Bitcoin Today: Buterin thinks there's too much emphasis on ETFs
Price
On Friday the price had almost restored its positions after the Thursday dive and spend the weekends in the narrow corridor trading around 8200 level. The Friday movement confirmed a stiffness of the 8000 support, also the fact that the price stays close to the upper resistance at 8500 makes more probable an upward rally if the market is triggered by the right news. For example, positive developments or comments regarding the SEC position on ETF’s. Essential boundaries for today: 8000 from below and 8500 from above. In case of upward impulse and breakthrough above 8500, we will await the next stop in the 9000 – 10000 zone.
Today forecast
Trading in the 8000 – 8500 zone. Possible upside impulse to the 9000 – 10000 zone.
Latest news
On Friday the price had almost restored its positions after the Thursday dive and spend the weekends in the narrow corridor trading around 8200 level. The Friday movement confirmed a stiffness of the 8000 support, also the fact that the price stays close to the upper resistance at 8500 makes more probable an upward rally if the market is triggered by the right news. For example, positive developments or comments regarding the SEC position on ETF’s. Essential boundaries for today: 8000 from below and 8500 from above. In case of upward impulse and breakthrough above 8500, we will await the next stop in the 9000 – 10000 zone.
Today forecast
Trading in the 8000 – 8500 zone. Possible upside impulse to the 9000 – 10000 zone.
Latest news
- Google bans crypto-mining apps from Play Store
An update to the company's developer policy reads: "We don't allow apps that mine crypto-currency on devices."
The company had previously banned crypto-currency mining extensions on its Chrome browser.
The move marks another step by banks and tech companies get to grips with the practicalities of crypto-currencies.
The ban does not extend to all software involved with mining virtual cash. Google, like Apple, said it would allow people to make apps that let them manage mining being done elsewhere - such as on cloud computer platforms.
- Deference between ETF enquiries
According to Coindesk, the bitcoin ETF proposed by the Winklevoss brothers is not the same with the bitcoin ETF by investment firm VanEck and financial service company SolidX, which many people are discussing in the cryptocurrency space.
VanEck and SolidX made known that they applied to the SEC to get approval to kickstart what could be seen as the first bitcoin-based ETF. Responding to this application, SEC demanded comments on the request, interestingly, over 100 comments have been received, and SEC may respond to it any moment.
The Winklevoss bitcoin ETF was according to SEC rejected because the application is not “consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.”
- Vitalik Buterin comments on hype over ETF “I think there's too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.” - @VitalikButerin
