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Bitcoin accumulators might be buying dips, while most of the community tries to predict the bottom

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Bitcoin accumulators buy dips worth a total of $140 million, while most of the community tries to predict the bottom
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Bitcoin, the speculative asset that has caught everybody’s attention, dipped (April 19) approximately 85% since its all-time high in December 2017. However, it is turning heads, as Bitcoin worth approximately $140 million was moved to wallets in under a few minutes.

In under 18 hours [at press time], approximately 110,030 BTCs from separate wallet addresses were moved to different wallets which was spotted by a Twitter user, Whale Alert. The total BTC was worth approximately $578 million.

In addition, another Twitter user, @_crypto_maniac_ tweeted:

Moreover, Bitcoin has been showing bullish signals in a higher time frame. A BARR Pattern was being formed and if it completes, it could signify a potential bull run for Bitcoin. In addition, the Bitcoin chart in a 4-hour time frame was forming an ascending triangle pattern, which also indicates a bullish pattern.

Furthermore, the CFTC report which was released recently indicated that the institutional money was long on Bitcoin right when Bitcoin surged on April 02, 2019.

On a weekly timeframe, Bitcoin is very close to forming a “Golden Cross”, which usually indicates the start of a bull run. However, there was a fakeout in July 2014 before it actually occurred in July 2015, which propelled Bitcoin to all-time highs.

Combining these results, Bitcoin definitely seems bullish on the higher time frame, this may be a reason why Bitcoin enthusiasts are accumulating Bitcoin even during the dips.



A Twitter user @cotoole2018 commented:

“No Wonder it Took a Million Minutes for me to Move about 100 Bucks worth of $BTC :P”

Another Twitter user, @_Crypto_Maniac_ commented:

“Well they are moving them into wallets, I would assume that they are getting ready for BTC uptrend but that’s just my thought”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Bitcoin

SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change

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SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
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The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.



This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”





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