The news of SEC postponing its decision on Bitcoin ETFs has been a bummer for enthusiasts. Meanwhile, netizens have vivid opinions on crypto ETFs. With the Taproot upgrade arriving in November, and the ETF’s coming in the year-end. October seems to be left out.
However, any news related to massive adoption and acceptance will be fruitful to the space in October. It is worth mentioning that October has begun with a healthy inning. And has raised the market out of extreme fear, on the fear and greed index. The first weekend appears to be pretty bullish but ended with many extracting profits. And hence dragging the BTC price below certain levels.
SEC Postpones the Deadlines for Four Bitcoin ETF’s
The U.S Securities and Exchange Commission has postponed the deadlines for four Bitcoin ETF applications. Over concerns of lack of transparency, manipulation in the market, and liquidity crisis. Consecutively, Gary Gensler has more belief in Bitcoin futures ETF.
The postponement of four Bitcoin ETFs includes Valkyrie, Kryptoin, Wisdom Tree, and Global X. The delay roughly ranges from 45 to 60 days. The new deadline for Valkyrie is on December 8th, Kryptoin is on December 24th, WisdomTree is on December 11th, and for Global X it is on November 21st. These are among many other Bitcoin ETFs awaiting approval.
Meanwhile, Canada is a step ahead, as it has officially given approval to four bitcoin ETFs. Popular analyst mentions the launch of the first multi-crypto ETF in North America. The fund will be holding both Bitcoin and Ethereum.
The first-ever multi-crypto ETF in North America is launching today in Canada.. Ticker is $ETC will hold Bitcoin and Ether (in ETF form I believe) pic.twitter.com/u2Q1lF09QD— Eric Balchunas (@EricBalchunas) September 29, 2021
On the other hand, netizens have an array of opinions on crypto ETFs. While some expect the ETFs to follow after regulations. Some believe this will be a price correction to the pump. Few opine with it being a manipulation. Few with ‘buy the rumour, sell the news’. And others believe buying crypto ETFs to be funding someone else to buy and hold digital coins. While one can directly own and hodl the coin.
Bitcoin Price Is on Its Way to $100k
The popular analyst expects the star coin to hit $100k this Q4. Learning from past traces of the coin. BTC has rallied over 300% during the Q4 of 2013 and 2017. And expectations of BTC following similar traits are high among enthusiasts. Several professionals, who have seen numerous bull runs believe the Q4 to be supreme.
Summing up, the implementation of Bitcoin ETFs and the consequences seem to be dependent on market sentiments. However, we can expect a positive trend if the implementations are in the favor of the market. Moreover, Taproot might uplift the Bitcoin(BTC) prices as well. And the ever-growing adoption will bring impetus to the rally.
Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash
Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021
Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.
What do Binance and Binance.US have in common?
First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.
1. What is exact corp. relationship @binance w/ @BinanceUS
2. Will firm release T&S with all trades/volume/price?
3. Did firm take opposite side of client fills
4. Will firm change low to reflect actual fills
cc: @GaryGensler @CFTC @SECGov @cz_binance @IBKR pic.twitter.com/huqzZbSGIt— Peter Brandt (@PeterLBrandt) October 24, 2021
Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.
Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.
Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.
Most expensive “trading algorithm bug” ever?
Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.
Finally, Mr. Brandt added that he never used Binance for trading.
As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.
A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.
Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett
Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.
The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.
“DOGE looks ready (as long as $BTC cooperates).
Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”
In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.
Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.
“Although the BTC weekly candle might not look great, it still held above $60k.
That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.
Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.
“BTC.D is bouncing from 44.5% support.
While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.
“This isn’t necessarily a bad thing for altcoins.
Will they suffer if BTC.D heats up again?
In the short term and against BTC, yes.
But Bitcoin strength now is massively bullish for alts over the next few months.
Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci
Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying
Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.
He named several billionaires who used to be skeptical on BTC but have been into it since 2020.
Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin
According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.
He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.
Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.
Here’s how much Bitcoin Scaramucci holds
As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.
As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.
He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.