While Bitcoin recovered by 10% over the weekend, it is still facing some crucial resistance levels ahead for a short-term surge. Here’s what analysts have to say.
The price of Bitcoin has plunged more than 9% in the last 24 hours following the announcement from the SEC that once again delays its decision on the rule change for a VanEck’s Bitcoin exchange-traded fund. The new deadline is February 27, 2019.
At the Digital Asset Investment Forum held in Washington D.C., a commissioner of the United States Securities and Exchange Commission (SEC), Hester Peirce said it’s better not to hold our breath waiting for a Bitcoin exchange-traded fund (ETF).
With VanEck facilitating OTC trades for its Bitcoin ETF, there is a higher possibility that the SEC might approve its proposal.
After a heavy bashing over the last weekend, Bitcoin and the crypto market showing marginal recovery.
Alex Krüger is betting high on the launch of ICE’s Bakkt platform to trigger the next Bitcoin price surge. He also looks optimistic about the CBOE Bitcoin ETF expected to arrive by March 2019.
BlackRock’s Larry Fink showed that he is eager to believe in the potential of crypto. According to him, cryptos could one day be seen as a good way to store wealth, but not necessarily now.
The CBOE Bitcoin proponents argue that SEC has been shifting goal posts while questioning about the lack of “significant” market size for Bitcoin derivatives.
Pending the regulatory approval from CFTC, the physically-settled Bitcoin futures on Bakkt is expected to go live on 12th of December.
The SEC has set a new deadline till the October end for public comments after which the securities agency will start reviewing the proposed rule changes.