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Bitcoin Today: latest on SEC vs ETFs

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Price
Morning sell-off brought BTCUSD price back to the Bullish Trend Line . The last couple weeks movement, with its narrowing peaks, assembles in the wedge formation, which speaks of decreasing volatility and uncertainty. For now, due to the lack of fundamental support, the main focus stays on holding of the current levels. 6550 and Bullish Trend Line should stay strong to remain the lateral movement scenario, lowering below 6450 will increase the likelihood of the sell-off to 6000.

Today forecast
Today most probable trading diapason: 6450 - 6700.

Latest news
  • Latest news on SEC and ETFs
    The US Securities and Exchange Commission (SEC) is seemingly preparing to reconsider its decisions on Bitcoin ETFs. The Commission continues to offer to public and interested parties to publish comments on the pros and cons of ETFs, which may ultimately affect the final verdict.
    SEC has called October 26, 2018, as the deadline for receiving comments from the public on regulatory rules that may be changed at the request of several companies.
    Earlier SEC rejected nine applications for Bitcoin-ETF from three investment companies: GraniteShares, ProShare, and Direxion. Now the agency is ready to review them again and is waiting for "statements in support of or against the actions of the unit in accordance with the delegated authority."
    There are experts, who are optimistic about the reasons for which the SEC could now endorse Bitcoin-ETF. For example, representatives from Trefis, the development team at the Massachusetts Institute of Technology (MIT), and Wall Street analysts, expresses an opinion that "despite the fact that at the beginning of this year, SEC rejected several offers on Bitcoin-ETF, it somewhat softened its position towards the industry, and also invited investors to discuss the pros and cons of these tools”.
    There are other factors that encourage SEC to approve the applications, for example, the increasing demand for this financial instrument, as well as the decrease in bitcoin volatility . Currently, the volatility index of the main cryptocurrency for the last 30 days was 1.71%, and for 60 days - 2.43%.
    It should be noted that one of the main reasons for which the agency had previously rejected applications were high volatility and the likelihood of market price manipulation. As a financial expert at FXEmpire, Bob Mason, noted, "low volatility indicates that price manipulation may have decreased."
    The joint application of SolidX and VanEck, for which the commission has already received more than 1,400 comments, is also considered to have high chances of acceptance.

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