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Bitcoin ETF: Latest updates and all you need to know

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Bitcoin ETFs are nothing but a type of Exchange Traded Funds which acts as a security for its underlying asset, here Bitcoin. Full analysis on ETFs

Complete insights concerning Bitcoin ETFs.

 

Various cryptocurrency advancements

Advancements in the cryptocurrency domain have alternatively spurred lots of other financial domains as well, due to the precise reason that the market is in its developmental stages. The cryptocurrency world has been continuously expanding since 2009, with thousands of cryptocurrencies and a variety of subdomains. All such activities of advancements directly contribute to the development of cryptocurrencies and help the market in attaining maturity. Security is the utmost priority for the cryptocurrencies, as they are more vulnerable to attacks due to their online nature, and constant improvements to secure the Bitcoin funds in alternate ways have been tried out.

 

Bitcoin ETFs would be a great venture

Bitcoin ETFs is one such initiative that has continuously been the center of discussion for various cryptocurrency blogs and discussion forums. Bitcoin ETFs are nothing but a type of Exchange Traded Funds which acts as a security for its underlying asset, here Bitcoin. An ETF tracks its underlying financial asset and distributes it in the form of shares before various institutions as well as the individual investors, and provide them with the choice of trading them. According to experts, the inception of Bitcoin ETFs would result in a higher stability of the crypto market, as it is traditionally traded on the stock exchanges.

 

How did Bitcoin ETFs start, along with dates

The Winklevoss twins had initiated a proposal before the Securities and Exchange Commission to trade Bitcoin ETFs, on the New York Stock Exchange along with Chicago Board Options Exchange. Their proposal was rejected by the Securities And Exchange Commission, as they cited Bitcoin ETFs to be highly regulated in nature.

Their second proposal towards the Bitcoin ETFs with certain modifications also had to deal with rejection on 26th July 2018. The solidX Bitcoin ETF is another Bitcoin ETFs which was proposed, but on August 7th, 2018 the decision regarding this particular Bitcoin ETF was postponed to September 2018. This particular Bitcoin ETF is highly talked about, as it is going to be listed on CBOE which also trades Bitcoin futures.

 

Further updates concerning Bitcoin ETFs

On August 23rd, 2018, it became apparent that the Securities And Exchange Commission was highly reluctant when it came to giving a green signal to the Bitcoin ETFs. According to the most recent update, on September 20th, 2018, the decision regarding the Van Eck SolidX ETF was again postponed by the SEC, due to its relaxing nature towards the Bitcoin ETF. This particular initiative would result in creating high amounts of liquidity within the Bitcoin market, and indirectly would elevate the functionalities of Bitcoin, in general. Many investors who are reluctant due to the unregulated nature of Bitcoin, might consider investing in it, through Bitcoin ETFs.

 

Various advantages and disadvantages of Bitcoin ETFs

One must know that this initiative of ETFs is towards the centralized economy and therefore the cost of security must be borne by someone and this burden would be in the form of related transaction fees. This might turn away many institutional investors from this initiative. The decisions of the Security And Exchange Commission is creating market fluctuations in the Bitcoin prices, as most of them consider Bitcoin ETFs to be, highly futuristic. It is to be known that, even if the Bitcoin ETFs would be permitted, then it would be launched not anywhere before January 2019.

 

Opinions regarding the Bitcoin ETFs through tweets

1. Gabor Gurbacs, director of digital asset strategy at VanEck mentions various pros of Bitcoin ETFs.

 

“What an #ETF brings to #Bitcoin: -Increased liquidity via the AP & ETF ecosystem -Lower counter-party risk -Better valuation and execution practices”

 

 

2. According to a Twitter handle, ‘Bitcoin ETF’, they are trying to find out the efficiencies of incorporating Bitcoin ETFs,

 

“ The Holy Grail for bitcoin bulls is a U.S.bitcoin ETF, which would truly bring the cryptocurrency to the masses #bitcoin #bitcoinfutures #bitcoinetf $btc”

 

3. According to The Element Group,

 

“ The VanEck SolidX #bitcoinETF represents the last credible hope for a near-term approval of a bitcoin ETF because there are currently no other outstanding applications in the pipeline.”

 

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#Bitcoin

Donald Trump policies push Mexico to Bitcoin

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Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse.

Mexico has seen a new all-time high trading volume on localbitcoins. This comes out on the back of the announcement from the Trump Whitehouse that remittance payments of Mexican migrants in the United States of America will potentially be the target of new restrictions essentially ending the possibility of Mexican migrant workers to be able to cheaply send money back home to their families.

 

Mexico adopting Bitcoin:

Mexico has been experiencing a massive increase in the number of transactions on localbitcoins. Mexican migrant workers are believed to be exploited by the remittance companies which are charging around 10% fees. What is essentially being discussed here by the Trump Whitehouse is a new tax on these migrant workers. The number that they are currently floating around is a 3% tax on the remittances going from the USA to Mexico. This may not seem super crazy but considering the $33.4 billion which were sent to Mexico in 2018 alone, that extra 3% could mean $1 billion more per year for the United States government.

 

98% of the transactions that were sent during the last year, were sent via electronic means which means that there is actually a very strong remittance route that is ready for mass disruption going from the United States to Mexico and Bitcoin could be the perfect answer. However, the average size of a remittance payment from the United States to Mexico is $322 last year and the problem is that if the fees rise again exponentially on bitcoin, then bitcoin might not be the ideal cryptocurrency for these kinds of smaller remittance payments. Maybe we are going to see some other cryptocurrency being adopted in that situation. But regardless of which cryptocurrency is used, we can see that there is a clear need for disruption as government policies again seeks to impede or overly exploit the free float of money.

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#Bitcoin

Bitcoin Crashes Downwards: Is BTC Going to Fall Back to $4000?

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Bitcoin fell down to test the $5000 support level. If the current support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels.

Bitcoin fell down to test the $5000 support level which is the most crucial level for BTC currently. The downward correction started after bitcoin tested the $5500 resistance level yesterday at around 18:00 UTC.

 

The resistance around $5500 proved very strong and pushed the price downwards sharply. The sharp declining pattern attracted a lot of sellers which even pushed the price below $5200 support level and BTC tested the $5000 support reaching up to $5018.

BTCUSD Price Chart- Coinbase

BTCUSD Price Chart- Coinbase

Bitcoin is currently trading around $5070 (at the time of publication) showcasing a bearish pattern.

 

Bitcoin Price Drop:

The sudden price drop has led to people speculating that BTC might soon crash back to the $4000 range. Earlier, analysts were also predicting the sudden rise of bitcoin to be a conspiracy. Also, Bloomberg had also called the sudden rise a Blip. If BTC had successfully crossed over the $5500 range, the next major resistance was around $5800, however, BTC fell sharply losing more than $400 in value over the last 24 hours.

 

The bearish move does not clearly indicate a crash towards $4500 and $4000 range, however, if the current major support around $5000 is broken, BTC might really crash to $4500 and $4200 support levels. With the price of bitcoin falling, other major altcoins are also in the red zone today with Ethereum falling more than 8% in the last 24 hours, XRP falling more than 6% and Litecoin falling around 12% in the last 24 hours.

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China to completely ban crypto mining: Bitcoin about to Crash Hard?

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As reported by Bloomberg, China is moving towards putting a complete ban on mining bitcoin and other crypto as it causes serious wasatage of resources.

As reported by Bloomberg, China is moving towards putting a complete ban on mining cryptocurrencies such as bitcoin. In accordance to a document posted by the National Department and Reform Commission of China, the mining of cryptocurrencies should be completely banned as it causes serious wasatage of resources.

 

China is known to be the largest hub of cryptocurrency mining with huge mining rigs been set up in the country. Earlier, China has also banned small investors to invest in security token offerings or STOs and only large investors with more than $1 million funds are allowed to invest in such projects. Now, the country is planning to take strict action against cryptocurrency miners in the country.

 

Cryptocurrency miners were earlier attracted to China due to their cheap electricity rates and subsidies in the country, however, due to the strict actions being taken by the government with the guidelines of the NDRC which has disincentivized cryptocurrency mining, a lot of miners have shut down their operations or moved to other nations.

 

Largest Mining Pools in China:

China has been a hub for some of the largest cryptocurrency mining polls. Even though the mining pools have been shifting to other countries, there has been some effect of the ban on the market for bitcoin and other cryptocurrencies as the mining is a major part of the overall working of cryptocurrencies.

 

How do you think the complete ban on cryptocurrency mining in China will effect the bitcoin price? Tell us in the comments section below.

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