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Bitcoin ETF Update Nov 5: Look out for SECs Decision on 9 Bitcoin ETFs

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The Securities and Exchange Commission (SEC) will take a decision on nine bitcoin exchange-traded funds (ETFs) after November 5.

The Securities and Exchange Commission (SEC) will take a decision on nine bitcoin exchange-traded funds (ETFs) after November 5. This came on the heels of a review of nine previously rejected bitcoin ETFs in late August. The regulatory decision is keenly watched since any positive decision could totally change the overall atmosphere of the cryptocurrency market. The previous rejections were due to the delegation of some tasks to the regulator’s staff.

 

Additional Rules

The commission has the power to review ‘delegated’ decisions due to additional rules. Earlier, after the SEC declared that it was reviewing the 9 bitcoin ETFs, a fresh deadline of October 26 was set. Though several people thought that the regulator would decide by that date, it was not the case. The latest supporting documents indicated that the SEC will review five ETF proposals from Direxion, two ETFs each from ProShares and GraniteShares. The regulator is seeking comments from concerned parties before November 5.

The SEC has fixed a common deadline for all the nine ETFs focused on the most valuable digital coin. A statement from the regulator said, “Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or another person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.” This would mean that the regulator could decide only after November 5 after assessing the comments received from different parties.

 

Make a Ruling

The latest development meant that the SEC would give its ruling on the pending digital currency ETFs. Therefore, this will have its likely impact on not only bitcoin price but the entire virtual currency market. For quite some time, there has been silence on the cryptocurrency ETFs front, and the market is eagerly waiting for the outcome. At the same time, there has not been much of enthusiasm among the supporters of bitcoin since the regulator has not given its approval for any ETFs focused on digital coins.

There have been skepticisms among the regulators about the cryptocurrency ETFs since the prices are fluctuating highly. In fact, bitcoin price surged unimaginable level in 2017 from less than $1000 to a whopping close to $20,000 through the price plunged sharply in the currency year. As a result, concerns were raised about the volatility in the most valuable virtual asset price.

 

Institutions

Currently, institutions are shunning the cryptocurrency ETFs mainly due to two reasons. One is the lack of regulations on the emerging asset class and the second is the absence of secured custodial services. In short, there is a lack of infrastructure that is curbing the entry of virtual assets ETFs. Unless this issue is addressed, institutions will continue to remain in the sidelines only.

Investors and traders are keen that institutions enter the sector thus helping the overall market to not only mature but also stabilize the prices of digital coins. At the same time, there is no guarantee that the SEC will take a favorable call after November 5 given the previous experience on the same subject.

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5 Comments

5 Comments

  1. Pingback: Bitcoin ETF Update Nov 5: Look out for SECs Decision on 9 Bitcoin ETFs – The Coinage Times

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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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#Bitcoin

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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