What Experts Think about a Possible Bitcoin ETF
Since 2017, SEC has turned down at least three bitcoin ETF applications (including the Winklevoss twins on two occasions) from different groups citing specific reasons for such denials. This has not stopped the surfacing of new applications. Just last month three groups that have been turned down before (CBOE, VanEcK and SolidX) returned with revised applications.
This latest development has reignited the influx of opinions and predictions to how necessary the ETF is to bitcoin and the possible effects of any form of approval of such. While some experts do not see the necessity of an ETF for bitcoin, others believe that is will be a major catalyst for the next big move and possible establishment of the cryptocurrency in the mainstream.
Here are the opinions of a few experts who told CCN how much they believe an ETF will affect the development of bitcoin.
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Market-wide, crypto assets are posting losses on the day, with Bitcoin dipping back below the $8,000 psychological price point for the third time this week.
As we noted clearly in our recent work, the failure for Bitcoin (BTC) to push up to and possibly through its declining 200-day simple moving average – a clear point of resistance looming above its recent bounce – threw some cautionary cold water on the excitement surrounding this move higher.
Now, the big question is about where support levels lie. It is not only important to identify where the opportunities may be but to know where the failures are if indeed they are happening.
Read more at http://globalcoinreport.com/bitcoin-btc-ethereum-eth-price-analysis-the-big-idea/
Having defended the key support of $7,455, the bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal.
As of writing, the cryptocurrency is trading at $7,560 on Bitfinex – down 11 percent from the recent high of $8,507. However, that still marks a gain of more than 30 percent from the June 24 low of $5,755