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Bitcoin [BTC]: SEC Commissioner says that Bitcoin ETFs might eventually be approved

Biraajmaan Tamuly

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Bitcoin [BTC]: SEC Commissioner says that Bitcoin ETFs might eventually be approved
Source: Pixabay

The Bitcoin ecosystem has been continuously meddling around with rumors regarding the approval of Bitcoin ETF for the past year.  With the news which surfaced recently regarding the SEC initiation into research to develop a new tool to monitor risk, now an SEC Commissioner is predicting that a Bitcoin ETF will eventually get the approval.

The news has hit the crypto universe via a long interview discussion between SEC Commissioner Robert J Jackson Jr and Congressional Quarterly (CQ) which was scheduled to be published on February 11, 2019. However, a Twitter account holder named Drew Hinkes got hold of the interview draft, which was shared across the social media network.

Source: Twitter

According to the interview, Robert J Jackson Jr, a lone Democratic Commissioner at the agency, said that several crypto-based ETF applications were up for consideration to get the SEC approval but it was not mentioned in the interview draft which specific application stands the highest chance of getting the particular approval.
He also stated:

“A fund based on bitcoin will eventually pass muster at the Securities and Exchange Commission despite that agency’s actions to deny all previous efforts.”

Today, a handful of other bitcoin ETFs continue to seek SEC approval. Last week, Cboe re-submitted the bitcoin ETF proposal from VanEck and SolidX. That ETF, initially proposed last summer, is seen as the most promising ETF in the industry. The deadline for approval was initially set in February. Due to the government shutdown, however, the ETF was re-submitted, pushing its deadline back until later this year.



Currently, a bunch of other bitcoin ETFs have continued to seek the highly desired approval. VanEck and SolidX combined proposal of the bitcoin ETF was submitted about a week ago through CBOE. The ETF was actually proposed last summer itself and the deadline for approval was set for February of 2019. However, due to the government shutdown, the deadline was pushed back and the ETF was re-submitted to the SEC.

Bitcoin ETFs are not a new form of proposition pushed forward as several ETF denials have occurred due to the SEC’s fears of market manipulation and unreliable price discovery in the industry. However, Bitcoin ETFs have started to fight the SEC’s consensus notion that Bitcoin markets can be manipulated. Jackson said in the interview:

“The BZX exchange argued that bitcoin markets are inherently difficult to manipulate. But the SEC found that the proposal doesn’t establish the kind of surveillance common in stock markets, and the commissioners also were concerned with the lack of liquidity in certain bitcoin markets, their trading volume and the ability to safeguard proprietary information.”





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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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