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Bitcoin ETFs On The Way

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CBOE has filed six Bitcoin ETFs with the SEC. The battle for supremacy has just begun.

Financial institutions are now bidding for Bitcoin exchange traded funds (ETFs) with Bitcoin future contracts trading live in the market.

The New York stock exchange recently filed a proposal with SEC for two Bitcoin ETFs – the pro-shares Bitcoin ETF and the pro-shares short Bitcoin ETF. The two funds will be tracking the momentum in Bitcoin future benchmarks as provided by CBOE and CME, being not involved in investing in Bitcoin or holding the cryptocurrency.

After NYSE, it is the Chicago Board Options Exchange (CBOE) who last week, together with the Securities Exchange Commission (SEC), has filed for six different Bitcoin ETFs. Being the first one to launch Bitcoin futures contracts in the market, CBOE is optimistic about the emerging asset class.

Public records show that CBOE has proposed a few amendments to the rules to the SEC to allow the exchange to file for six Bitcoin ETFs. The amendments were submitted to the SEC between December 15 to 19. The list of six ETFs as filed by the CBOE include: Granite Shares Bitcoin ETF, Granite Shares Short Bitcoin ETF, Rex Bitcoin Strategy ETF, Rex Short Term Bitcoin Strategy ETF.

An insider from CBOE was quoted saying that he was upbeat about the success of the new business model and intimated that several partners have shown a keen interest in ETF products. The first trust filing reads that the fund ‘…intends to invest primarily in Bitcoin future contracts. It may also invest in other listed Bitcoin derivatives, OTC Bitcoin derivatives, US Exchange-Listed ETFs and non-US component stocks (collectively Bitcoin instruments)’.

Pushing ETF products to get approval by the SEC is a tall order given that the SEC has been extremely cautious to accept ETF proposals in the past. The pioneers of Bitcoin trading, Winkleross Brothers, Cameron and Tyler, despite making a billion-dollar fortune in Bitcoin trading, have received stiff opposition from SEC. They were the first to submit their bid which demonstrates that the SEC nod is not a walk in the park.

One key reason for rejection in the past is that Bitcoin future contracts were not launched then. With the future contract already live, there is a high possibility that the SEC might review its position on this matter.

CBOE has made its intention to bring Bitcoin into mainstream trading known. Speaking to Bloomberg back at the start of November 2017, CBOE President Chris Concannon, said his firm is quite optimistic about ETFs.

The past week has seen a lot of volatility in the market as Bitcoin prices slipped by more than 44% from an all-time-high of $20,000 to a low of below $12,000. The price of Bitcoin has, however, recovered a bit in the past 24 hours and is currently trading at $14,532.7.

The arrival of ETFs and other Bitcoin related products is expected to bring more legitimacy and reduce the extreme volatility in Bitcoin prices.

We will be updating our subscribers as soon as we know more. For the latest on cryptocurrencies, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of GotCredit via Flickr

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Bitcoin

The Bitcoin Revolution: Everything You Need To Know To Take Profits

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Bitcoin is soaring high in the cryptomarket once again, and experts are expecting a return of the bullish trend of 2017. The current Bitcoin price is $7,615 as of 23 May 6:56 AM UTC. This significant jump comes just six months after the Bitcoin price plummeted to a low of $3150 in December 2018. Since then, Bitcoin has experienced steady growth and gain in the market. However, in the last 30 days, the Bitcoin price peaked to $8,320.82, its highest price ever. This phenomenal jump occurred in a span of only 10 days breaking the Bitcoin record so far of significant gains made in short time frames. This positive growth has led to experts forecasting the Bitcoin price to hit the $20,000 mark by the end of this year.

Since entering the market almost 11 years ago, Bitcoin is still at the top of the global cryptocurrencies list. The current circulating supply of Bitcoin is at unbelievable 17,708,875 BTC. The market trend of the Bitcoin price has remained positive even when the currency did not maintain an uptrend. Cryptocurrency researchers believe that Bitcoin has the potential to grow up to a high of USD 50,000 within the next two years.

How to Profit from Bitcoin…

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Altcoins

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

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The crypto market is going through a period of massive recovery in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction.

At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months.

While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC…

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