SEC rejects Bitcoin Spot ETF
SEC rejects Bitcoin Spot ETF.
Over the past day, BTC price has repeatedly tested the $ 60,000 mark, but still hasn’t crossed it. After that, BTC fluctuated again around $ 56,000. Some altcoins are flat, others more like ADA, LUNA, HEX.
The BTC price, which ended in November, didn’t match Plan B’s $ 98,000 prediction, but he also shared it on Twitter. He also confirmed that BTC price is still following its stock-to-flow model and is on track to hit $ 100,000.
US stocks also rose slightly, but the futures on the S&P 500 and Nasdaq fell slightly.
Both the crypto and stock markets have been hit by the confusing new breed of Covid. At the beginning of these fluctuations, investors often worry, but once they get used to the information, the market stabilizes again.
Last day, BTC pushed more than 10,242 BTC to go public for sale. But the purchasing power in the market was still absorbing all of that BTC, keeping the price around $ 56,000 (source: Sentiment).
BTC purchasing power can come from long-term investors. According to statistics, the ASOL index shows that long-term investors keep accumulating (the yellow area is decreasing). The selling power comes mainly from short-term investors.
BTC is pushed to the exchange, the BTC netflow index is similar, the BTC amount deposited on the exchange is higher than the amount withdrawn. The amount of BTC pushed to the exchange can be used for many purposes, but Sentiment’s stock is showing signs that BTC is pushing and releasing. Even so, the purchasing power in the market is still very large in order to keep the price of BTC down.
Another factor that also affects the price of BTC is the number of Bitcoin options that expire each Friday. This week, the expiring BTC option orders are as follows:
From USD 54,000 to USD 56,000: 290 calls and 3,480 put orders (puts) were placed. Net income was $ 175 million in support of the put option.
From USD 56,000 to USD 58,000: 750 calls and 2,160 put orders were placed. The net result is $ 80 million in favor of a bear.
From $ 58,000 to $ 60,000: 1,510 calls with 1,040 orders. The net result is $ 30 million in favor of the (bullish) call option.
Over USD 60,000: 2,760 calls and 860 put orders were placed. Net income is $ 115 million in favor of call (bull) options.
As can be seen, the most profitable price moves from $ 54,000 to $ 56,000, or over $ 60,000. This is also a factor that causes the BTC price to be around $ 56,000.
Metaverse and NFT should not be understood
After Jack Dorsey stepped down as Twitter CEO, it was said that he wanted to focus more on Bitcoin development. Its payment giant Square will be renamed Block starting December 10th.
The move comes as Square expands beyond its original credit card reader business and focuses on new technologies like blockchain. For Jack Dorsey, Bitcoin is the coin he believes in the most and wants to focus on the development associated with it.
More and more companies are entering the crypto space. Like the giant, Facebook has changed its name to Meta because it wants to develop its centralized metaverse. At the same time, the social network Facebook lifted the ban on crypto advertising on this platform.
Many people are familiar with the crypto market, but find that trends like the Metaverse or NFT are of no interest. However, there are trends that will evolve over the long term. As technology and even the crypto market change and evolve rapidly, new industries or current trends can be a long-term trend.
In the early days of the internet, a lot of people didn’t think it could develop because it was so slow back then. But today the internet has changed the economy, society and people’s lives a lot. Therefore, open-mindedness and acceptance for new things help us to adapt and to receive new opportunities with us.
SEC continues to reject Bitcoin spot ETF
Securities and Exchange Commission (SEC) chairman Gary Gensler said Bitcoin is a competitor to the U.S. banking system and a global consensus. He went on to claim that he would not ban Bitcoin and crypto, but that there must be a law to regulate it.
During the DACOM summit 2021, Gary Gensler will separate Bitcoin and other altcoins. At BTC, he believes more laws are needed to protect investors. Similar to altcoins, he called for more altcoin developers to work with the SEC to clarify altcoins and protection agreements.
The big question raised during the Bitcoin ETF conference was also addressed. The SEC chairman said the Bitcoin ETF was still in the research phase and therefore had no answers.
Recently, the SEC rejected WisdomTree’s Bitcoin Spot ETF application. The SEC said WisdomTree did not provide enough data to conclude that the cryptocurrency market is tamper-proof or to address concerns about sources of fraud.
In contrast, there is still manipulation in markets like stocks, gold, …, but the SEC has taken no action to combat the manipulation. In addition, the SEC has approved the Bitcoin Future ETF, but the fund is still based on the BTC spot market. These things show the absurdity of the SEC’s reasoning. Below is a roadmap for responding to existing Bitcoin Spot ETF applications.
Grayscale Company has also applied for a Bitcoin Spot ETF. This is a big company with funding so ready to face the SEC. Grayscale said that if the SEC continues to reject the company’s proposed Bitcoin ETF, it will be sued in court for inappropriate reasons identified by the SEC.
Currently, the SEC reserves the right to postpone decisions on ETF filings. As a result, the SEC’s response to Grayscale may be delayed until July 6, 2021 at the latest.
Some other information:
Goldman Sachs and other Wall Street banks are reviewing Bitcoin-backed loans. However, the Bitcoin price fluctuates a lot, if the mortgage is 50% and the BTC price drops 50%, the bank will liquidate and get the BTC of the mortgage debtor back.
This Sunday Cardano will launch a beta for SundaeSwap, which will officially be launched. This test will solve the parallelism problem. This event has brought Cardano a 15% increase in the past 24 hours.
Recently, the founder of Ethereum, Vitalik BUterin, together with Ansgar Dietrichs, a developer in the network, presented a new proposal to improve Ethereum. EIP-4488 is expected to provide a short-term solution for the network by overcoming the increased gas charges that Ethereum’s 2nd tier network is facing.
Canadian healthcare company Ask The Doctor bought SHIB 31 billion, or a total of $ 1.5 million, to invest in the company’s budget.