Curious why Bitcoin is suddenly going up?
Bitcoin is suddenly going up again, and it likely is due to some very big news.
Earlier this morning, VanEck and SolidX announced that they would be offering a Bitcoin ETF-like product to institutional clients in the very near future.
How soon exactly?
Well according to the release, it looks like shares will be available for sale as soon as this Thursday, to qualifying investors.
They are able to offer this ETF-like product through a special exemption with the SEC where they won't sell shares to retail investors.
More from the release can be seen here:
Why is this such big news?
For a couple reasons really...
For one, this would pretty much be the first time something like this has been offered to institutions through traditional brokerages here in the US, though GBTC is pretty close.
From VanEck:
"As the first bitcoin product in the U.S. with standard ETF creation and redemption and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context. We view the product as an exciting next step for SolidX and VanEck in our partnership as we work to bring institutional-quality crypto asset products to the marketplace.”
(Source: https://kryptomoney.com/sec-will-soon-decide-fate-vaneck-solidx-bitcoin-etf-proposal/)
Secondly, this likely paves the wave for a more traditional bitcoin ETF to eventually gain approval and be available for the masses, and if this launch goes well, perhaps that approval comes sooner rather than later.
VanEck stated that part of their goal for launching this product is to show the SEC how a bitcoin ETF could work in practice, in the wild, to help calm some of their fears.
Shorty on the run!
As you might have guessed, this news has caught many shorts on the wrong side of the trade as everyone and their dog has been betting bitcoin was going to at least $8.5k in the near term.
Well, judging by the price action thus far, I would not be surprised if that $9,100 was as low as we are going to get for a long time.
Run shorty run!
Stay informed my friends.
Image Source:
-Doc
hope it wont stop
Already pulling back. Bitcoin sure seems heavy right now given the scope of the bakkt and vaneck news...
👍
~Smartsteem Curation Team
Awesome, thank you! :)
Perfect, i'm waiting :)
That's a very big news coming up hopefully September turns out to be great
This combined with the Bakkt launch later this month are significant pieces of news for bitcoin.
I'm glad I bought some BTC 2days ago😋. When I saw the chart this morning, I smiled.
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Yep, that would be a very good buy, nicely done!
It is going to 11k.
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That is basically just a stone's through form the current levels. I think so too.
I try to not even make predictions anymore
I guess I haven't quite learned my lesson just yet.
Or... Is it just because the bitcoin price has remained above daily support?
We like to search for a fundamental narrative to try to explain things in the media, when most often it’s just price action.
Maintaining daily support doesn't account for a sudden influx of volume (that came in right after the announcement b y the way).
On the whole, the chart is merely a reflection of news. Some of it moves the markets, some of it doesn't. Charts don't predict will will happen, they simply predict would could happen given the right catalyst.
Charts are mass-psychology not news.
News are centralized fake information..^^
And the mass psychology you are referring to is mostly people's reaction to all available (and unavailable) news. All news is reflected in the charts.
Look at Elliot-Waves-Theory. -> Mass psychology
News are a joke. Are you living a joke?
I am not debating whether news is accurate or not, I am saying that the news is in the charts, the news is the charts. The charts are merely a reflection of the views of the masses based on their interpretations of the news. Especially in something like bitcoin where there are no dividends or cash flows. It is all based on sentiment and speculation, which is dictated and influenced by the news.
=/=
=/=
This last one is an especially interesting paradox.
No tech/ fundamental/ geopolitical/... influence on the charts?
Yea
Lol I didn't say there was none, but fundamental and geopolitical can also come in the form of news that fits nicely in the speculation and sentiment categories... For example, it is reported that Argentina is experience a currency crisis, people buy bitcoin because they expect Argentinians to buy bitcoin. The price starts going up, the media reports about how bitcoin is going up, so more people jump in. The news itself didn't cause prices to go up, people did, but those people are influenced by the news. I think in a round about way we are sorta kinda saying the same thing. The charts are a reflection of all the actions by people, but people are influenced by news, so in a round about way, all news is reflected in the charts.
Interesting that it aligns with Bakkt launching and settling in bitcoin itself. One thing is for sure in that it will lead to more volumes and interest from institutions!
Yep, the bitcoin market will forever be changed a month from now. Interested to see what that means for prices.
Has no logic to me.. or a really flawed.
Cuz of the ETF-like product (selling many btc) the price now rises to then dump?
Yea right. That's why people are hodling right now...
Still waiting for the crash
The product is physically backed by bitcoin. Meaning that anyone who buys a share, it will represent buying the actual bitcoin. Which is a big deal as much of the money that will be participating is not able to go out on unregulated cryptocurrency exchanges and purchase bitcoin. This combined with the Bakkt launch should represent a significant amount of new fiat inflow into bitcoin. Very bullish news.