Bitcoin Today: SEC answer until 23th
Price
The price continues to fluctuate inside the 6250 – 6600 channel, high selling volume at the end of the day brought BTCUSD to the 6250 level but quickly found a support and all selling volumes were closed near the 6250. Today we see a continuation of the lateral movement which gradually lowering bulls appetite for the current price levels and eventually could push the price lower, at least to 6000 support. Overall, the rule of thumb is simple – the longer we stay lateral – the more probable to go lower looking for buyers. Given that this week the market expects to hear the SEC response to the next ETF request (Thursday, August 23 - ProShares Bitcoin ETF), we will probably see a breakthrough out of this channel soon, the direction will depend from the SEC answer of course. Boundaries for today stays the same as yesterday: 6600 from above and 6250 from below.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
The price continues to fluctuate inside the 6250 – 6600 channel, high selling volume at the end of the day brought BTCUSD to the 6250 level but quickly found a support and all selling volumes were closed near the 6250. Today we see a continuation of the lateral movement which gradually lowering bulls appetite for the current price levels and eventually could push the price lower, at least to 6000 support. Overall, the rule of thumb is simple – the longer we stay lateral – the more probable to go lower looking for buyers. Given that this week the market expects to hear the SEC response to the next ETF request (Thursday, August 23 - ProShares Bitcoin ETF), we will probably see a breakthrough out of this channel soon, the direction will depend from the SEC answer of course. Boundaries for today stays the same as yesterday: 6600 from above and 6250 from below.
Today forecast
Trading in the 6250 – 6600 zone.
Latest news
- Next SEC decision until August 23
Less than a month after delaying a decision date on Cboe's VanEck/SolidX bitcoin ETF, the U.S. Securities, and Exchange Commission (SEC) is poised to approve or disapprove another pair of proposed ETFs.
Officials at the U.S. securities regulator are set to make a decision on the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF by Thursday, August 23. Unlike Cboe's VanEck/SolidX bitcoin ETF request, this rule change proposal – filed by ProShares in conjunction with NYSE Arca – cannot be delayed any further.
The ProShares ETF proposals – initially submitted to the SEC last December – are underpinned by bitcoin futures contracts, rather than any physical holdings of bitcoin itself. In other words, the ETF's value will be determined by the bitcoin futures contracts trading on CME or the Cboe Futures Exchange, according to the original filing.
ProShares originally proposed the futures-based ETFs in September 2017 but noted at the time that the futures market was young and "there can be no assurance that an active trading market for bitcoin futures contracts will develop or be maintained," according to the filing.
To date, the regulator has only denied or delayed bitcoin ETF proposals, with the latest denial coming last month when it rejected a proposal filed by Gemini founders and long-time bitcoin investors Cameron and Tyler Winklevoss.
The Winklevoss proposal had already been rejected in the spring of 2017, but the Bats BZX Exchange, which submitted the proposal, filed an appeal that was later heard by SEC commissioners.
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