CBX Weekly Newsletter // 14 August 2019
- Bitcoin Bulls still in control but they need to break $13.2K to keep up the trend
- SEC Delays Decisions on Bitcoin ETF Proposals
- The Argentine Peso Falls over 30% Bitcoin sees a 4% premium
Bitcoin Bulls still in control but they need to break $13.2K to keep up the trend
Bitcoin (BTC) needs a break above $13,200 to revive the bull market.
The top cryptocurrency by market value shows a monthly high and low of $13,200 and $9,049, respectively, falling within last month’s trading range of $13,880 to $7,432.
If the Bulls manage to break $13.2K convincingly with decent volume could be a sign of a Bullish breakout and could take the price near ATH.
The last high of this month was at $12,300 and the price is consolidating around $11K in most exchanges including CBX.one.
A Bearish break below $10K could test recent lows of 9K.
The market capitalization of all cryptocurrencies is at $295 Billion, and Bitcoin’s dominance still high just below 69%.
SEC Delays Decisions on Bitcoin ETF Proposals
The U.S. Securities and Exchange Commission (SEC) delayed the decision on three bitcoin exchange-traded fund (ETF) proposals.
The ETFs were proposed earlier this year by asset managers Bitwise Asset Management, VanEck/SolidX, and Wilshire Phoenix, and filed with exchanges NYSE Arca and Cboe BZX, are all seeking to become the first such investment product based on bitcoin.
Final decisions on the Bitwise and VanEck/SolidX proposals are expected by Oct. 13 and Oct. 18, respectively.
The next decision on the Wilshire Phoenix proposal is scheduled to occur by Sept. 29.
While a number of companies have proposed bitcoin ETFs in recent years, the regulatory agency hasn’t approved any yet, with the main concerns being market manipulation, market surveillance and a potential divergence with futures trading as some issues.
Many believe that the decision will impact the price of Bitcoin and the direction of the market short-term.
The Argentine Peso Falls over 30% Bitcoin sees a 4% premium
Bitcoin (BTC) is trading at a premium in Argentina after a sharp currency devaluation sent investors running for a safe haven.
An unexpected defeat against president Mauricio Macri in the primary elections sparked the crash in the Argentine peso which made investors look for alternatives like Bitcoin, as the news spread local Bitcoin exchanges started to notice a surge in the price compared to other exchanges.
Bitcoin thrives in economic, political turmoil, proponents say as investors consider the fallout and potential exacerbation should October’s presidential elections yield repeat results, Bitcoin proponents are eyeing the cryptocurrency’s utility in what is becoming yet another market where its advantages are obvious.
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