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Bitwise files for new Bitcoin ETF: ‘Optimistic 2019 will be the year’

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Bitwise has filed for a new Bitcoin ETF with the US Securities and Exchange Commission (SEC). The ETF would track the Bitwise Bitcoin Total Return Index.

That index ‘seeks to capture the full value of an investment in Bitcoin, inclusive of meaningful hard forks’. So far, the SEC has not approved any Bitcoin ETF, but Bitwise believes this fund ‘can provide the SEC with the type of information and data the agency has indicated it needs to fully evaluate Bitcoin ETFs.’

This ETF is different from other ETFs because ‘it will rely on regulated third party custodians to hold its physical Bitcoin, and in that the index draws prices from a large number of cryptocurrency exchanges, representing the majority of currently verifiable bitcoin trading.’

Global Head of ETF for Bitwise, John Hyland, is optimistic 2019 will be the year that a Bitcoin ETF launches. “We believe the crypto trading ecosystem has evolved in significant ways in the past year”, Hyland says in a statement. “Having a regulated bank or trust company hold physical assets of a fund has been the standard under U.S. fund regulation for the last 80 years, and we believe that is now possible with Bitcoin.”

Matt Hougan, Global Head of Research, says that ‘the SEC has asked thoughtful and relevant questions about the quality of the crypto trading ecosystem, the reliability of crypto pricing, the strength of the arbitrage function in crypto and the robustness of crypto custody. We have spent the past year researching these questions and look forward to discussing those findings with the SEC staff in connection with the filing and listing application.’

Source. chepicap

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Bitcoin Price Could Crash by 50% in 2019: Veteran Crypto Traders

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Throughout the past week, the bitcoin price has increased from $3,901 to $4,048, by nearly 4 percent against the U.S. dollar.

The relatively strong short-term performance of bitcoin led alternative cryptocurrencies to engage in large upside price movements, allowing the valuation of the crypto market to rise by about $7 billion.

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crypto market cap

The crypto market cap has added around $7 billion in the past week. | Source: CoinMarketCap

However, while traders, technical analysts, and strategists generally remain positive on the mid-term price trend of bitcoin, some traders foresee the dominant cryptocurrency retesting key support levels in the mid-$3,000 region.

WILL BITCOIN DROP BACK TO $3,000 OR WAS IT THE BOTTOM?

Since December 2018, bitcoin tested the $4,200 resistance level twice and cleanly broke out of the $4,000 mark on three occasions.

Following the two attempts to reach $4,200, the bitcoin price pulled back to the $3,700 to $3,900 range, unable to sustain momentum possibly due to a lack of capital inflow and volume in the cryptocurrency exchange market.

As such, some traders believe that if bitcoin is not able to demonstrate a promising rally above the $4,200 to $4,600 range in the near-term, there exists a high probability that the asset drops back to its support levels at $3,500 and above.

Mayne, a recognized cryptocurrency trader, said:

“If the bulls don’t step in soon here I’m gonna have to short $BTC earlier than expected. I don’t suspect the yearly open holds this time either.”

bitcoin price

The bitcoin price could re-test its $4,200 resistance line. | Source: CoinMarketCap

Give the inability of bitcoin to surpass $4,200, one trader boldly predicted that the asset could establish a new 12-month low below the $3,122 mark, possibly at $2,000.

“Selling BTC in the $4,000 region and up if need be. Trade duration: weeks to months. Target: $2.000. Noobs buy at $4,000 so they can panic dump their bags at $3,000. The market is a device for transferring money from the impatient to the patient. Always has been and always will be,” the trader said.

Whether bitcoin moves to the upside or breaks down to the low $3,000 region, traders see a high level of volatility incoming due to the noticeable increase in the volume of the cryptocurrency exchange market.

Depending on the price trend of bitcoin in the upcoming few days, several traders have said that bitcoin could either continue to gradually climb to the $5,000 region or retest recent lows.“Volume MA (on bottom) is at historic bounce levels on the 1W. Volatility incoming. Confident in continuation to the upside, although positioned to be fine in event of price dump. Always prepare for best and worst case. One bear thought I have, is a lack of sell climax thus far,” an analyst known as Crypto Thies wrote.

But, some analysts also foresee bitcoin testing the last phase of the 15-month bear market and found striking similarities between the price trend of bitcoin in 2015 and 2019.

https://twitter.com/crypto_blkbeard/status/1108312963490959361

THE CRYPTOCURRENCY INDUSTRY IS CONTINUING TO EXPAND

Although many traders remain cautiously optimistic in the price trend of major crypto assets including bitcoin, the cryptocurrency industry is demonstrating signs of growth and expansion.

On Wednesday, Binance, the world’s largest cryptocurrency exchange by daily trading volume, enabled users in Australia to purchase bitcoin at more than 1,300 physical storefronts, an initiative that could increase the accessibility of cryptocurrencies to a fast-growing blockchain market.

Source :ccn

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Bexplus Analyst: A Bigger Bullish Run Will Come If Bitcoin Successfully Surpass $4600

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Since April 2018, it’s the first time for Bitcoin price to maintain a fourth consecutive week with a green candle close, reaching highs during the week of $4040 with strong volumes backing and finding support when $3900 was tested. The short-term bullish outlook for BTC has been strengthened. However, according to some analyst predictions, bear-to-bull will not achieve until BTC crosses the $4600 mark and moves towards $6000. If to take a long-term look of the cryptocurrency market, everything may remain bullish. But if you prefer making profits at a faster rate, BTC futures trading with 100x leverage is a better option for you.

Source: BexPlus

What is 100x Leverage Futures Trading?

Futures trading is another popular transaction type in the cryptocurrency market. Different from spot trades, futures trading allows you to buy/up or sell/down, which means you can make a profit on both BTC price rising or falling. In addition, in the spot trade, if you want to buy 1 bitcoin, you have to pay $3990. But in futures trading, you just need to pay 1 bitcoin [$3990] to purchase 100 bitcoin contract with 100x leverage added. To conclude it, 100x leverage futures trading enables you to open 100 bitcoin contracts with only 1 BTC used as margin, betting on price up or down.

Source: BexPlus

Established in Hong Kong 2017, Bexplus is one of the world-leading futures exchange in cryptocurrency area. BTC, ETH and LTC perpetual contracts with 100x leverage are main trading products in Bexplus. Bexplus exchange Android and iOS apps are available in 36 countries with 21 languages supported. Bexplus futures exchange is popular for the following reasons:

  • No spread: 90% of futures exchanges deliberately set the spread, making users more difficult to earn money through trading. If you traded futures contracts before, you will find that you will lose a little money once you opened a position. But in Bexplus, you don’t need to pay any money on opening a contract.
  • Trading Simulator: Bexplus provides 10 BTC for users, especially for beginners to be familiar with BTC futures trading in the trading simulator. You may get to know how to open and close positions, set stop-loss and stop-profit points, etc.
  • 100% Deposit Bonus: To trade in Bexplus, you need to deposit BTC in firstly. Now deposit Bitcoin in your Bexplus, you will get 100% free BTC bonus according to your deposit amount. For example, if you deposit 10 BTC in, you will gain 10 BTC as a free bonus, which will increase your margin rate to avoid positions blowup when huge market fluctuations suddenly happen.

Source: BexPlus

Popular activities to earn BTC are ongoing in Bexplus

  1. Up to 50% Invitation Referral Reward
    Invite friends to register and trade in Bexplus, you can earn 10%-50% of your invitees’ each deposit instantly. It will be counted with BTC and directly credited in your account.
    For more info click here.

    Source: BexPlus

  2. Earn Up to 72% Annualized Interest with Upgraded BTC Wallet
    Balance in the upgraded BTC wallet will be calculated annualized interest which will be up to 72%.
    Easy to get profits without trading!
    For more info click here.

    Source: BexPlus

You can also follow Bexplus here. We also have a presence on Facebook, Twitter, and Telegram

For Business cooperation contact here.

Source. ambcrypto.

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‘Bitcoin Is Not Money’ Because We Cannot Print It – Banks

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“Bitcoin is not money”, the European Central Bank published a statement regarding bitcoin as not being a monetary asset. These words from the bank are immensely harsh for the crypto community. The crypto analyst and investor, Joseph Young suggests that the bank has released the statement as per the crypto assets being unprintable. Though this is an absurd manner to qualify a monetary asset as ‘money’, the bank does praise the technology in the working behind bitcoin. The technology, being the entire crypto protocols, most specifically, decentralization is breakthrough and can make up for some decent projects in the future. He said;

The European Central Bank does not consider Bitcoin as ‘money’ for some specific reason. The reason that they cannot print more of bitcoin on their own is the one, I’m afraid.

Young was very elaborate, chatting with BlockPublisher, over why ECB is hesitant in declaring bitcoin a form of money. On the other hand the ECB suggests that the technology behind the cryptos, more specifically, bitcoin sure is awe-inspiring. The bank, in another statement describes that they bear the privileges to create more money. Young tends to pile up the facts and declare that the bank declared bitcoin, “not money”, owing to the very situation. This can be directly related to the bank suggesting that they cannot make more bitcoins and thus, the standards of being a currency or money do not fit at all.

SEE ALSO: UBS Fined $5.1 Billion for Money Laundering and they Still Blame Bitcoin

The duel between the banking system and the digital assets have always been going strong since day one. This is a direct hint to the later one eventually toppling the previous one. Anthony Pompliano, the founder and partner at Morgan Creek Digital is sure that the day is near when people will see bitcoin entirely incorporated into the system. This will obviously be because of the upper hand that the cryptos have over the fiat system. Pomp suggests that the banking system has turned archaic. The sloppy manual system now needs to be taken over by the more established and 24/7 framework of bitcoin. He said;

he sloppy unsafe infrastructure of the banking system is the primary reason Bitcoin needs to take over.

SEE ALSO: Banks Are The Best Custodians If You Don’t Want Your Money Back

The Security and Exchange Commission (SEC) has never bothered to pay real heed to the cryptos owing to the reality that the crypto market is indeed full of scammers and fraudulent agents. The recent scam of BitConnect is a terrible addition to the crypto history. BitConnect reached a market cap of $3 billion but collapsed due to false claim of their intelligent algorithm. They claimed that their algorithm buys bitcoin when the price is low and sell it for higher price but they were very hesitant to talk about it because there was no such thing. These sort of incidents has always sidelined the cryptos to become a part of the global financial system.

SEE ALSO: SEC Commissioner Thinks Governments Shouldn’t Regulate Crypto

The debate, that the banking system and the crypto industry cannot co-exist has been blowing the roof up recently with frequent verbal assaults from both sides. In reality, the crypto framework can work as an improvement for the current financial system which is the thing, analysts and enforcers from both side should get their heads around. This can be pulled off by the likes of bitcoin ATMs, which have been operating successfully in  many states of US, London and Australia. The crypto mask can provide the additional security protocols while the banking system pros will work as us.

 

source :blockpublisher

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