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Bitcoin ETF Will Likely Gain Approval From USA Regulator: Commissioner Jackson

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Commissioner Robert J. Jackson Jr. believes that a Bitcoin exchange-traded funds (ETF) will likely get the approval from the United States Securities and Exchange Commission so let’s find out more in our bitcoin news today.

The commissioner, who is the only Democratic commissioner within the regulator, says that despite the ETF applications rejections last year, the things are about to change:

 “Eventually, do I think someone will satisfy the standards we’ve laid out there? I hope so, yes, and I think so.’’

Back In 2018, many ETF proposals are on the hold button for the SEX but at the end, all of them received a ‘’no’’ as an answer or delays on the final outcome. For example, VanEck engaged in a long dialog with the regulator and addressed his worries over its product and with the US government shutdown, it caused for the application to be temporarily withdrawn before being brought up to the public a week later.

Jackson highlighted the effort for an ETF approval by the Winklevoss Twins all the way back in 2017 with the goal to show how attitudes are evolving and changing altogether with the market. When the SEC rejected their ETF application in 2017, the Bitcoin market went through another major volatility phase. Jackson continued:

 “There you had a situation where the risk for manipulation and for people getting hurt was enormous. The liquidity issues in the market were very serious.’’

Another SEC commissioner Hester M. Pierce claimed that the regulator had ‘’fundamentally erred with the decision.’’

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Bitcoin News

“Crypto Can’t Match Gold On Stability And Volume”: World Gold Council

The latest Bitcoin news cite the World Gold Council (WGC) which recently said that cryptocurrencies are "no substitute for gold." The WGC, which is a market development organisation for the gold industry argued that gold is "very different" from cryptocurrencies like Bitcoin. According to them, the yellow metal is less volatile, has a more liquid market and trades in a regulatory environment among other factors. Meanwhile, gold has appreciated 10% per year on average ever since the collapse of Bretton Woods monetary system (which pegged major currencies to the precious metal) in the 1970s, while its volatility has also reduced over the past four decades. Bitcoin's price, on the other hand, has been "extremely volatile - around 10 times than of the dollar denominated gold price." Therefore, it is not really as good as a currency, the WGC said, “let alone a store of value, potentially limiting bitcoin’s use as a transaction token.” When we compare Bitcoin trading volumes to gold, we can see that they are also "very low." When releasing the statistics, WGC said that Bitcoin trades $2 billion on an average per day which is less than 1% of the total gold market's volume of $250 billion per day. Furthermore, the WGC said that gold demand is diverse, supply is responsive and is "tried and tested effective" investment option in portfolios as a diversifier as well as performing well during periods of inflation.
“[Bitcoin’s] performance has, until recently, been remarkable, but its purpose as an investment seems quite different from gold. Cryptocurrencies have yet to be tested in multiple markets," the WGC concluded.
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Bitcoin News

The SEC Is Currently Reviewing 2 Bitcoin ETF Proposals

In the latest digital currency news centered around regulation, we have the US Securities and Exchange Commission (SEC) with its current reviewing process on multiple Bitcoin exchange-traded fund (ETF) proposals. Right now, the VanEck/SolidX proposal filed with CBOE BZX Exchange has appeared in the Wednesday's edition of the Federal Register, kicking off the 45-day clock to an initial decision. This joins another Bitcoin ETF proposal filed by Bitwise Asset Management with NYSE  Arca which was published in the same register last week. According to Gabor Gurbacs who is the director of digital asset strategy at VanEck, a Bitcoin ETF will serve the public interest if approved. As he said in an email to CoinDesk, the company hopes to "bring simplicity, transparency and professional market standards to digital assets.” VanEck is hoping that the collaboration will let it bring a regulated product with exposure to digital assets to the market going forward. As Gurbacs said:
“I … hope that our investment in regulatory and market education, hard work and commitment will be honored when the time comes.”
Matt Hougan also commented the situation and told CoinDesk that the crypto ecosystem is "evolving very rapidly" which may result in getting a product launched. As he said:
“A year ago there was maybe one qualified crypto custodian … and now there are half-a-dozen, and that number will go up from here,” he noted as one example. A little more than year ago, we didn’t have futures. A year ago we didn’t have nearly as many firms making markets. A few months ago, you didn’t have folks like Fidelity announced in the space. It’s evolving really, really quickly.”
At the end of the day, however, a Bitcoin ETF approval will depend on how companies approach their proposals.
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Analysis

Bitcoin Nearing $4,000: The Chances Of A Larger Breakout Are Increasing

The latest Bitcoin news show that the price of the most dominant cryptocurrency is now coming closer to the $4,000 mark, which is interesting because just a few days ago, it was changing hands with the $3,500 region. Bitcoin is now trading at $3,946 at press time, rising by another 5% over the past few hours and increasing its market cap to a few millions short of $70 billion. With that, the chances of Bitcoin are continuously increasing and the BTC/USD pair showed a nice bullish momentum recently. The clear bullish break noted above the $3,800 resistance and the 100 hourly simple moving average is linked to Ethereum as well, which rallied towards the $150 resistance level and helped BTC climb towards the $4,000 area. Currently, the downside margin for Bitcoin is set at $3,800 and the price could easily test the $3,720 support if things go haywire. However, a bullish action is much more expected than this as the price stays above $3,900. The main resistance on the upside is at $4,200 which analysts see as a potential increase. On the positive note, if this is soon achieved by Bitcoin, there is a possibility for an even larger increase and possibly a breakout to the $5,000 region.
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Bitcoin News

Bitmain Has Reportedly Lost $500 Million In Q3: IPO Document

The latest company document by Bitmain is in the digital currency news - outlining that the Bitcoin (BTC) mining giant Bitmain could have made losses of around $500 million in the third quarter (Q3) of last year, according to CoinDesk. Meanwhile, the company is currently attempting to launch an initial public offering (IPO) under the auspices of the Hong Kong Stock Exchange (HKEx) and submitted a report into its earnings that is in line with the listing requirements. The report indicated that for 2018 as a whole year (without Q4 of course), the revenue was $3 billion and profits were $500 - which contrasts with previous figures for the first half of the year during which the profit was $1 billion. If the information is correct, the assumption is that Q3 cost Bitmain $500 million in losses, pushing through a theory that the accelerating Bitcoin bear market late last year took a serious toll on the mining sector. Meanwhile, Bitmain's IPO filing process has been fraught with difficulties since the plans made their way into the public realm in Q2 of 2018.
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