collected by :John Locas
It could have eased the process of buying Bitcoin and offer benefits to portfolio managers through its low correlations with traditional assets and open up approvals for other Bitcoin ETF vehicles and for other digital currencies such as Ethereum.
However, as this calms and the fear subsides, the market will likely rally as other hopes step up to the plate, with Bitcoin price continuous growth.
Charles Hayter states in an email that the SEC does not like Bitcoin being unchained from all regulation and the rejection move is, in essence, a form of consumer protection.
The market has since seen some panic in the short term and dislocation amongst various fiat pairs.
He says:“Whether other jurisdictions will allow a Bitcoin ETF remains to be seen – but for the time being all is not well – and it seems as if the other ETFs in the pipeline for the SEC are facing the same stone wall.
Using Google Trends to Detect Bitcoin Price Bubbles
Simply put, Google Trends is a great way to track the growth of active bitcoin users.
In this guest piece, Woo discusses the recent run-up in bitcoin price, and the methods he uses to determine if and when bitcoin is overvalued.
The search ‘BTC USD’ serves as a proxy for the engagement of active bitcoin users as they check the daily price.
When engagement levels run high, bitcoin users are in party mode, checking the price daily of their precious coin.
If engagement levels are too high, that’s when we are in a price bubble, and it’s a good time to sell.
SEC Rejects Winklevoss Bitcoin ETF, Sending Price Tumbling
Becoming the first to offer a bitcoin ETF, which most experts agree is inevitable, would have marked a moment of redemption for the twins.
The rejection of the Winklevoss proposal also does not necessarily end the prospects for a bitcoin ETF.
The agency noted that, to be approved, an exchange offering a bitcoin ETF would need “surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity.
Bogart said even the fact the SEC took nearly four years to investigate bitcoin might seem to somewhat legitimize bitcoin to investors.
Bogart, who used to work at ETF.com said he had never seen an ETF decision be so closely watched.