC is now scheduled to decide on the Bitcoin ETF ruling by September 30, so, presumably, we will not see any significant developments until this date (or premature SEC statements), rather it will be a lateral volatile trading ruled by rumors. Today forecast Trading in the 6250 – 6600 zone. Latest news Comments from Nick Szabo on ETF A well-known cryptographer and pioneer in the field of smart contracts, Nick Szabo on Twitter expressed his fears about the approval of bitcoin-ETF. In his opinion, there will be more cons than pros from crypto-exchange-traded funds approval. “I for one am not lobbying for an ETF or for Wall Street-managed money in general. It might cause more problems than it's worth. The recent sell-off by dumb money has or soon will deprecate many opinionated know-nothings in this space. We don't need new ones to take their place.” - @NickSzabo4 Big whale transaction on BitMEX wallet detected Yesterday at 8:50 UTC time, a transaction involving 10 BTC went to a BitMEX-associated wallet. It didn’t seem like much, but less than half an hour later, another 16 wallets sent 17,990 BTC, bringing the suspected BitMEX wallet’s balance to a grand total of just a hair over 18,000 coins, this was a few hours before BTCUSD showed a recovery movement from the 6000 level. Such noticeable transactions sparked conversations and fears across the community in multiple social networks: whether that will be a short or a long position... Here is the synopsis of the most meaningful opinions: “They have to make sure the price stays below $6150 until futures close tomorrow.” “Shorts are stacked a mile high. Expect volatility.” “Aside from the possibility that the exchange is consolidating coins to a cold storage wallet, it could also be providing liquidity for its trading platform. Either of these conclusions could be likely, considering that it just recently posted another record-breaking trading volume of over 1 million BTC.” Anyway, one thing stays clear, we should expect a high volatility soon, and a fall further down stays in a high probability for now.
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: heading to 2018 lowPrice After a short run upwards BTCUSD turned sharply and began the fall, not managing to hold on the 6250 on the way to 6000. For now, the price fluctuates slightly below 6000 (5950), the fact that the most volumes were traded on the 6000 or lower adds to the bearish scenario. We do not consider the 6000 level broken yet, but all looks like the price could go lower and start testing 5750 (2018 low). To consider a rebound or takeoff from this level we have to see the price at least going back above 6250 during the 24 hours, otherwise, the bearish scenario with testing of 5750 is more probable. Today forecast Trading in the 5750 – 6250 zone. Latest news Opinion on Fall of Bitcoin from Forbes journalist Why is the bitcoin and cryptocurrency sell-off happening now? The sell-off currently sweeping through the world of cryptocurrency has been blamed on investors, who last year piled into initial coin offerings (ICOs), often using the ethereum blockchain, bailing out. As many hundreds of ICOs launched on the ethereum blockchain, it pushed up ether’s price and with it many other major cryptocurrencies. Highlighting this drop off for investors, a report from analysts at ICORating found the return on investment (ROI) on ICOs in the second quarter of this year was –55.38%, down from an ROI of 49.32% in the first quarter. This is despite an increase in both the number of ICOs and the total amount raised over the quarter. Meanwhile, bitcoin and other cryptocurrencies rallied in July on hopes that a bitcoin-backed exchange-traded fund (ETF) would be approved in August by the U.S. Securities and Exchange Commission, a delay on the decision until September has taken the wind from investor's sails. - @billybambrough Winklevoss Twins comment about SEC decision and future plans In a recent interview with Bloomberg, the Winklevoss Twins, the founders of crypto exchange Gemini, opened up about the fallout following the ETF rejection that kickstarted a sell-off in the larger crypto market, which recently accelerated after the SEC postponed its decision on whether to allow the listing of the Cboe VanEck/SolidX ETF. Tyler Winklevoss, who serves as chief executive of Gemini, shared that while waiting for Wall Street and the SEC to get on board with crypto, the company will focus on expanding its product offering focused on retail investors. Wall Street is taking cryptocurrencies seriously, however, majority of Wall Street firms are still avoiding cryptocurrency market, which remains primarily a retail driven market. This will change over time, brothers state. Retail investors can currently purchase Bitcoin (BTC), Ethereum (ETH), and Zcash (ZEC) through Gemini, with each digital asset fully approved for trading and custody services via the NY State Department of Financial Services (NYSDFS). While the Winklevoss Twins wait for full-scale Wall Street adoption, cryptocurrency hedge funds and venture capital funds are currently launching at a record pace. Most of the new funds have been launched in the United States, with only one-third being officially registered with the SEC.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: Withheld the 6000 for nowPrice The last three days went as it was expected, lateral in the 6000 – 6600 zone. Though, Saturday was marked by high volatility and dive below the local support 6250. The fact that the price was brought back above 6250 adds to the supportive nature of 6000 level. So, the Bearish Trend Line is violated already and BTCUSD spent Sunday above 6250 in a lateral pattern. If the price will be picked up from here the nearest resistances will be 6600 and 6800 afterwards; from below we still have 6000 - 6250 zone as a support. Nonetheless, for now, we do not see any fundamental reasons that could push the price upward with enough power to hold it above 7000, so we expect a continuation of the lateral movement in 6000 – 6600 zone. Today forecast Trading in the 6000 – 6600 zone. Latest news More and more Indian exchanges use to stablecoins, the government looking into digital currencies too. A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. Such solution came up in order to minimize the impact of the crypto banking ban imposed by the RBI. The Indian government has become infamous in the cryptocurrency world due to its hardcore “against” stance on the technology. However, reports have emerged that the government is considering launching crypto-tokens in the country. These are different from cryptocurrencies, as they are representations of money and not currencies themselves. The tokens will be utilized for financial transactions, with the ban still “likely to continue”. A committee has been formed, under the Department of Economic Affairs, to study how these cryptocurrencies and digital assets can be regulated and to form a roadmap for the future of digital assets in India. The draft of the regulations will be tabled before the Indian Parliament when they are “ready and legally vetted”, stated sources to Indian news reporting platform DNA. The head of the committee and DEA secretary Subhash Chandra Garg stated: “The committee is studying the possibility of using cryptocurrencies or the crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that. the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India,” Garg seems to be of the opinion that cryptocurrencies are a “Ponzi kind of scheme”, stating that the Reserve Bank of India has released advisories for this specific reason. This is also the reason the regulator has debarred banks from dealing with any aspect of the technology, with Garg referring to this move as “regulations”. However, cryptocurrencies might see new life as crypto tokens. A senior official in the Indian government stated to DNA: “One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view.” The implementation of these tokens might also be as a test of sorts to see whether crypto-technology can be utilized in the country. Many speculate that the reasons cryptocurrencies haven’t been legalized completely yet are because it interferes with the supply of money in the country. The President of Digital Lenders’ Association of India, Alok Mittal, stated: “Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Bearish, no hints on reversal yetPrice BTCUSD has been showing growth yesterday but did not leave the 6000 - 6600 correctional zone thus did not violate the August bearish tendency. For nearest days we have a 6600 resistance and Bearish Trend Line from above and 6250 – 6000 supportive zone from below, the price will react on these levels. Break above 6600 will only send the price to the next resistive zone 6600 – 6800, which have to be crossed as well to show any hints for a turnaround. Fall below 6000 will open the 2018 low at 5750. Such closeness to the 2018 lows already adds to the bearish scenario, to turn the overview into the more positive side - we need to see a fast rebound from lows and come back above 6800 or even 7000. The longer the price will stay near the lows – the more chances to make new lows. Today forecast Trading in the 6000 – 6600 zone. Latest news Comments on ETF situation from market insiders Internet news portal The Ico Journal published comments on ETF situations "from their insider sources". Source in the Van Eck, a former employee from SEC and someone from CBOE, all seem to have positive expectations regarding approvals of ETFs in future. The main idea is that SEC will approve ETF, they just trying to show a responsible approach and make everything as much safe as possible. Although there is no guarantee of reliability of the source, the article reflects the positive vision, which should be taken into account. Article from The Ico Journal (by Rogue Trader) with the direct speech from sources lower: After yesterday’s panic reaction to the CBOE, Van Eck SolidX Bitcoin ETF procedural delay we thought it important to reach out to our CBOE contacts, Van Eck back channels, and industry vets to get their reactions. They didn’t disappoint – and you will pick up a theme very quickly in the commentary from three separate and institutionally different sources regarding the topic. All gave nearly unanimous opinions about two issues of crypto interest; the expected delay and continued high expectations connected to eventual approval. Our most consistent CBOE source responded via text this way (unedited): “Expected and the markets are acting irrationally to the announcement. Every single submission like this has gotten a delay. Again, expected. Still expect approval. 99% expectation. Print it, but as always, don’t use my name. :)” A source we were passed at Van Eck responded via email with this: “Our team expected this delay, almost to the hour, and has been an expectation in our planning process. We won’t say when we expect an approval, but there has been specific speculation that we actually agree with and have incorporated into our timeline. We are in no way surprised by this. Most importantly, we believe our submission is the strongest yet to be put in front of US regulators, and believe that strength will be rewarded.” We shared the above feedback from a source in our network who happens to be a former SEC employee now in the private sector (within the last three months): “The four people I still talk to on the daily at the SEC are basically telling me this ‘it is going to get approved but we are going to make the markets understand that we dug really, really deep i.e. investor protection/transparency’. And that makes sense. The vast majority of the public still has no idea what ‘digital assets’ are or what it means. So when you do an approval like this, and the successive approvals that will follow in this asset class – think of the 3-5 year return number that will be associated with this market? And maybe that is the key to the Van Eck SolidX approval? It is set up as an accredited investor vehicle. That singular element is probably what gives so many of us a firm belief in its approval. And it is a stroke of genius by the Van Eck SolidX group.” That is where we believe the strength of this approval really lies. The $200,000 price tag effectively puts a floor on the type of investors who can realistically purchase shares. The product instantly becomes the property of accredited investors and institutional organizations.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: To be or not to be for ETF, that is the questionPrice Spending most of the day on the 6500 level Bitcoin eventually managed to buy-out all bullish volumes and went downwards, heading to the 6000 support. A pause on the 6250 level confirms the importance of the 6000 – 6600 zone but doesn't break downward tendency yet. The market has already shown its reaction on the latest SEC statement (to extend the decision period on VanEck until September 30), which once more confirms that now Bitcoin is highly driven by the ETF question. So, for now, we expect to see a lateral movement in the 6000 – 6600 zone until the next SEC statement which probably will be released till August 23 as it is the deadline for ProShares application answer. To consider any bullish developments we will need to see the price going above the 6600 level until then outlook stays strictly bearish. Today forecast Trading in the 6000 – 6800 zone. Latest news SEC deadlines for the next two months The U.S. Securities and Exchange Commission (SEC) is set to make final decisions on nine proposed bitcoin exchange-traded fund (ETF) in the next two months. ON Tuesday SEC stated about delaying a decision on a proposed rule change from the Cboe BZX Exchange that, if approved, would allow for the listing of an ETF backed by blockchain startup SolidX and investment firm VanEck. Yet the SolidX-VanEck proposal – first put forward in June – is just one of four filings in waiting. Combined with past submissions from firms ProShares, Direxion and GraniteShares, a total of 10 bitcoin-related funds are being weighed by SEC officials, according to public records, although the VanEck/SolidX bitcoin ETF is the only "physical" ETF among all the proposals. Those deadlines are set by the time at which the proposals are published in the U.S. Federal Register, with an initial decision due 45 days after that time. Still, the agency can postpone this timelines to as many as 240 days following publication in the Register. The deadline for a decision on two funds from ProShares is August 23, is just over two weeks away. The rule change paving the way for those products was submitted by NYSE Arca on December 4, 2017. September will see a series of deadlines for bitcoin ETFs, starting on September 15, the date by which two funds by GraniteShares will receive a thumbs-up or thumbs-down. The funds were initially proposed on January 5. The deadline for Direxion's four funds is September 21, as indicated by public records, after being first submitted on January 4. SEC punted its decision on the SolidX-VanEck proposal to September 30. However, given the way in which the agency considers such proposals, additional time may be carved out, pushing a final decision deadline to as far as late February of next year. To be sure, the agency could release its decisions ahead of its prescribed deadline (as the SEC did this week).
BITFINEX:BTCUSD
by DestinationMoonCrypto
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 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.
BITFINEX:BTCUSDShort
by DestinationMoonCrypto
Bitcoin Today: SEC has no right to look at Bitcoin Price The week started with the lateral movement, showing the strength of the 6800 – 7000 zone. Today the price broke above the weekly downtrend tendency and holds most volumes above the 7000 level. 7150 level should be pierced to consider any bullish figures until then we expect a lateral movement in 6800 – 7150 zone. After 7150 resistance the price will face closely nested resistances as 7300, 7450 and 7600, a movement through these levels will probably form the turnaround pattern. So, the wider bullish perspective for the current week is forming of turnaround pattern that will and by crossing the 100-days EMA, which coincides with 7600 level now. From the bearish view, a movement below 6800 will send BTCUSD to the 6000 support. Today forecast Trading in the 6800 – 7150 zone. Latest news One of SEC Commissioners comments on recent denial: “SEC Has No Jurisdiction to Look at Bitcoin” Following the SEC’s recent decision to reject the proposed rule change for a bitcoin ETF, SEC Commissioner Hester Peirce voiced her opinion in an interview with Cnbc on Wednesday. She explained that the agency has no jurisdiction to look at the underlying asset when considering whether to approve a proposed rule change for an ETF. While Peirce voted for the approval, three other commissioners voted against. She explained that her colleagues cited “a number of reasons for that decision, and specifically what I think they did is they looked through to the underlying asset – in this case, that would be bitcoin, and they raised some concerns about the market for that underlying product.” She asserted: “I think by doing that they went beyond what the statute allows us to do and we should have really focused on the market where the exchange-traded product would trade as opposed to focusing on the underlying bitcoin markets.” Currently, the SEC is considering whether to approve the proposed rule change filed by Cboe BZX Exchange to list and trade shares of Solidx Bitcoin Shares issued by the Vaneck Solidx Bitcoin Trust. This proposed rule change was published for comment in the Federal Register on July 2. Peirce explained that the SEC staff have to decide on the rule change within 45 days after the date of the publication in the Federal Register. However, the agency or the exchange can extend the deadline for another 45 days. Also, SEC may “institute proceedings to determine whether to disapprove a proposal, in which case the Commission is required to take final action to approve or disapprove a proposed rule change no later than 240 days after the proposal is published in the Federal Register,” the agency wrote: “If the Commission fails to meet any of the deadlines for final action on a proposed rule change, that proposed rule change is, pursuant to the Exchange Act, deemed to have been approved by the Commission.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
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 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 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.”
BITFINEX:BTCUSD
by DestinationMoonCrypto
Bitcoin Today: Head and Shoulders?Price BTC has gone deeper into a supportive zone, approaching the last support level 7300 on the way to 7000, which was formed in July. The price did reacted to the level, so there is a chance to stay in the 7300 – 7600 zone. Otherwise, a breakthrough below 7300 will lead price to the 7000. Also, a breakthrough below 7300 will draw a "Head and Shoulders" pattern with the head at 8500 and left shoulder starting on July 17. This figure is well-known among traders and gets noticed frequently, so, such movement will add to the bearish scenario. From the other side, a bounce from 7300 will fit in the correction to the 6000 – 8500 rally scenario. For now, amid weekends, we expect the price to stay inside the lateral channel, probably 7300 – 7600. Today forecast Trading in the 7300 – 7600 zone. Possible breakdown to the 7000. Main events of the week Friday - John McAfee’s ‘unhackable’ Bitcoin wallet got hacked - Mt Gox creditors are preparing to claim for return the funds in Bitcoins. Thursday - Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts - Several vulnerabilities were detected in Monero(XMR) code Wednesday - South Korea to End Tax Breaks for Crypto Exchanges - Japanese Bitcoin Exchanges Planning Tighten Trading Restrictions Tuesday - Net profit of Bitmain for the first quarter exceeded $ 1 billion - Sky Mining CEO disappeared, $ 35 million disappeared along with him Monday - Google bans crypto-mining apps from Play Store - Vitalik Buterin: too much attention is focused on bitcoin-ETF
BITFINEX:BTCUSD
by DestinationMoonCrypto