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Analysis

A New ETF Rejection Drops Bitcoin’s Price Below $8,000

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Hours after the SEC officially announced that it rejected a proposed Bitcoin ETF that was submitted by the Winklevoss Twins, the Bitcoin price reacted – dropping below $8,000 and stopping the (bullish) momentum.

After reviewing the application for a second time – with an included appeal from the Gemini co-founders Cameron and Tyler Winklevoss – the SEC opened a fresh round of public comment and officially rejected the application for a Bitcoin exchange-traded fund.

The last rejection for the same Bitcoin ETF by the SEC was in March 2017. However, the new ETF submission was modified by the Winklevoss twins, after which the SEC performed a completely “new” review with the revised application – meaning that they treated it like an entirely new application.

In order to combat the comments on the first ETF rejection, the new application stated the following:

“The geographically diverse and continuous nature of bitcoin trading makes it difficult and prohibitively costly to manipulate the price of bitcoin”13—and that therefore the bitcoin market “generally is less susceptible to manipulation than the equity, fixed income, and commodity futures markets.”

However, we did not see the SEC buying these comments. Instead, they argued that the “surveillance-sharing agreement” is a necessary protection against fraud and manipulation. According to them, Bitcoin does not have sufficient surveillance built to prevent fraud.

Some of the additional reasons for the rejection revolve around Bitcoin’s current market regulations and the fact that they are still in their early phases. However, SEC concluded that they are open to future applications that have sufficient modifications to support the surveillance agreement.

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New $3 Billion Wipeout: Altcoins Start The Week Poorly

Over the past 24 hours, the cryptocurrency market lost more than $3 billion - going from $212 billion to $209 billion in less than one day. Major altcoins such as Stellar (XLM) and Cardano (ADA) were in the focus of the crypto news, falling from 3% to 6% accordingly. On top of this, Stellar and Cardano were among the three cryptocurrencies alongside Zcash that are expected to be integrated into Coinbase, which is the fourth largest fiat-to-crypto exchange behind Bitfinex, Bithumb and Upbit. Before the listing, there were some tokens such as Basic Attention Token (BAT) and 0x (ZRX) which surged in the range of 100 to 120 percent, doubling their prices. However, they also managed to record large losses afterwards. BAT, for example, saw a drop of more than 36%, going from $0.36 to $0.24. Stellar, Cardano and Zcash all experienced major rallies following their Coinbase listing - which is why investors would likely see a drop in value to come in the next weeks to come. As technical analysts explain, there are different technical indicators that demonstrate a lack of momentum for both Bitcoin and the rest of the market. The volume of Bitcoin, on the other hand, is still up from $3 billion to $4.4 billion from late October, while the daily trading volume of the crypto market is up around 30% from $10 billion to $13 billion.
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Analysis

Bitcoin Falls To $6,300, Recording Two Sell Candles On Its Daily Chart

The price of Bitcoin is in the digital currency news again, this time for bleeding and falling to the $6,300 margin - after many expected a new bullish run. Over the past 24 hours, the most dominant cryptocurrency suffered from two consecutive sell candles on the daily chart. Even though the daily trading volume of BTC still remains above the $4.4 billion mark and is up more than 46% from earlier this month, Bitcoin is really struggling to sustain momentum and break through the $6,500 price margin. It has been in the mid-$6,000 region for quite some time now. In the short term, analysts expect Bitcoin to retest the $6,200 region or bounce above the $6,450. However, a major breakout to $7,000 within the next days is still not expected mostly because of the stability in the crypto market. As the popular analyst and managing partner at UTR named Thies wrote: https://twitter.com/KingThies/status/1062117787865239552 Bitcoin has been bleed out out from the $6,500 mark since November 8th. Throughout the past three months (since August 9th), it has demonstrated stability in the mid-$6,000 region but in the past two weeks has tried to retest the support levels below the $6,300 mark several times due to the high sell pressure. As one technical analyst explained, even the low market cap altcoins started showing a lack of correlation with Bitcoin, mostly because of the poor market conditions. He wrote:
“High cap alternative cryptocurrencies starting to look bearish and not enough low caps are decoupling with BTC. This is by no means an ‘alt season.’ Better setups will likely come on 90% of alts out there, don’t rush into trades right now.”
If Bitcoin drops below the $6,300 mark and makes its way to $6,100, tokens are also expected to suffer from a downward trend, especially in a period in which the US Securities and Exchange Commission (SEC) is cracking down on Initial Coin Offerings (ICOs) and projects considered as security offerings. Currently, Bitcoin is trading at $6,351.
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Altcoin News

Major Altcoin Rise: Cardano, Stellar And Zcash With Gains Prior To Coinbase Listing

In this Monday's cryptocurrency news, we can see a big movement on the upside for several altcoins - all linked to their new listings on the Coinbase platform. Following the listing of Basic Attention Token (BAT) and 0x (ZRX), the prices of Cardano (ADA), Zcash (ZEC) and Stellar (XLM) have all began to surge. Since November 2nd, BAT was officially integrated into Coinbase Pro and Coinbase.com, XLM which is the native cryptocurrency of the Stellar blockchain network has surged from $0.22 to $0.28 recording gains of more than 27%. Cardano and Zcash have also followed the rise alongside Stellar, BAT and 0x, all of which Coinbase expressed in interest in May this year. Even though the privacy-focused altcoin Zcash dropped 3% throughout the past 24 hours, it has risen from $114 to $125 since November 2nd, surpassing $140 at one point and demonstrating a 21.7% increase. The price of BAT, however, dropped to the point before listing itself, demonstrating that the hype around listing is not always present. Still, BAT has surged big time before the drop and the Coinbase listing has been a confirmation that the token is not considered a security by the US Securities and Exchange Commission (SEC) - opening doors to many US and fiat-to-crypto exchanges in the world willing to accept and integrate it. The probability of Stellar, Cardano and Zcash to be integrated to Coinbase is right now very high. If such thing happens, there will be many positive developments including Stellar's blockchain wallet integration, the growing adoption of ZK-SNARKs technology of Zcash as well as rising adoption of Cardano's smart contract protocol.
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Altcoin News

The Story Of BAT: How And Why It Lost 28% Overnight Despite Coinbase Listing

The Basic Attention Token (BAT) was in our crypto news section this week for losing 28% of its value following a high profile Coinbase listing for the asset. However, many were left wondering why the altcoin declined about 20% against the dollar and recorded a 28% decline in value in a two-day span. It all started on November 3rd when Coinbase officially announced the BAT token as live on Coinbase Pro - to be traded against USDC which is a stablecoin issued by Coinbase and Circle. Six days later (November 9th), Coinbase disclosed that the integration of BAT into Coinbase and other products is complete, stating:
“Starting today, Coinbase supports the Basic Attention Token (BAT) at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store BAT, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, ZRX and USDC.”
The decline in the price of BAT was abnormal because of the integration. Similar to the case of ZRX and its dump following the listing of Coinbase, analysts think that these integrations demonstrate the typical 'buy the rumor and sell the news' moves by investors in the cryptocurrency market. To sum things up, the price of BAT is very likely to have undergone major pressure as more investors seek to profit from it on short-term events.
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