Říj 02

Fundstrat Says ‘Bullish Trend’ to Develop in Coming Months

The bullish trend isn’t going to be for at least a few more months, according to a technical expert from Fundstrat Global Advisors. He holds that time is needed for the market to recover the technical damage developed through the year.


Bulls Will Have to Wait

At the time of writing this, Bitcoin (BTC) 00 marks a slight decrease of less than one percent for the last 24 hours. The market’s leader also managed to stand its ground for the last week as.

However, having peaked at around $7,400 earlier in September, the cryptocurrency trades about 13 percent below its monthly high.

According to Rob Sluymer, though, an analyst at Fundstrat Global Advisors, bulls will have to wait for a while. In a recent note to clients, the technical expert outlined:

Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop. […] This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.

bull

A Bit More Positive

Earlier this month, the Head Analyst and Managing Partner at Fundstrat Global Advisors, Tom Lee, expressed his positive sentiment on the price of Bitcoin, based on CBOE Global Markets’ intention to launch Ethereum future contracts. Lee said:

Since December of this year, if one was bearish on any aspect of crypto but did not want to own the underlying, they could short BTC. They can now short ETH, means the net short on BTC in futures would fall.

Ethereum (ETH) 00 marks a slight weekly decrease of about 3 percent. In the last 30 days, however, the world’s second largest cryptocurrency is down with around 23 percent.

What do you think of Rob Sluymer’s position on the current state of the cryptocurrency market? Don’t hesitate to let us know in the comments below!


Images courtesy of Shutterstock.

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Zář 30

Bacteria Bio May Help Account for Bitcoin Movements

Some traders are afraid of Bitcoin price predictions and technical analyses — and for a good reason. Over time, Bitcoin has proven to be volatile if given the right conditions. One man claims he can predict this coin’s flux, and uses bacteria to illustrate the process.


Bitcoin Predictions, In General

While you can’t really think this in terms of black or white, it seems obvious that only a certain category of crypto enthusiasts venture to accurately forecast the price of Bitcoin (BTC) 00 and other cryptocurrencies. Besides, there’s no “better” or “worse” way of doing it: experience and vast market knowledge are valuable, as are cold stats. What matters more is the person who does it and the logic underpinning their decision.

Despite all that hassle, not everyone relies on predictions anyway — in fact, predictions often bring the author criticism. That’s why talking numbers is a safer bet: no one can blame it on the numbers. Yet, here’s an original one: a social scientist describing Bitcoin’s price as a logarithmic parable based on patterns seen in bio-science.

goorha

Bitcoin’s Price Based on a Biological Pattern

After all, it’s not impossible. Traders are biological beings, too. Their decisions and the thinking process behind them are a biochemical reaction in the brain. Could maths just explain everything, in the end? Well, they say it’s the key — and it could be here as well.

As reported by Money Morning, Prateek Goorha’s formula to predict Bitcoin’s price is not that far-fetched. His inspiration, however, is quite unconventional. Goorha thinks that the Bitcoin chart resembles the reproductive pattern observed in bacteria: Lag — log — station — death.

The first phase sees the bacteria adapt to the conditions of a given environment. The second is characterized by exponential growth: the bacteria divides and clones itself until it reaches a boundary where the environment can’t sustain any more individuals. Following this stage, the already existing bacteria feed on the existing resources until depletion.

Of course, when there’s nothing left to feed on the bacteria dies — but Goorha didn’t mention this phase, presumably finding it irrelevant to cryptocurrency. The same cycle is repeated by most living organisms and some scientists even predict that human lives propagate following the same pattern.

What Does This Have To Do With Bitcoin’s Price?

Well, scientists like maths, and so do traders. They should do, at least. They translated the pattern above into a mathematical formula. Goorha suggests that the price of Bitcoin followed exactly the same pattern as bacteria multiplication so far and is sure that its value will continue doing so in the future.

According to Goorha’s prediction, Bitcoin will see $20,000 again without a doubt. In fact, he predicts that a long-awaited bull-run is just around the corner. The highs of this new rush will reach as far as $50,000, and future races could bring Bitcoin as high as $250,000. Distinct from typical technical analyses, Goorha used a different set of parameters. If you look on the left side of his chart, you’ll see what he meant by “exponential” growth.

To what extent do you think this parable can account for the price movements of Bitcoin? Let us know in a comment below!


Image courtesy of Money Morning, Shutterstock, Twitter/@goorha.

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Zář 28

Bitcoin Price Analysis: Is Bitcoin Bottoming out?

Following a steady day of price action around $6,500, Bitcoin price exploded to $6,750.  With such a fast move to the upside, we take a look at what’s happening price action going into the weekend. 


1-hour Chart 

After last week’s volatile move to the upside from $6,100, Bitcoin 00 made a higher low at $6,330 early in the week and the Bulls had been attacking $6500 ever since.  The Bears eventually gave up yesterday and a fast move to around $6,800 followed after pressure could be seen in the price action.

After a blisteringly fast move to resistance at $6,800, coupled with emerging bearish divergence [where price makes higher highs yet key indicators made lower highs], Bitcoin needed to take pit stop at current prices before advancing further.  Bulls will be looking to defend $6,600 over the weekend and keep momentum as we move towards the weekly and monthly candle closes.

Daily Chart

As the Bulls look to break $6,800 and keep their heads above critical support at $6,000, the bigger question remains as to whether there are signs that the bottom is in in this bear market.

Price action continues its long consolidation in the large quasi-falling wedge.  The bulls not only need to maintain the lows found last week at $6,100 but must find higher highs above $7,500, which would represent the first higher high in price action on a meaningful timeframe since December 2017

With price volatility reaching lows for the year, The CMF and RSI are showing positive momentum and the Mac-D remaining bullish, there are signs that we may be coming to the end of this consolidation in Q4 of 2018.

Is Bitcoin Bottoming Out?

On Wednesday, well-respected trader Peter Brandt tweeted that he had identified evidence of a rare pattern in price action known as a Compound Fulcrum which can best be described as an H&S top pattern that serves as a bottom.

A break above $7,500 would confirm this technical pattern and would provide confluence with the other indicators suggesting that Bitcoin is close to bottoming out.

What Happens Next?

Failure to break above $6,800 and attack $7,500 will mean that the bears are very much still in control in this bear market. Despite the positive underlying signs, many commentators remain bearish and see present price action as being another dead cat bounce before a large move to the downside.

With Q4 being traditionally an explosive quarter or Bitcoin 00 and with price action implying selling pressure is running out of steam, it seems that 2018 will not be an exception to the rule and is shaping up to be a volatile few months.

 [Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by  BITFINEX. The charts for analysis are provided by TradingView.]

Whether it will be a bullish or bearish Q4 end of 2018? Share your predictions below?


Images courtesy of Shutterstock, Tradingview.com, Twitter

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Zář 16

Bitcoin Price Analysis: Are Oversold Bounces Leading the Market Higher?

Bitcoin is making a slow and steady recovery toward $7,000. Has bearish market sentiment alleviated? Or, are the current gains simply the result of a market-wide oversold bounce?


On Thursday, BTC broke through the $6,450 resistance and proceeded to reach a weekly high just shy of $6,600. This was prior to a  brief pullback to $6,400. The weekly chart shows Bitcoin (BTC) 00 about to set a higher low. After last week’s break from this pattern, a few more weeks of higher lows will be required to determine if a trend change is in order.

4-Hour Chart

Since pulling back from the weekly high ($6,597), BTC has been continuously rejected near the 200-MA ($6,612). Up til this morning, a pattern of lower highs continued as the RSI and Stoch began to descend from overbought territory.

Since pulling back from the weekly high ($6,597), BTC has been continuously rejected near the 200-MA ($6,612). Up until this morning, a pattern of lower highs continued as the RSI and Stoch began to descend from overbought territory.

These frequent rejections at $6,530 are a result of a lack of bull volume on each attempt and if BTC were to fall below $6,414 (20-MA) and $6,358 (50-MA and most recent low) then a revisit to $6,270 could occur.

BTC needs to overcome yesterday’s high and proceed to take out the 200-MA, which is also aligned with the 38.2% Fib retracement level at $6,623.

A more convincing move would be for BTC to gain to the midway point ($6,780) of last week’s drop from $7,400 as this would place BTC above the 100-MA and the 38.2% Fib retracement level.

Daily Chart

BTC did manage to close above the 10-day MA and while the overhead moving averages are still angled downward they have begun to flatten.

BTC did manage to close above the 10-day MA and while the overhead moving averages are still angled downward they have begun to flatten. The RSI is climbing mid-channel through a neutral zone and the Stoch is lifting from near oversold territory.

Yesterday’s doji candle shows a degree of indecision. Fortunately BTC went on to post a higher low not shown on chart.

1-Hour Chart

The 1-hour chart shows BTC repeatedly pulling back from $6,570 and $6,550 and each pullback has dropped BTC price from the upper arm to the mid-channel.

The 1-hour chart shows BTC repeatedly pulling back from $6,570 and $6,550. Each pullback has dropped BTC price from the upper arm to the mid-channel. Then similarly below the 10-MA of the Bollinger band (set at 10, 1, 9).

The 20 and 50-MA should serve as short-term supports. However, the move into the lower BB arm and the sharply dropping Stoch and RSI mean BTC could pullback slightly as it continues to consolidate throughout the day.

Projections

BTC is well situated for short-term gains but remains biased toward bears given the lack of follow-through from bulls after frequent rejections and positioning of the moving averages on the daily and 4-hour chart.

BTC 00 needs to overcome the 200-MA ($6,612) and there is resistance at $6,710 where the 100-MA is situated.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com

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Zář 12

Bitcoin Price Analysis: How Long Will $6000 Support Hold?

Bears remain fully in control of Bitcoin price, yet somehow, the $6,000 support is holding…for now.


Bitcoin Price: 4-Hour Chart

After posting a daily high at $6,460, bitcoin price fell below the wedge formation and constant rejections at the 20-MA have kept BTC 00 in the pattern of lower lows.

Eventually, a bear flag formed and BTC continues to lose the hourly uptrend after every bull break so traders should either hold their powder or place tight stops in order to avoid being trapped by fake outs.

The drop below the ascending trendline was the $6,117 support but the overall scenario remains overwhelmingly bearish.

Granted the bears do have the ball and the 4-hour chart shows higher lows being set throughout the day and a bullish divergence on the RSI does inspire a smattering of hope. However, earlier today the 50-MA dropped below the 200-MA and all of the other short-term moving averages are crossed below the long-term MAs and BTC trades close to 2018 lows.

BTC needs to move above the daily high at $6,460 (slightly above the 23.6% Fib retracement) and the 200-MA at $6,573 which is an area that will likely provide stiff resistance.

While more downside is likely, BTC does have support at $6,180, $6,122, $6,000 and $5,900.

BTC appears to be consolidating into a tighter range but still struggles to move above the 20-MA. The bullish divergence in the RSI throws mixed signals as the Bollinger bands constrict, but low buy volume and the consistent failure by BTC to move above the daily high (red line) suggest a move to the downside.

Of course, we would love to see otherwise but the recent bearish cross of the 50-MA below the 200-MA make the possibility of such an outcome less likely.

Daily Chart

Looking Ahead

BTC 00 appears to be on a path to $6,000 unless the technical setup changes or a bullish media story can shift sentiment. One can only hope that a move below $6,000 will lure buyers and produce a nice bounce or better yet, a trend reversal but at this point, this is nothing more than wishful thinking.

A bullish divergence can be seen in the 4-hour RSI but all other indicators are bearish so try and curb your enthusiasm.

BTC needs to move above the daily high at $6,460 (slightly above the 23.6% Fib retracement) and the 200-MA at $6,573 in order to garner buyers’ interest.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com

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Zář 07

Bitcoin Price Analysis: Picking Up the Pieces

Let’s be honest, unless you’re short, yesterday was catastrophic. Bitcoin was just shy of breaking $7,500 and taking the rally up another leg then unexpectedly plunged 13% and now we’re below $7k, again…


Bitcoin Price Market Overview

Prior to the dump, Bitcoin price BTC/USD 00 was experiencing continued rejections as it approached $7,400 but who would have known the pullback would be this severe?

Ideally, after a 27%+ run, consistent rejections signal that bulls are running out of steam and a pullback to say $7,300 – $7,100 would be sensible as lower highs and rejections function as a profit taking signal for some.

On deeper reflection, there were some external signals that something was amuck. A wallet address rumored to be connected to the Silk Road mysteriously awoke after a nearly 4-and-a-half year long nap to quietly distribute 11,114 BTC to Bitfinex, 4,421 BTC to Binance and 210 BTC to BitMEX.

Reddit user Sick_Silk believes that this Silk Road connected wallet contains roughly $1 billion worth of Bitcoin, Bitcoin Cash and funds from a number of Bitcoin forks.

Add to this the occurrence of a $70 million short position being initiated last week and Tether’s recent repeat of a $100 million dollar USDT infusion to Bitfinex, and things certainly begin to look a bit funky.

So as Q-Tip would say, “What’s the scenario?”

Daily Chart

BTC was on the verge of escaping the long-term descending triangle at $7,500 and now trades below the 100-MA and 55-EMA. Fortunately, $6,300 – $6,200 have held and a dip below $6,000 seems less likely as the Stoch is already deeply oversold and a corrective rally to $6,650 could occur. Had BTC managed to climb above the descending trendline, a rally toward $8,300 might have occurred.

4-Hour Chart

BTC formed a double bottom at $6,308 and a previous support at $6,537 now serves as resistance. At the moment it appears that $6,500 is standing as a psychological resistance. We can expect resistance at the 20-MA and the 200-MA which nearly aligns with the 38.2% Fib retracement level. Furthermore, the 20-MA is en route to crossing below the 100-MA at the 50% Fib retracement level ($6,857).

Basically, barring some fantastic news like Coinbase purportedly working with BlackRock to develop a Bitcoin ETF or an unexpected spike in bull volume that triggers a $1,000 short-squeeze, we can expect BTC to encounter resistance at the overhead moving averages and previous supports (dotted lines) will likely function as resistance.

It is also likely that BTC shorts have added to their positions as BTC rejects at $6,500. In other words, the road to recovery could be rather challenging for BTC.

BTC-USD-SHORTS: Daily Chart

Looking Ahead

In the absence of market-moving news, BTC is likely to follow the pre-rally pattern of rejecting at the overhead moving averages on the 4-hour chart. Currently, the Stoch and RSI remain in oversold territory and investors should watch the weekly chart at the last higher low is $7,429.

Bitcoin has now given up 2.5 weeks worth of gains and is unlikely to close above $7,429, which makes the possibility of a bear break more likely than the inverse scenario.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com

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Zář 04

Bitcoin Price Analysis: Bull Breakout or Bearish Reversal?

Bitcoin is working hard to overtake the $7,300 mark. However, the holding aspect that has proven problematic.


Bitcoin Price Market Overview

Bitcoin continues to reject at $7,300 even though it has staged a few inspiring pops above the $7,300 resistance. After a nearly 27% gain over the past two weeks, cooling off and consolidation isare expected. The pattern of higher lows has consistently been re-established after each pullback from $7,300. Add to this the fact that there is a range of other positive signs which show BTC is well situated at the moment.

4-Hour Chart

Add to this the fact that there is a range of other positive signs which show BTC is well situated at the moment.

The weekly MACD (not pictured here) shows a bullish cross appearing on August 26th, while the 20-MA rises above all the longer term moving averages on the 4hr chart. The 100-MA recently crossed above the 200-MA — simply following the movement of the 5 and 10-hour EMA along with the ups and downs of the Stoch and RSI have provided easy trading opportunities for day traders.

Bulls have shown some signs of exhaustion as a closer look at the rejected pops above $7,300 shows that a series of lower highs, as well as the occasional higher volume spike above $7,320, is quickly rejected. This plunges BTC to the support zone around $7,270 to $7,250.

BTC now trades outside of the ascending channel. As shown by #1 and #2 on the 4-hour chart, each rejection at or above $7,300 has seen BTC return to $7,255 and $7,234. These have proven to be fairly reliable supports, but a move below $7,255 places BTC. This lies outside of the ascending channel, and $7,234 below the second ascending trendline.

Looking Ahead

In the event of a pullback, BTC has consistently found support at $7,250 and $7,332. $7,200 – $7,190 follow close by. 

The outlook for BTC remains positive. Still, the cryptocurrency needs to quickly surpass, and maintain control over, the $7,300 resistance. This would place BTC back into the ascending channel.

Trade sensibly!

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com.

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Srp 29

Bitcoin Price Analysis: Is This Yet Another Sucker’s Rally?

Bitcoin price has been on a rather pleasant run as of late and a move above the ascending channel would make this unexpected treat a little bit sweeter as a path towards $7,500 and above could open up.


Bitcoin Price Market Overview

This current rally has everyone feeling all bullish lately and even a small group of select altcoins are feeling the love. Question is, did BTC actually reach a bottom and reverse or is this just another one of those $1,000 green candle teases that eventually leads to a sharp reversal and revisit to prices below $6,000?

Let’s have a quick look at the charts to see where BTC 00 might go.

1-Hour Chart

Bitcoin price is confidently bullish for the short-term, though a move above the ascending trendline grows more urgent in order for BTC to maintain its current pace. BTC has pulled back from its daily high at $7,127 and appears to be consolidating from $7,000 to $7,100 which was to be expected as the RSI and Stoch spent most of the day bouncing around in overbought territory.

The 5-hour exponential moving average (EMA) has crossed below the 10-EMA and a drop below $7,000 would not be surprising as a mild pullback after rapid gains is typical.

In the event of a pullback, BTC is likely to rebound back to today’s range as the cryptocurrency remains in the ascending channel with the longer term moving average below as support. Furthermore, the RSI and Stoch have room to fall and accommodate a pullback to $6,875 before reversing course.

4-Hour Chart

The recent upside move brought BTC 00 above the 200-day MA and the 20-MA is on the verge of crossing above the 200 MA while the 50 and 100-day MA have already crossed. Despite a slight pullback from today’s high ($7,127) BTC continues to consolidate within the ascending channel and while volume has tapered off BTC is well situated.

While the pattern of higher lows has fragmented, it is preserved on the daily chart and will remain so as long as the BTC stays above 6,568.

Looking Ahead

Barring a drop below the ascending trendline at $6,864, BTC could extend to the top of ascending trendline at $7,350 over the short-term.

A sharper pullback to $6,875 would not be surprising and bulls are likely to buy the dip in anticipation of a quick bounce back above $7,000.

BTC will encounter resistance at $7,128, $7,165 and $7,490. In the event of a reversal, BTC will find support at $6,877, $6,711 and $6,566. BTC has spent the day bouncing off softer supports at $7,000, $7,030 and $7,050.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com.

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Srp 19

Bitcoin Price Analysis: Welcome to ‘Bitcoin Purgatory’

Bitcoin seemed on the verge of a breakout above $6,650 but a failed third attempt, followed by a lack of buying interest has given bears an opportunity to snatch back control and it looks like BTC has dropped a shelf for a bit of sideways trading in the $6,200 – $6,400 range.


Bitcoin Price Market Overview

Earlier this week on CNBC Fast Money, host Melissa Lee described the narrow channel between $6k and $7k as ‘Bitcoin Purgatory”. Guest speaker and head of Digital Assets group at Susquehanna International Group, Bart Smith, said “Bitcoin is in show me mode” as the cryptocurrency market currently seems resistant to trend changes driven by good news and positive developments for cryptocurrencies.

Smith believes investors are searching for verifiable proof that the market has turned bullish before setting up positions, hence the sporadic spikes and trend of declining volume for bitcoin.

It seems the entire market is contingent on the SEC’s approval or denial of exchange-traded funds (ETFs) but there are a select few who advise caution against placing all one’s hopes in the approval of such an ETF for a variety of reasons.

Meanwhile, the world, or at least Americans, were introduced to a new Bitcoin Exchange Traded Note (ETN) from Coinshares subsidiary, Tracker One. This provides US investors with a listed (regulated) vehicle to invest in bitcoin via their US brokerages without carrying the burden of needing to secure coins, register on various cryptocurrency exchanges, pay the premium that Greyscale adds or worry about exchange hacks and re-compensation.

4-Hour Chart

BTC 00 completed the inverse head and shoulders formation but a decline in volume followed by a few failed attempts to cross the daily high set at $6,644 lead to BTC eventually collapsing below the bullish trendline and the 55-EMA and 20-day moving average.

At the time of writing, the RSI has worked its way down from bullish territory and BTC appears to have dropped down a leg to last week’s trading range from $6,200 – $6,400.

A pattern of lower lows and lower highs has begun and BTC’s drop below the 55-EMA and 20-MA could resurrect the pattern of rejection at overhead moving averages that has plagued BTC since the drop from $8,500.

A positive note is BTC rides right along the 50-MA and the Stoch has already entered oversold territory, but the RSI continues to slide down below 50 and continued descent could take BTC along with it.

The 55-EMA and 20-MA have been flat since August 16 and the constricting bollinger band indicator could be indicative of further range bound trading even though BTC has dropped back to last weekend’s trading range.

The bollinger band on the 4-hr chart is really starting to tighten up but simply waiting for further constriction may not be sufficient enough proof of an upside move as the Stoch, RSI and bull volume are descending. Currently, BTC trades in the lower band below the 20 simple moving average so traders may be forced to hold tight for an oversold bounce if or when the RSI slips to the twenties.  

A glance at the weekly chart shows BTC 00 in the process of setting a lower low on the daily chart and the RSI is fairly close to dropping below the ascending trendline of this week’s earlier divergence.

Below the 50-MA at $6,313, BTC has soft support at $6,230, $6,137 and $6,000. In the event of a drop below $6,300 to $6,200, BTC has a relatively strong support at $6,100.

Looking Ahead

A drop below the inverse head and shoulders neckline could prove problematic, as would a drop below the $6,300 support but BTC has shown relatively consistent support at $6,300 and $6,100.

Multiple low volume bounces off the $6,350 support point to declining interest from buyers and BTC could drop to $6,200 and below if the RSI continues to descend as bulls weakly defend the $6,300 support.

A move above the inverted head and shoulders neckline ($6,500) followed by a pop above $6,650 (100-MA) would be encouraging.

A move to the key resistance at $6,800 would place BTC above the 38.2% Fib retracement level and back above the descending trend line.

Depending on technical indicators, $6,100 – $6,200 could be an attractive entry point for range traders.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think the price of Bitcoin this weekend? Let us know in the comments below!


Images courtesy of Tradingview.com, Shutterstock

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Čvc 31

Vitalik Buterin: ‘There’s Too Much Emphasis on Bitcoin ETF’

Vitalik Buterin, co-founder of the world’s second largest cryptocurrency by means of market capitalization, Ethereum, noted that the community is placing too much attention towards Bitcoin ETFs. Instead, he reiterated on the importance of creating ways of facilitating smaller, retail investments into the market.


Following the recent Bitcoin ETF saga, the co-founder of Ethereum outlined that the public is placing too much emphasis on cryptocurrency exchange-traded-funds (ETFs), when, instead, the focus should be on making means for smaller investments.

Why Not Both?

Buterin makes the case that Bitcoin ETFs are better for “pumping price,” while offering tools for small-time investments in the cryptocurrency market would streamline quicker actual adoption.

However, it’s also worth noting that by drawing a line of the kind, Buterin is also tapping into the two use cases of the world’s first and foremost cryptocurrency. As some users have pointed out, both BTC and ETH can function as investments and mediums of exchange. As such, a potential ETF would play an important role reinforcing the former, while the means for small-time cryptocurrency purchases would facilitate the latter.

Needless to say, Buterin’s tweet has received a fair amount of attention. The overwhelming majority of people, though, are seemingly sharing the belief that both are equally necessary for the success of the industry, in general.

The Race for Bitcoin ETFs Heats Up

ETFs: a Hot Topic

Bitcoin ETFs have become a widely discussed topic in the past few days. CBOE Global Markets filed an application for a VanEck/SolidX commodity-backed Bitcoin ETF on June 2. As Bitcoinist reported, it has fairly high chances of getting approved. Unfortunately, according to legal expert Jake Chervinsky, the SEC is likely to take its time and come up with a formal decision in early March 2019.

In the meantime, a Winklevoss-proposed rule change was met with swift disapproval from the SEC. The Commission refused to allow the listing of the Winklevoss Bitcoin Trust on the Bats BZX Exchange.

Bitcoin (BTC) 00 has also been quite dynamic. Over the past week, the world’s first and foremost cryptocurrency rallied to a two-month high upwards of $8,300. Following the announcement of the SEC regarding the disapproval of the Winklevoss-backed Bitcoin ETF, the price took a substantial dive, losing over $400 in a matter of minutes. The price has since recovered.

What do you think of Buterin’s opinion on Bitcoin ETFs? Don’t hesitate to let us know in the comments below!


Images courtesy of the Bitcoinist Archives.

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