Bitcoin ETF: Will August 10th Mark The Revival of High Bitcoin Price?

Bitcoin ETF fate is finally going to be decided on August 10. Currently, SEC is asking for comments on the listing and trading of Bitcoin ETF introduced by VanEck SolidX Bitcoin Trust that will be catering to only accredited investors.

The proposed date by SEC to give its decision is August 10 that by extension will also decide the fate of cryptocurrencies and if trillion dollar funds will finally pour in the crypto market.

A few days back, the US Securities and Exchange Commission (SEC) opened the CBOE ETF filing for public comments which is most likely to be concluded on August 10.

The official website of SEC states, "Comments on Cboe BZX Rulemaking" in regards with the "Notice of Filing of Proposed Rule Change to List and Trade Shares of SolidX Bitcoin Shares Issued by the VanEck SolidX Bitcoin Trust".

This proposal calls for the listing and trading of SolidX bitcoin-based exchange-traded fund (ETF) which states that it will only invest in bitcoin. SolidX and VanEck came together for this in early June. It was not even their first attempt, but the third one to build a bitcoin investment project.

Hyperbitcoinization: $100mil Per Coin by 2030

Daniel Krawisz doesn’t immediately grab first-time observers as a leading cryptocurrency philosopher. Mouse-colored, little Dutch boy hair, which he’ll at times flip in unintended punctuation during talks, and his generally casual demeanor could cause audience members to wonder aloud why a random stranger has taken the dais.

Mr. Krawisz doesn’t ever cite his academic credentials. He is absolutely devoid of appeals to authority, credentialism, and officialdom. He can often be heard challenging listeners to not believe him. Crypto fame of a kind came his way around Spring of 2014. As co-founder of the Satoshi Nakamoto Institute, his articles took on new meaning during bitcoin’s run up and up and up through 2017.

Hyperbitcoinization is his most enduring effort from that time, and he can be credited with the concept and neologism. “Bitcoin-induced currency demonetization, or hyperbitcoinization” is what would occur should “any hapless currency” stand “in bitcoin’s path of total world domination. If this happens, the currency will rapidly lose value as bitcoin supplants it,” he stressed. Years later, the topic has returned in some circles.

The piece is less braggadocio and more nuanced than proponents are prone to mention, but it does speak to a time in bitcoin core (BTC) history when community optimism reigned. The current store of value talk and digital gold hodl maximalism is somewhat revisionist, which more honest BTC enthusiasts concede. The discussion then was mostly about merchant adoption, medium of exchange qualities, and prospects of freeing emerging economies from legacy remittance arrangements. These attributes are no longer highlighted by BTCers.

Recently, Hyperbitcoinization: Winner Takes All (or how Bitcoin gets to $100,000,000) was posted by Coin Monks. Pseudo-anonymous author Obiwankenobit lays out Mr. Krawisz’s case anew. In a longer, mathy, graphic-filled essay, he builds the case for a hyper-hyper-hyperbitcoinization even the most optimistic BTC true believers might have trouble getting behind. Everett Roger, Laszlo Hanyecz, Friedrich Hayek, Austrian economics, S-curves, Andreas Antonopoulos, Daniel Krawisz, Satoshi Nakamoto combine to build the basic argument.

As bitcoin is accepted more around the world (and “acceptance” isn’t well defined), “the cost of rejecting bitcoin will exceed the cost of adopting it. Bitcoin will begin to assume money’s traditional roles and gain institutional and government support. It will become all money and form the backbone of a new global economy,” Obiwankenobit explains, describing the “tipping point.” 

Why You Should NOT Buy Your Favorite Coin Now... Until You Understand These Risks

Yes BTC did come down and we expect a bull run up as per my report.

However, btc lately became incredibly bearish and it's a matter of time when some alts will realize they can't survive at all in those condions and not drop, but go to ZERO!

So, yes, these times might be GOLDEN to buy, if you believe your coin will survive.  Take that into account.

On the good note, where does the money from dipped coins go to?

Bitcoin!

So bitcoin is going to gain more on value when this phase begins.  And when it will begin, I don't know.

So, just take this into account when deciding whether you're aiming for another bullrun or not.  Yes, it probably will happen and you will make good gains, so buying is profitable, but without understanding the risks it is not smart.

This message is to inform you that this time, the risk is bigger than until now when you bought coin low to sell high... now the market has been ass fucked to much that some people (and remember not all professional, educated or experienced investors in this space!)... are losing hope.

And hope there is - a brilliant, shiny, richly profitable.

Bitcoin Price to Bottom at $5,700 in Short-Term Before Recovery: Analyst

Willy Woo, a respected cryptocurrency, and digital asset analyst, recently stated that the bitcoin price might likely fall below the $6,000 mark in the short-term.

Recent Market Struggles

Since mid-May, ever since the bitcoin price failed to test a major support level at $10,000, the cryptocurrency market has been on a continuous decline. The vast majority of tokens and small cryptocurrencies have followed the price trend of bitcoin and Ethereum. On both the upside and downside, the price movement of tokens intensified, recording larger drops than bitcoin during minor corrections.

On May 25, Woo noted that the bitcoin price would likely dip below the $6,000 level and test $5,500 to $5,700 as a long-term support level. In previous reports, CCN noted that the $6,500 mark is an important resistance level which bitcoin has been able to bounce off of since early January.

In the short-term, it is likely that bitcoin falls below $7,000 and test the $6,500 resistance level and the failure to remain above that level will likely send bitcoin to the lower end of $6,000 and potentially to the higher end of $5,000.

Woo named four major reasons to support his call:

High NVT signal
High volatility
Standard NVT overly high
Volume Profile cliff below $6,800

“NVT Signal is still too high. We need more blockchain transactional activity to justify the current price, or the price to drop to reconcile the difference. To drive up transactional activity in a bear slide is very unlikely. Volatility is still too high. I’m looking for a sustained low band of volatility which tends to be a signal for the end of the detox and the next accumulation phase. It’s still got some time to ride down,” said Woo.

NVT Signal is a trading indicator developed by Woo, which is essentially a Standard NVT Ratio–Network Valuation divided by Transaction Value on the blockchain smoothed using moving average–except that instead of applying the moving average to both Network Valuation and Transaction Value, NVT Signal applies moving average to only the Transaction Value, creating a more responsive chart.

While it is unlikely that the bitcoin price drops to the lower end of $5,000, Woo stated that bitcoin would most likely not be able to hold up in the $7,000 region and inevitably drop down to the $6,000 region.

But, because of the intensity of the decline since late 2017, Woo emphasized that 2018 will not see a similar correction period as 2014 and prevent a 2-phase drop.

“So, in summary, my best guess… slowish bleed down to $6800… then a steeper slide to $5700, then a leveling out of the drop… then a flat zone. This is an educated guess based on volume profile and fundamental data framing the rate of movement,” added Woo.

Bitcoin Price to Rebound from $5,700
In October 2017, after nearly doubling in price within a 3-month period, the bitcoin price achieved $5,700. Falling to the $5,700 region would essentially send the price of bitcoin back by nine months.

However, the cryptocurrency market is significantly different from where it was in October. Its volumes are in orders of magnitude larger and the standard of infrastructure provided by companies like Coinbase and Gemini are unprecedented compared to the platforms that were available in early 2017.

Given the difference in the volume and structure of the market in comparison to 2017 and previous years, both Woo and other analysts in the cryptocurrency sector agree that the next bull rally or up cycle for bitcoin will take less time to initiate, possibly in the third quarter of 2018.

Bitcoin Price Drops to $7,300 as Cryptocurrency Market Correction Continues

The bitcoin price has dropped below the $7,300 mark as the valuation of the cryptocurrency market declined by more than $25 billion, from $350 billion to $325 billion over the past 24 hours.
Within the past three days, within merely 72 hours, the valuation of the cryptocurrency market sharply dropped from $390 to $333 billion, losing more than $57 billion. At its previously weekly low, the valuation of the cryptocurrency market dipped to $327 billion. Today, on May 24, the cryptocurrency market fell to a new monthly low.

What is Causing the Market to Drop?

As always, a wide range of factors have contributed to the recent market correction and it is difficult to pinpoint several events as the definitive factors behind the fall of the market. Rather, it as an amalgamation of many events that have occurred throughout the year, which include:

Mt. Gox sell-off

Possible manipulation by large-scale traders in the futures market
Bitfinex taxation policy
Bithumb and UPbit scandal in South Korea
Failure of institutional investors to meet the anticipation of the community
Regulatory uncertainty in several regions
But, it is most likely that the launch of the bitcoin futures market in late 2017 and the manipulation of the cryptocurrency market eventually led the market to become extremely volatile and experience large corrections on a regular basis.

The massive sell-off of bitcoin by the Mt. Gox trustee and a series of negative events from South Korea and the US-led investors to lose confidence in the cryptocurrency market in the short-term.

Earlier today, Bloomberg also reported that the US government and the Justice Department launched an investigation into illicit trading and bitcoin price manipulation.

“The Justice Department has opened a criminal probe into whether traders are manipulating the price of Bitcoin and other digital currencies, dramatically ratcheting up U.S. scrutiny of red-hot markets that critics say are rife with misconduct, according to four people familiar with the matter,” Matt Robinson from Bloomberg reported.

Due to the abnormal volatility in the cryptocurrency market, it is likely that the US government suspects whales and large-scale investors of manipulating the market to drive larger movements on both the upside and downside.

Where Does Bitcoin go From Here?

Yesterday, CCN reported that the breach of the $8,000 resistance level could send the bitcoin price to the lower end of $7,000. Based on the strong downward trend of bitcoin, it is likely that the dominant cryptocurrency dips below $7,000 and reaches $6,900 before rebounding.

Other cryptocurrencies such as Polymath, Ethos, Storm, Zcash, and Waves, which have recorded large gains throughout April and May, declined by 10 to 20 percent against both bitcoin and the US dollar.

Although the Relative Strength Index (RSI) of bitcoin is signifying a neutral zone, it is unlikely that the bitcoin price rebounds before dropping to the lower end of $7,000.

Ethereum, in particular, has experienced a sharp drop over the past 24 hours, declining by more than 10 percent against the US dollar.

Investor: Banks [Goldman Sachs] Entering Crypto Will Lead to Bitcoin Price Surge

Jon Matonis, a co-founder of Bitcoin Foundation and executive at VISA, stated that the entrance of major banks and financial institutions like Goldman Sachs will lead to an increase in the liquidity of bitcoin, and ultimately, the bitcoin price.

“I think it’s fabulous that they’re getting into it because it brings in new liquidity. They’re going to develop futures markets, options markets, I even think you’re going to start to see interest rate markets around bitcoin. We’re used to hearing things about Libor, the index for bitcoin interest rates is Bibor,” said Matonis.

When Will Banks Enter?

The cryptocurrency market is extremely volatile, both on the upside and downside. One of the primary reasons behind the extreme volatility of the market is its lack of liquidity. The daily trading volume of bitcoin and other major cryptocurrencies has substantially declined since a major correction occurred in January, along with the bitcoin price.

A significant drop in the daily volume of bitcoin has allowed whales and institutional investors in the futures market to manipulate the market, which is one of the reasons as to why the market has demonstrated correlated price movements over the past few months.

Recently, the Chicago Board Options Exchange (Cboe) has proposed to the US Securities Exchange Commission (SEC) to allow bitcoin exchange-traded funds (ETFs) on US stock markets like Nasdaq and the New York Stock Exchange (NYSE). The entrance of large financial institutions like Goldman Sachs will lead to more institutional and retail traders entering the cryptocurrency space.

As of current, the demand from institutional investors in the US is relatively high, but actual capital coming in to the cryptocurrency market from the public finance industry is almost non-existent. In Japan however, institutional investors are investing large sums of money in cryptocurrencies through trading platforms that specifically address retail traders.

Matonis further emphasized that to the skeptics that have described bitcoin as a bubble, bitcoin is not a bubble, but a pin that would pop the global financial bubble. He stated that equity markets and bond markets are the multi-trillion dollar bubbles that would inevitably burst in the mid-term.

“To the people who say bitcoin’s a bubble, I would say bitcoin is the pin that’s going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles,” Matonis added.

It is uncertain though when major financial institutions will be ready to enter the market. Critically, the cryptocurrency market’s image over the past few months has been portrayed as a gambling ecosystem, especially by the mainstream media in regions like South Korea. If the market recovers in the short-term and cryptocurrencies such as bitcoin rebound to their all-time highs, banks will prepare to address the growing demand towards the market.

Bear Cycle

In a bear cycle or a slump, financial institutions will not be hurrying to enter the market, unless they want to establish themselves at the forefront of cryptocurrency development prior to their competitors. It would take at least a few months to see major banks enter the space. But, when they do, the cryptocurrency market will be equipped with significant liquidity and public investment vehicles.

5 reason for the BTC still bullish

5- Reasons👇

1- #USA Senate meeting on 14th feb they are in support of #BTC at the moment

2- 16th feb end of Lunar new year Asian investment will come after this period

3- Robin hood USA leading stock exchange more than 30 million user will introduce #CRYTPO
To its platform in the month of #FEBRUARY

4- #BITCOIN and #ZCL Hardfork on 28th #FEBRUARY

5- Almost all fud is done Korea fud China fud , India fud , Usdt fud

We are almost done with these bad news .We are in the situation where market is  not  doing good at the moment but it’s not only happing with bitcoin or crypto market all other stocks market are down every years the first 2 months are down for every market because of tax things

Trust crypto market you can’t even imagine crypto will recover faster just #HOLD

Indian Crypto Users read his statement again

#Fact 1: Government will eliminate Crypto currency – to curb illicit activities. It doesn’t mean they will stop crypto currencies from trading. If you are trading bitcoin/crypto on exchanges and paying your taxes, you are not doing anything illicit.

#Fact 2: Government does not recognize Crypto as legal tender. Which means you cannot make or accept payments for goods and services in Bitcoins or any cryptocurrency. So you are still free to buy and sell cryptocurrency on exchanges.

#Fact 3: Government did not say there will be a ban on cryptocurrency. Indian government can however ban ICOs in India. We have to wait and watch.

Bitcoin has spectacularly 'died' several times

📉 - 94% June-November 2011 from $32 to $2 because of MtGox hack

📉 - 36% June 2012 from $7 to $4 Linod hack

📉 - 79% April 2013 from $266 to $54. MTGox stopped trading

📉 - 49% Feb 2014 MTGox tanks

📉 - 87% from $1166 to $170 November 2013 to January 2015

📉 - 40% September 2017 from $5000 to $2972 China ban

📉 - 68% Dec 2017 to present. from $19500 to 6,100