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Category: Bitcoin

Strike Launches New Feature To Allow Users Convert Salaries To Bitcoin

Payments processor Strike has announced the launch of a new feature that will allow users to convert their paychecks to bitcoin. This feature brings workers one step closer to collecting their paychecks in bitcoin. Instead of the employer paying out wages and salaries in BTC, employees can take the paychecks they receive and convert them to cryptocurrency in one easy step. Receiving Paychecks In Bitcoin Strike is enabling users to convert all or some of their paychecks into BTC. Instead of cashing into fiat and then having to change back to BTC, users can directly convert to BTC using the paycheck that they receive. The feature is known as “Pay Me in Bitcoin” was announced on Thursday and is one of Strike’s efforts to make BTC readily available to its users. Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October Strike is best known for helping El Salvador in their journey to bitcoin adoption, but they are also a bitcoin-focused payments processor that allows users to receive and pay in BTC. And with the new feature, get paid in BTC with no hassles. Strike completely bypasses the need for employers to adopt and start paying their employees in cryptocurrencies. Instead giving employees the power to decide if they would rather convert their paychecks to fiat currency or cryptocurrencies. This also means that employees are not limited by the payments options their employers use. It doesn’t matter the company individuals work for, they can choose to have their paychecks deposited in bitcoin. BTC price trading above $61,300 | Source: BTCUSD on TradingView.com Following The Lead Of Coinbase Strike’s announcement of the “Pay Me in Bitcoin” feature comes only a few weeks after Coinbase launched a similar feature. In the announcement post, Coinbase shared that customers were now able to deposit their paychecks directly to cryptocurrencies to ease their trading activities and just like Strike, streamline the process of users converting their money to cryptocurrencies. The feature has been welcome in the crypto space as investors can now decide to deposit their full paycheck or a portion of it into their cryptocurrency tradings accounts. Customers could also choose to deposit their paychecks directly to U.S. dollars on Coinbase, which they can then use to carry out their trading activities on the platform. Related Reading | Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals Similar to Coinbase, Strike announced that the feature will initially be available to users in the United States. Roll-outs for other countries may be in the works but there has been no confirmation of these. Although users can only convert their paycheck to bitcoin on Strike, Coinbase offers users a wider variety as they can convert their paychecks to the over 100 cryptocurrencies currently listed on the exchange. Featured image from Inc. Magazine, chart from TradingView.com
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SEC Approves Bitcoin ETF, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring Bitcoin to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  Bitcoin ETF Finally Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its Bitcoin Strategy ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible Bitcoin ETF will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the exchange traded fund will track Bitcoin futures, rather than the price of the Bitcoin directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with Bitcoin nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, Bitcoin is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto

Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring the cryptocurrency to Wall Street. Of course, the majority of these efforts (if not all) were futile – caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto’s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.  ProShares’ Bitcoin ETF Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.  BREAKING: U.S. Securities and Exchange Commission (SEC) officially approves #Bitcoin ProShares Futures ETF, which is expected to begin trading next week. pic.twitter.com/FC4mEaJuPO — Mr. Whale (@CryptoWhale) October 15, 2021 Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike. ProShares’ Bitcoin ETF will function similarly to that of Grayscale’s GBTC, where the ETF will track Bitcoin futures, rather than the price of the digital asset directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.  As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares’ ETF has a management fee of 0.95%, which is considerably lower than GBTC’s 2%. This, coupled with GBTC’s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares’ ETF.  Breaking Down Bitcoin’s Price Action The aforementioned news sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, BTC is priced at $61,300 – up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash
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Jack Dorsey: Square Could Build Bitcoin Mining System

CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey announced that the company is currently “considering” the possibility of creating a BTC mining system. Related Reading | Square’s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark’s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners. Now, Square could be based their mining system on “custom silicon and open source for individuals and businesses worldwide”, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model. In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today’s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network. Dorsey made some reflections on the nature of mining and: Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes. In that sense, the CEO of Square believes BTC mining needs to be “more efficient” and to continue to move towards clean energy. Related Reading | Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey As stated in the aforementioned Whitepaper, BTC mining could be used to create and support an alternative energy system. Dorsey believes BTC and its network are a potential source of innovation for the renewable energy dilemma. Square To Work On Bitcoin Mining For The Mainstream Therefore, Square wants to make BTC mining more accessible to everyone in order to resolve the issues around Silicon design and vertical integration in the energy sector. Dorsey said: Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners? The CEO of Square said Jessi Dorogusker will lead a team to research the technical requirements to undertake the project with Afshin Rezayee and Thomas Templeton. Dorogusker said: We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures. At the time of writing, BTC trades at $61,945 with a 7% and 16.1% profit in the daily and weekly charts, respectively.
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Bitcoin “Supertrend” Begins As Buy Signals Stack On All Major Timeframes

Bitcoin price is above $60,000 and bears are in disbelief. But they shouldn’t be, as bulls have long been in control of the trend. It had only been lower timeframes that had flipped bearish, while the most dominant trend had remained up. According to the Supertrend, all of the most important timeframes have since flipped bullish, with buy signals appearing across the board. Here is a closer look at what the tool says, the only remaining timeframe without a buy signal, and more information on what the Supertrend technical indicator does. What The Supertrend Says About The Bitcoin Bull Run When Bitcoin and other cryptocurrencies are trending, they move fast and hard. During uptrends, coins post tens to hundreds of thousand percent rallies. Downtrends then wipe out 99% of that progress. The cycle then repeats and it happens all over again. Trends take place across multiple timeframes. For example, a short-term downtrend on daily timeframes might last weeks, while a monthly downtrend could take years to turn around. The same is true for the opposite direction, which is what bears missed this time around. Related Reading | How 90-Year Old Market Wizardry Predicted The Bitcoin Breakout Bitcoin price flipped bearish on daily and even weekly timeframes, but failed to flip fully bearish on the monthly timeframe. That is at least according to a technical indicator called the Supertrend, which gives fairly straightforward buy and sell signals. On monthly timeframes, Bitcoin never fell bearish, and has recently flipped back bullish on the daily and weekly timeframe. From left to right: Monthly, Weekly, Daily timeframes | Source: BTCUSD on TradingView.com Buy Signals Stack As BTC Approaches Pivotal Point According to eLearnMarkets, the Supertrend is a trend following indicator “similar to moving averages.” It is plotted along with price action, using only a period and a multiplier for its calculation. “When we construct the Supertrend indicator strategy, the default parameters are 10 for Average True Range (ATR) and 3 for its multiplier. The average true range (ATR) plays a key role in ‘Supertrend’ as the indicator uses ATR to compute its value and it signals the degree of price volatility,” the site description reads. Essentially, the tool projects a moving average-like line based on the Average True Range, when which broken, issues a buy or sell signal depending on the direction. The two-week still hasn’t triggered a buy signal | Source: BTCUSD on TradingView.com Buy signals have been issued on daily, weekly and monthly as pictured at the top of the article, but the chart directly above here shows that the two-week timeframe has yet to be penetrated, leaving one more box for BTC to check before new highs are guaranteed. Related Reading | Bitcoin Price Prepares To Blast Off Back Into RSI “Bull Zone” The fact buy signals are only just triggering as Bitcoin is hitting former resistance and what was supposed to be the bull market “top” is probably the best proof yet that what happened in April 2021 was no cycle peak. As for what price that might happen yet, we’ll be watching the Supertrend closely for when the next sell signal triggers. Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
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Bitcoin Breaks $60,000 Ahead Of SEC ETF Approvals

Bitcoin has broken a new five-month high on Friday after breaking above $60,000. The digital asset had begun its ascent weeks prior at the beginning of October, a historically bullish month for cryptocurrencies. This rally has been mostly driven by rumors that the SEC is set to approve the first Bitcoin ETF in the United States. With news like this circulating in the market, traders have ramped up their activities in the market. The rumors have triggered massive buying activities in the market and this has led to the price rally we are currently witnessing in the market. Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders Bitcoin has long been expected to break this price point but has encountered multiple roadblocks that have beaten the price back down. A significant point was the $52K market which the digital asset had broken back at the beginning of September. Expectations were that the asset would ride the wave up to $60K. However, a market crash had dragged the price back down towards the $40K price range. Buy The Rumor, Sell The News? Investors have been buying the rumor leading up to the SEC’s ETF decision. This has contributed greatly to the current rally. Order books are filled to the brim as investors, old and new, put more money into the market. BTC’s recent price gains have however raised questions with regards to the current market dynamics. Some have put forward that the market is responding to people buying the rumor. But that when the news of a bitcoin ETF approval arrives, investors who have been hoarding through the past couple of weeks will dump their bags as they sell the news. Related Reading | Why We Could See The First Approved U.S. Bitcoin ETF In October Concerns have been raised over this and investors are wary of the market dynamics. Nevertheless, others have said that this is only the beginning of the rally. If the market indicators are anything to go by, then the market will likely be riding out this bull to the first quarter of 2022. Bitcoin Price Movements Bitcoin has now touched above $60,000 for the second time on Friday. It had previously hit the price point but dip shortly after to the high $59K. The price had subsequently recovered above $60K, peaking at $60,351, according to TradingView. BTC price breaks above $60K for new five-month high | Source: BTCUSD on TradingView.com BTC is making great strides in recovery and has once again surpassed expectations for it. The market was expected to slide into a prolonged bear market but the asset has shaken off the bears. At this point, bitcoin is less than 10% away from a new all-time high. At the time of writing, BTC is trading a little below $60K at $59,919, with a total market cap of $1.129 trillion. The crypto market cap has not been left out of this recovery as the total market cap now sits at $2.45 trillion. Featured image from Pixabay, chart from TradingView.com
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Bitcoin Returns To $60K, What’s Holding Off From New ATHs?

At the time of writing, Bitcoin has smashed its way through the $60,000 resistance and seems ready to take on new highs. The first cryptocurrency by market cap records a 11.6% and 4.2% profit in the weekly and daily charts, respectively. Pseudonym analyst Pentoshi expects Bitcoin to entered uncharted territory in the near future. As he pointed out, BTC’s price was capable of breaking out of its macro low high by forming a new trend. Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K As seen below, Bitcoin has created an important support at the $50,000 levels with a two potential targets for Q4, 2021. The first located at $70,000 and the second at $85,000. $BTC key noteHas now taken out the MACRO LH from when it topped and started it’s LL + LH. While forming a new trend of HH + HL It’s only a matter of time before ath’s w/ this structure pic.twitter.com/sNK0VI51rH — Pentoshi Won’t Dm You. hates Dm’s. DM’s are scams (@Pentosh1) October 15, 2021 Bitcoin Gets Stronger As The Bulls Take Over Data provided by analyst William Clemente in a report by Blockware Intelligence paints a bullish picture for Bitcoin. Less than 1% of BTC’s supply has been move above current levels. Therefore, the report claims there is “very little resistance or overhead supply to the upside”. The Bitcoin Entity-Adjusted Spent Output Profit Ratio (SPOR), a metric used to measure realized profit and loss for holders, sits well above 1. As seen below, the last time this metric stood above 1 or higher was during April 2021 when Bitcoin was trading in its all-time high of $64,500. There is some significant movement in the derivatives sector with the potential approval of a BTC Exchange Traded Fund (ETF) in the U.S. As reported by NewsBTC, this possibility is one of the reason the market has flipped bullish. Related Reading | Bitcoin Futures ETF Is Coming, No SEC Opposition The report expects that the BTC ETF approval to create new opportunities for institutional investors to enter the crypto market, suggesting fresh capital coming in, to take a “non-directional position in the Bitcoin market”. Thus, institutions will be able to profit from the arbitrage created between the spot and futures market.  In addition, the Futures Annualized Rolling Basis indicates more upside pressure, as the report said: This means less convexity to the downside and shorts are more likely to be squeezed as they no longer have an inadvertent hedge via their collateral. I suspect that this will reverse once breaking all time highs but we’ll keep an eye on it. Bitcoin Whales Drive The Trend On-chain activity has followed the bullish momentum in Bitcoin with an increased in large transactions and trading volume over the past 30-days. A quick look at explorer mempool.space shows a rise in transactions fees over the past 24 hours. Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K However, as the analyst said, whales are dominating the market as suggested by the lack of rise in google searches related to cryptocurrencies and on-chain metrics, the report said: (…) we’ve actually seen the 100-1K cohort offset their selling by over 1,000 BTC in that time period. Overall, conclusion is that large buyers have indeed been active in the market
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Bitcoin Price Knocks On $60,000 Amidst Growing Rumors Of BTC Futures ETF Approval By The US SEC

Bitcoin price makes a comeback above $59,000, closing in on $60,000 now more than ever since the recovery started in July. A BTC Futures ETH is likely to debut in the market following expected approval by the US regulator. Bitcoin continues to excite investors with its gradual but consistent quest for the all-time highs near

The post Bitcoin Price Knocks On $60,000 Amidst Growing Rumors Of BTC Futures ETF Approval By The US SEC appeared first on Coingape.

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Bitcoin Futures ETF Is Coming, No SEC Opposition

All gas, no brakes. That’s the SEC’s sentiment regarding the potential launch of initial Bitcoin futures ETFs that could hit the market as early as next week. After fielding nearly a decade’s worth of crypto ETF applications, it’s without question a landmark moment. Let’s take a look at what we know, what it means, and what could be in store in the days to come. Give ‘Em The Green Light According to an initial report from Bloomberg, Bitcoin ETF applications submitted from ProShares and Invesco Ltd. have no substantial hurdles to overcome with SEC deadlines approaching next week. The applications were submitted based on futures contracts and allow for investor protections under the SEC’s mutual fund rules. Assuming no unexpected delays or obstructions in the eleventh hour of the process, this means that ProShares and Invesco Ltd. Bitcoin ETFs will have the green light to start trading next week. These will be the first crypto ETFs to hit the stock market in history. Bitcoin price action reflected quickly on the news, charging up to nearly $60K at the time of publishing. The SEC has long been a skeptic and cynic of crypto products, leaving issuers jumping through a variety of hoops to try to circumvent the SEC’s heightened scrutiny. Bitcoin showed immediate reaction to the recent reports showing that the SEC has no intent to halt applications of Invesco Ltd. and ProShares Bitcoin Futures ETFs. | Source: BTC-USD on TradingView.com Related Reading | TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K The SEC: Past, Present & Future While it’s very clearly a historical moment on the horizon, we can’t say the writing wasn’t on the wall. In fact, our team at NewsBTC just earlier in the day pointed out a number of different signs that suggested that October would indeed be the month that a Bitcoin ETF would finally come to market. SEC Chair Gary Gensler has been painted as a crypto optimist, albeit a conservative one, since taking the role earlier this year. Last week, Gensler told Congress that the SEC had no intentions of “banning” cryptocurrencies, and the agency has been fielding Bitcoin ETF applications faster than they could be processed in recent months. Furthermore, last month our team provided a deep dive into why the impending ETFs were far from unexpected, as Gensler hinted that futures could be the key to addressing his main concerns, which lied largely with lack of regulation. As our team notes, those futures ETFs require investors to put down cash on margin to trade as a form of collateral. That didn’t come without some skeptics, however, who believed that crypto spot products would be the first to hit the market. Applications for VanEck and Valkyrie Bitcoin Futures ETFs are also outstanding and could be approved as well. Should those be approved, the stock market could be host to four Bitcoin ETFs this month. Related Reading | Why Bitcoin Could Extend Its Market Dominance As It Approaches $60K Featured image from Pexels, Charts from TradingView.com
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TA: Bitcoin Key Indicators Suggest Upside Continuation To $62K

Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone. Bitcoin started a fresh increase and it broke the $58,500 level. The price is now trading above $58,000 and the 100 hourly simple moving average. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue higher towards the $60,000 level in the near term. Bitcoin Price Remains In Uptrend Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase. The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair. The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low. On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low. Source: BTCUSD on TradingView.com A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term. Dips Limited In BTC? If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level. The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 level and the 100 hourly SMA. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level. Major Support Levels – $58,200, followed by $58,000. Major Resistance Levels – $59,650, $60,000 and $62,000.
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Why We Could See The First Approved U.S. Bitcoin ETF In October

Various investment funds have applied for Bitcoin ETFs in the U.S. The number has grown as interest in crypto has been on the rise in recent months. A couple of countries so far have approved some crypto ETFs and investors can trade on these. However, the United States is yet to see the approval of its very first bitcoin ETF. Speculations around the approval of a bitcoin ETF have been on the rise lately. The Securities and Exchange Commission (SEC) was expected to make a ruling on various Bitcoin ETFs that had been filed. But the regulator had moved up the date. In the case of VanEck, moving it by 60 days until the SEC would provide its decision on the Bitcoin ETF. SEC Boss Clarifies Stance On Crypto After SEC Chairman Gary Gensler announced that the regulatory body had no intention of banning bitcoin in the United States, investors began to expect the approval of a bitcoin ETF soon. The reasoning behind this being that the chairman would not go out of his way to provide information like this if there wasn’t good news in the future. Related Reading | Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull Levels, Set Up For New Highs? It is expected that October will see the approval of the first bitcoin ETF in the country, which would enable investors to begin trading on Bitcoin Futures ETFs. Instead of having to trade on Canadian crypto ETFs. In addition to the SEC’s stance on crypto regulation, a Canadian mutual fund with the same language as a bitcoin ETF had been previously approved by the regulation. This was put forward by asset manager James Seyffart, who believes that since the SEC had approved this mutual fund, then it would most likely approve an ETF that consisted of similar wording. Bitcoin ETFs Getting Closer To Approval Eric Balchunas, an ETF analyst for Bloomberg, took to Twitter to point out some events that may signal that the first bitcoin ETF is close to being approved. The analyst pointed out that Valkyrie, a digital asset management firm, had updated their Bitcoin Futures ETF prospectus. NOTABLE: Valkyrie just updated their bitcoin futures ETF prospectus (which typically only happens when ducks in row ready for launch). They added their ticker $BTF, altho no fee still. Can’t say this is done deal type evidence but a good sign IMO. pic.twitter.com/GlQo4C1lBc — Eric Balchunas (@EricBalchunas) October 13, 2021 BTC breaks above $57K again | Source: BTCUSD on TradingView.com Now, updates to ETFs are not a mundane thing. An update to a prospectus is only required when the regulators are close to approving it and the firm needs to make sure that the document contains the correct information. In addition to this update, Valkyrie had also updated added their ticker ($BTF) to the document. Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders Balchunas notes that while this is a good sign, it does not mean that a bitcoin ETF is going to be approved. If anything, it means that the firms who submitted these ETFs are moving in the right direction towards getting approval. However, every launch is usually preceded by an update. “That’s what happens right before a launch, they fill in all the XXs and add ticker,” said the analyst. Featured image from Coingape, chart from TradingView.com
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