Bitcoin Today: To be or not to be for ETF, that is the question
Price
Spending most of the day on the 6500 level Bitcoin eventually managed to buy-out all bullish volumes and went downwards, heading to the 6000 support. A pause on the 6250 level confirms the importance of the 6000 – 6600 zone but doesn't break downward tendency yet. The market has already shown its reaction on the latest SEC statement (to extend the decision period on VanEck until September 30), which once more confirms that now Bitcoin is highly driven by the ETF question. So, for now, we expect to see a lateral movement in the 6000 – 6600 zone until the next SEC statement which probably will be released till August 23 as it is the deadline for ProShares application answer. To consider any bullish developments we will need to see the price going above the 6600 level until then outlook stays strictly bearish.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
Spending most of the day on the 6500 level Bitcoin eventually managed to buy-out all bullish volumes and went downwards, heading to the 6000 support. A pause on the 6250 level confirms the importance of the 6000 – 6600 zone but doesn't break downward tendency yet. The market has already shown its reaction on the latest SEC statement (to extend the decision period on VanEck until September 30), which once more confirms that now Bitcoin is highly driven by the ETF question. So, for now, we expect to see a lateral movement in the 6000 – 6600 zone until the next SEC statement which probably will be released till August 23 as it is the deadline for ProShares application answer. To consider any bullish developments we will need to see the price going above the 6600 level until then outlook stays strictly bearish.
Today forecast
Trading in the 6000 – 6800 zone.
Latest news
- SEC deadlines for the next two months
The U.S. Securities and Exchange Commission (SEC) is set to make final decisions on nine proposed bitcoin exchange-traded fund (ETF) in the next two months.
ON Tuesday SEC stated about delaying a decision on a proposed rule change from the Cboe BZX Exchange that, if approved, would allow for the listing of an ETF backed by blockchain startup SolidX and investment firm VanEck.
Yet the SolidX-VanEck proposal – first put forward in June – is just one of four filings in waiting.
Combined with past submissions from firms ProShares, Direxion and GraniteShares, a total of 10 bitcoin-related funds are being weighed by SEC officials, according to public records, although the VanEck/SolidX bitcoin ETF is the only "physical" ETF among all the proposals.
Those deadlines are set by the time at which the proposals are published in the U.S. Federal Register, with an initial decision due 45 days after that time. Still, the agency can postpone this timelines to as many as 240 days following publication in the Register.
The deadline for a decision on two funds from ProShares is August 23, is just over two weeks away. The rule change paving the way for those products was submitted by NYSE Arca on December 4, 2017.
September will see a series of deadlines for bitcoin ETFs, starting on September 15, the date by which two funds by GraniteShares will receive a thumbs-up or thumbs-down. The funds were initially proposed on January 5.
The deadline for Direxion's four funds is September 21, as indicated by public records, after being first submitted on January 4.
SEC punted its decision on the SolidX-VanEck proposal to September 30. However, given the way in which the agency considers such proposals, additional time may be carved out, pushing a final decision deadline to as far as late February of next year.
To be sure, the agency could release its decisions ahead of its prescribed deadline (as the SEC did this week).
