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Predicting When A Bitcoin ETF Will Be Approved

Predicting When A Bitcoin ETF Will Be Approved
Bitcoin ETF, it’s been the word(s) of the day throughout the whole of July and August, there’s a good reason for that too. Within Bitcoin ETF decision making, the United States Securities and Exchange Commission (SEC) the authority making the decisions, have an awful lot of power with regards the value of Bitcoin and subsequently, the rest of the markets too. In essence, when an ETF application is refused, prices fall (as we have seen very recently with the denial of the Gemini/Winklevoss twins ETF). Likewise, when a decision is set to be made, but is delayed, the markets crash too. Therefore, we can only assume that when a decision is made in favour of a Bitcoin ETF, the markets will fly. As it stands, there’s around nine ETF applications ready to have their fates decided in September, statistically at least one will be approved, but as ever, probability isn’t really a friend of cryptocurrency. Will an ETF be approved? It’s likely, though we can’t guess when it will be, or which one it will be. According to Finance Magnates though, Timothy Tam, the founder of CoinFi believes that Bitcoin ETFs are inevitable:
“With the flood of talent entering the crypto space and also large organizations like ICE doing a physical settled bitcoin contract, there are signs that bitcoin is turning into more of a traditional financial product that simply cannot be ignored. It wouldn’t be in traditional finance’s best interest to ignore crypto.”
Moreover, Arturs Ivanovs, the founder of FIC Networks has discussed a potential time frame for when a Bitcoin ETF is likely to be approved by. According to Finance Magnates:
“2020 is my prediction. A physical Bitcoin ETF, meaning, Bitcoin itself would be held in custody, then this is likely to have more traction with the SEC.”
2020 is a very long time to wait, right? Perhaps, but many do believe that the markets need to become less susceptible to reactions surrounding Bitcoin ETF’s before the markets are actually able to handle any decisions made by the SEC. Overall volatility needs to be reduced too, this is something that according to Ivanovs, could be helped by a large amount of institutional investment in Bitcoin:
“Volume from institutional investors would facilitate a significant regulated market that would reduce the scale of price manipulation thereby easing the SEC’s concerns. An ETF would also open up the market to more retail investors.”
See more for yourself, here. In essence It’s impossible to predict when a Bitcoin ETF might be approved. Though hopefully, September will see at least some progression in this area. We hope that all nine see some sort of recognition but in reality this is unlikely. Hopefully though, through the SEC’s decision making, the markets will build a resilience to SEC based decision making that will mean in the future, this whole area will have much less of an impact on the markets.  

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BTC/USD Trapped By Moving Averages: Sally Ho's Technical Analysis 29 November 2020 BTC

BTC/USD Trapped By Moving Averages:  Sally Ho's Technical Analysis 29 November 2020 BTC

Bitcoin (BTC/USD) traded sideways early in today’s North American session as the pair appreciated to the 18248.21 area trading as low as the 17535.26 area in the Asian session, with the intraday low representing a test of the 38.2% retracement of the recent depreciating range from 19500 to 16200.  Traders observe that BTC/USD’s upside was capped by the 200-hour simple moving average during the European session, and supported around the 23.6% retracement of the depreciating range from 18980 to 17610.77 early in the North American session.  Also, the 50-bar 4-hourly simple moving average provided technical resistance during the North American session, and the intraday high also represented a test of an upside price objective around the 18256.14 area.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels.  If the pair is able to resume its upward trajectory and establish a new all-time high, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives.  Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area. 

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18204.22 and the 200-bar MA (Hourly) at 18235.20.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

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Logic invests in BTC and seems to have made a hefty profit already

Logic invests in BTC and seems to have made a hefty profit already

Quick take

1 minute read

  • Could he have registered a $2 million profit already?

Sir Robert Bryson Hall II, or as you probably know him - Logic, recently posted a video to his Instagram story saying that he bought $6 million worth of bitcoin last month.

He said YOLO during his video but it seems that his investment could turn out to be an interesting financial move.

If by “last month“, the rapper means the 31st of October or before, Then that means his $6 million investment would have been bought at a price of around $13,800. This equates to just over 430 bitcoins and if that is correct, he would register a profit of around $2 million going off today’s prices.

This comes after the Game of Thrones actress Maisie Williams questioned her followers on Twitter earlier this month asking whether she should go “long on bitcoin“. Of course, she followed up with another tweet later in the day saying that she had sunk some of her money into the asset.

For Logic, he has more than likely registered a high profit from his investment back in October, if that is indeed when he actually made the move to trade in the asset.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Selling your car for bitcoin: Jason Williams of Morgan Creek digital pawns off his old Chevrolet for the leading coin

Selling your car for bitcoin: Jason Williams of Morgan Creek digital pawns off his old Chevrolet for the leading coin

Quick take

1 minute read

  • How far would you go to obtain bitcoin?
  • Jason Williams of MCD cells his Chevrolet to invest in bitcoin.

Momentum for bitcoin and the overall crypto space is definitely on the rise this month. Following the United States presidential election, much more retail and institutional investors have been drawn to the industry.

This is evident from the co-founder of Morgan Creek digital, and Jason Williams he has recently sold his car to invest in the leading coin.

Posting to Twitter earlier this month, Williams said that he sold his 2007 Chevrolet Suburban for 0.4 bitcoins. At the time of writing, this is about $7300.

Bitcoin has been on the rise massively throughout November and it only seems that it is going to keep ongoing. That being said, it is always worth doing your own research into cryptocurrency as we are not financial advisors and this is not financial advice.

Many are predicting that bitcoin is well on the way for a massive breakout and if this comes to fruition, Williams could be seeing massive profits from selling his old Chevrolet.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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BTC/USD Facing Challenge at 17850: Sally Ho's Technical Analysis 28 November 2020 BTC

BTC/USD Facing Challenge at 17850: Sally Ho's Technical Analysis 28 November 2020 BTC

Bitcoin (BTC/USD) glided higher early in today’s North American session as the pair appreciated to the 17444.88 area trading as low as the 16880 area in the European session, with the intraday high representing a test of the 100-bar 4-hourly simple moving average.  Traders are carefully monitoring how BTC/USD will trade around important historical upside price objectives that were absorbed during the pair’s recent climb near its all-time high, including the 17657.16, 17891.76, 18256.14, and 18946.91 areas.  The pair stopped short of testing the 15808.49 area during the recent move lower, representing the 23.6% retracement of the wide appreciating range and absolute 2020 range from 3858 to 19500.  Significant Stops were elected during the decline including below the 18605.14, 18275.16, 18016.74, 17604.12, 17517.42, 17156.69, 17099.13, 16905.00, 16603.10, 16357.50, and 16292.58 levels.  If the pair is able to resume its upward trajectory and establish a new all-time high, traders are carefully monitoring the 20311.36 and 21909.24 areas as upside price objectives.  Similarly, the 20534.46 area is an upside price objective related to buying demand that originated earlier this year around the 6854.67 area. 

Traders will pay close attention to some potential areas of technical support during pullbacks lower and these include the 16092.69 and 15935.90 areas.  Notably, the 15935.90 and 16304.69 areas represent the 76.4% and 78.6% retracements of a historical depreciation from 19891.99 to 3128.89.  Further below current market activity, traders are paying close attention to additional potential areas of technical support during pullbacks and these include the 14273.50, 14259.01, 14101.50, 13989.55, 13892.29, 13705.50, 13663.43, and 13594.42 levels. Chartists are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).

Price activity is nearest the 100-bar MA (4-hourly) at 17450.09 and the 50-bar MA (Hourly) at 17224.83.

Technical Support is expected around 16200/ 15996.17/ 15479.66 with Stops expected below.

Technical Resistance is expected around 19500/ 20311.36/ 21909.24 with Stops expected above.  

On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.

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