Hot Topics

Advertisement

Advertisement

Surprise Surprise As SEC Reject ANOTHER Bitcoin ETF

Surprise Surprise As SEC Reject ANOTHER Bitcoin ETF
It’s Thursday, which means another deadline for a Bitcoin ETF application within the SEC has approached. In a shocking turn of events (I’m joking), the SEC has rejected the ETF, putting this one at the end of a long list of failed and lost ETF applications. According to CNBC:
“Similar to its rejection of the Winklevoss ETF, the SEC expressed concern about fraud and manipulation of bitcoin markets. It said that NYSE Arca, which filed the ProShares application, had not met its requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices. Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are markets of significant size.”
As stated, this is a part of a longer series of rejections made by the SEC, simply put, they won’t budge and aren’t happy to approve any cryptocurrency ETFs. The problem seems to be the lack of regulation within the industry and the uncertainty that is caused by volatility. Each time an ETF is disapproved, the SEC seem to reiterate that they aren’t making these decisions because of questions surrounding cryptocurrency, but honestly, we can’t see any other reason why they would be constantly rejecting these ETFs. It has to be down to the fact that the SEC are unsure about cryptocurrencies and nothing more. We have lots more of this to look forward too, with plenty of ETF deadlines due in September, including the deadline for the recent VanEck SolidX Bitcoin ETF that caused a stir at the start of August. According to CNBC:
“While the SEC has yet to approve a cryptocurrency-based ETF, other applications are still in front of the agency, including an ETF that would track a basket of cryptocurrencies that was filed in July by Bitwise, and the VanEck SolidX Bitcoin Trust. The SEC announced it was delaying a decision on approval or disapproval of the VanEck ETF until Sept. 30.”
Is the ETF the be all and end all? No, the markets will continue to exist without a Bitcoin ETF, but Bitcoin ETFs will do great things for institutional investment so it’s a two-sided argument as many will consider that without ETFs in place, the markets won’t be able to continue to progress. Either way, when September comes with so many deadlines in place, hopefully we will see some changes made in this area.

You can share this post!

Advertisement

Advertisement

crdt banner

Sino Global Capital CEO believe there is no need for FUD just yet

Sino Global Capital CEO believe there is no need for FUD just yet

Quick take

1 minute read

  • Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. 
  • There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt.

Over the past few weeks, the leading cryptocurrency and many alternative digital assets have seen fluctuations in the price value. There have been numerous price dips last week and many traders seem to be experiencing a lot of uncertainty and doubt. But the head of research at the blockchain investment company Sino Global Capital, Dermot McGrath, has said that the firm prefers to look long-term.

Last week, the Chinese government had seized $4.2 billion worth of crypto assets as a part of the Plustoken pyramid scheme and the court proceedings relating to it. After news broke on this, rumours were flying around the industry that these tokens were getting ready to be dumped on the open market and as a result, prices crashed further.

On Twitter, the chief executive officer of the blockchain investment company, Matthew Graham said the following on the Ponzi scheme:

Furthermore, McGrath spoke in an interview recently with CT saying that investors should look outside of the immediate headlines going on to note:

“In the crypto and blockchain ecosystems it is important to be able to ‘cut through the noise. We are long term bullish on Bitcoin and we continue to see the industry professionalize and mature as an asset class."

McGrath went on to discuss the topic of Chinese crypto miners saying that many have predicted that these individuals could conduct a 51% attack on the network for bitcoin but rejects this saying:

“Some of the reason that “Chinese miners” have been a “boogeyman” to western traders is simply a lack of understanding. In theory, of course we know that 51% attacks can occur, but the level of centralization/coordination and incentives simply does not exist among the Chinese miner community for top cryptos.”

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.

You can share this post!

Advertisement

crdt banner

Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Bitcoin critic Mark Mobius still bearish on the leading coin, compares bitcoin to a “casino operation”

Quick take

1 minute read

  • There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. 
  • Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin.

There are many critics of the leading cryptocurrency out there. Peter Schiff, a well-known naysayer of the digital asset has been very vocal in the past on his opinion on the King coin. Others include Mark Mobius, a founding partner of Mobius capital partners who has recently said that he is still bearish on bitcoin. Last week, Mark spoke in an interview with FN where he said that bitcoin investment is like investing in a casino operation. He highlighted that the spike in the price for bitcoin is a “casino operation based on all sorts of rumours and speculation.“ 

On top of this, Mark highlighted that there is no trustworthy information and data that can be used to predict the next move for any cryptocurrency, specifically bitcoin. 

“Trying to predict the price of Bitcoin is a loser’s game.” 

Many people are well aware by now that bitcoin and other alternative coins are known for their volatility. Not being able to predict the next move that to bitcoin makes could arguably be part of its charm.

Earlier this year in March, bitcoin took a 50% drop in just one day to then slowly recover quickly over the next few months. It is now with over $18,500. A big impact for the coin was the 2020 United States presidential elections between Joe Biden and Donald Trump. During the hectic week of the elections, as everyone waited for the result, bitcoin was quietly improving its price.

But as many people start to come around to the coin and the advantages that it can bring, Mobius still criticises bitcoin at every turn. In the past, Mark has said that bitcoin is more like a religion than a currency to invest in.

More recently, Mark said that the coin has yet to prove itself as a safe haven as it is backed by nothing more than faith and hope. A gold-backed cryptocurrency could be what the world needs instead, as he went on to argue:

“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing connection, then this could be quite interesting.”

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.

Related TAGS:

You can share this post!

Advertisement

crdt banner

Tyler Winklevoss on BTC: FOMO yet to kick in

Tyler Winklevoss on BTC: FOMO yet to kick in

Quick take

1 minute read

  • One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. 
  • Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry.

One of the brothers of the well-known Winklevoss twins, Tyler Winklevoss has recently said that the spike in bitcoins price that brought it to $18,000 is not yet a FOMO price run. Speaking in a tweet, Tyler said that the spike in the bitcoins price was due to the steady hands in the overall crypto industry. He added that this means many investors are on the sidelines and have yet to get fully involved.

For those that don’t know, FOMO (fear of missing out) is a term used in investments such as cryptocurrency to describe panic buying. When the price of bitcoin starts to rise, many people panic buying due to a fear of missing out.

Specifically, Tyler highlights the stable and steady search term popularity on Google for bitcoin indicating that a spike in Google searches for the leading crypto coin would be a big sign of FOMO kicking in but this has yet to happen.

If you take a look at the Google searches for bitcoin over the past year, it will indicate that the highest it has ever reached was in May this year when the coin hit a $10,000 for the second time in 2020. Since May, there have been numerous prices with fluctuations bringing the price down and up consistently.

Over the course of this year alone, bitcoin has been able to surpass numerous price key resistance levels. Many people believe that the coin is well on its way to $20,000 by the end of the year. Furthermore, institutional investment has been on the rise massively this year with bitcoin being on many corporate balance sheets. This has helped adoption as more people are getting involved with the industry on a daily basis.

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.

You can share this post!

Advertisement

crdt banner

BTC/USD Back Above 19000 with 19500 the Next Hurdle: Sally Ho's Technical Analysis 30 November 2020 BTC

BTC/USD Back Above 19000 with 19500 the Next Hurdle:  Sally Ho's Technical Analysis 30 November 2020 BTC

Bitcoin (BTC/USD) extended recent gains early in today’s North American session as the pair appreciated to the 19350.01 area trading as low as the 18079.46 area in the Asian session, just below the 50-bar 4-hourly simple moving average.  Chartists observe that the 50-hour simple moving average has bullishly crossed above the 100-hour simple moving average, reflecting an appreciating market.  Traders are eager to see if BTC/USD will establish a new all-time high above the 19891.99 area in short order.  Traders are eyeing the 20311.36, 20534.46, and 21909.24 areas as upside price objectives if a new all-time high is established.  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

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 200-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 18194.53 and the 200-bar MA (Hourly) at 18214.01.

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 Bullishly above SlowD while MACD is Bullishly above MACDAverage.

You can share this post!