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SEC Extends Decision Timeline Of Four Bitcoin ETFs By 45 Days

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Bitcoin EFT applications are piling up as the United States Securities and Exchange Commission (SEC) continues weighing its options. Wall street’s most powerful regulator has once again extended the timeline on making decisions as to whether or not it will approve Bitcoin Exchange-Traded Funds (ETF). The commission extended the deadlines on four applications by 45 days.

The first decision on a proposed rule change that would allow the listing and trading of Bitcoin ETF has been put off till November.

New Deadlines Set By SEC

Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF are the four Bitcoin ETFs awaiting the Commission’s decision. The approval was rescheduled to November 21, December 8, December 11, and December 24, respectively.

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“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments,” the SEC stated in an official statement.

On September 8, the SEC released a statement announcing that it was extending its decision to approve VanEck Bitcoin Trust by 60 days to November 14. On April 28, the SEC had said that its ruling on VanEck’s filing would come in June at the earliest. This was just hours before a previous deadline. VanEck’s filing launched the sprint by companies toward filing for bitcoin ETF approvals.

SEC Chairman Gary Gensler has been moving aggressively to impose tougher restrictions on cryptocurrency. In a recent interview with the Washington Post, he compared stablecoins to poker chips. However, he has indicated that he is more open to cryptocurrency ETFs, suggesting those that comply with strict rules for mutual funds could provide investor protection.

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Bitcoin Exchange-Traded Funds In The U.S.

Exchange-traded fund managers have been eager to jump on the cryptocurrencies trading wagon. However, they may be waiting longer than expected after comments from the Securities and Exchange Commission Chairman Gary Gensler damped hopes of quick approval of bitcoin ETFs this year.

Gensler has previously highlighted his concerns about careless oversight, and his stance indicates that the commission wants to impose stricter regulations on cryptocurrencies before approving a list of bitcoin ETF applications. A growing amount of ethereum ETFs have joined the application waitlist, following filings for approval by VanEck and WisdomTree in May. The SEC rejected some earlier bitcoin ETF applications.

In a June 16 release, the regulators said that they would take additional time to seek comments from the public. The SEC specifically asked investors for their opinions on bitcoin ETFs.

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In early September, Fidelity Digital Assets met with the regulators privately to push for the approval of their proposed bitcoin exchange-traded fund. They argued the cryptocurrency market is now big enough to support it. The investment firm’s president, Tom Jessop, and other executives attended a virtual meeting with the regulator on September 8, according to a presentation that lays out the investor demand for the product.

BTCUSD Chart on TradingView.com
BTC trading at $47.9K | Source: BTCUSD on TradingView.com

The securities regulator is currently considering applications from more than 20 companies. It is expected that the introduction of the first Bitcoin EFT by the SEC will raise the asset’s technical indicators with the entry of traditional investors into the market

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Bitcoin

Bitcoin extends correction as Ethereum sees ‘picture perfect’ rejection at all-time highs

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Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.

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BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

ETH all-time high? Blink and you’ll miss it

Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.

Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.

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Trader and analyst Rekt Capital called the event a “picture perfect rejection.”

At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.

ETH

ETH/USD 1-day candle chart (Bitstamp). Source: TradingView

Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July. 

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Bitcoin could see “additional topside euphoria”

Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.

Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April. 

Chart

Bitcoin funding rates chart. Source: Bybt

As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time high in place until this week.

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“This means there is possibly still room for additional topside euphoria but we are at levels that are starting to stretch the market,” crypto trading firm QCP Capital commented in its latest market update.

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Bitcoin Forecast and Analysis BTC/USD October 22, 2021

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BTC/USD are trading at 64619 and continue to move as part of the correction and the bullish channel. Bitcoin cryptocurrency capitalization at the time of the publication of the forecast is $1,194,342,792,891. Moving averages indicate a short-term bullish trend for Bitcoin. Prices went up from the area between the signal lines up, which indicates pressure from buyers of ”Digital Gold” and a potential continuation of the rise in the value of the asset already from the current levels. As part of the cryptocurrency rate forecast for tomorrow, October 22, 2021, we should expect an attempt to develop a decrease in the value of a digital asset and a test of the support level near the 57505 area. Where again should we expect a rebound and an attempt to raise the Bitcoin rate with a target above the 74055 area.

Bitcoin Forecast and Analysis BTC/USD October 22, 2021

An additional signal in favor of the growth of BTC/USD quotes will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of this option will be a rebound from the lower border of the bullish channel. Cancellation of the growth rate and value of Bitcoin will be a fall in the value of the asset and a breakdown of the area of ​​52205. This will indicate a breakdown of the support area and a continuation of the fall in the Bitcoin rate with a potential target at 42055. Confirmation of the rise in the price of the asset will be a breakdown of the resistance area with the price fixing above the level of 69205.

Bitcoin Forecast and Analysis BTC/USD October 22, 2021

Bitcoin Forecast and Analysis BTC/USD October 22, 2021 suggests an attempt to test the support level near the 57505 area. And further, the cryptocurrency will continue to grow with a potential target at 74055. An additional signal in favor of the Bitcoin rate rise will be a test of the support line on the relative strength index (RSI). Cancellation of the cryptocurrency growth option will be a fall and a breakdown of the 52205 area. This will indicate a continued fall with a potential target below the 42055 area.

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Bitcoin Price Flash Crashes for Second Time in a Month in the US

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The price of bitcoin (BTC) on Binance.US, the US-based exchange affiliated with Binance, briefly crashed to as low as USD 8,200 today – a drop of 87% – before recovering again. The crash marks the second time in a month when bitcoin prices in the US have briefly disconnected from the rest of the world. 

Today’s flash crash, which was one of the most significant on a major exchange in bitcoin’s history, all happened within less than 1 minute, the BTC/USD price chart from Binance.US showed. 

Although the flash crash was all over within a minute, the trading volume showed that a significant number of coins did change hands during the crash, indicating that some traders may have been able to fill orders for bitcoin at extremely low prices.

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BTC/USD on Binance.US. Source: TradingView

Flash crashes can happen when large market sell orders are sent to exchanges without sufficient liquidity on its order books, for instance, because a large trader accidentally placed the order as a market order instead of a limit order.

Today’s flash crash on Binance’s US exchange is the second such incident in a month in the US. On September 20, a data feed for crypto prices called Pyth that is used by some of the largest financial institutions on Wall Street showed a 90% crash in the price of bitcoin.

The feed briefly showed bitcoin at a price of USD 5,402. However, a similar price crash was nowhere else to be seen. Two days later, in a report about the incident, Pyth concluded that the abnormally low price was indeed a technical glitch, “caused by the combination of (1) two different Pyth publishers publishing a near-zero price for BTC/USD and (2) the aggregation logic overweighting these publishers’ contributions.”

Discussing today’s incident on Twitter, many traders complained about being forced by US regulations to use exchanges such as Binance.US, which has thin order books and low liquidity compared to the international version of the exchange.

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No statement has yet been made from Binance or Binance US regarding today’s flash crash.

At 16:11 UTC, BTC trades at USD 63,180 and is down by almost 6% in a day, trimming its weekly gains to 10%.

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