Review of Bitcoin(BTC)

in #bitcoin6 years ago

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The price of Bitcoin took on added volatility after it was announced that the SEC, once again, rejected applications for a Bitcoin ETF.

This is an ongoing saga between Wall Street institutions that are itching to get into the crytppcurrency market and the government regulator. So far, all applications for ETFs relating to cryptocurrency, Bitcoin in particular, were either outright rejected or the decision was delayed.


cointelegraph.com

On Wednesday, a day ahead of the deadline, the SEC rejected 9 applications for BTC related ETFs including 2 filed by ProShares.

The SEC stated:

"[T]he Commission is disapproving this proposed rule change because, as discussed below, the Exchange has not met its burden under the Exchange Act and the Commission's Rules of Practice to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that a national securities exchange's rules be designed to prevent fraudulent and manipulative acts and practices.
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“Among other things, the Exchange has offered no record evidence to demonstrate that bitcoin futures markets are ‘markets of significant size.’ That failure is critical because, as explained below, the Exchange has failed to establish that other means to prevent fraudulent and manipulative acts and practices will be sufficient, and therefore surveillance-sharing with a regulated market of significant size related to bitcoin is necessary.”

Thus far, the SEC is not changing the stance it initially took regarding these ETF applications. Overall, they view the Bitcoin market as something small, meaning it is subject to manipulation. On this point, it is hard to argue with them. A $100B+ market is not very big relative to other markets. With the manipulation seen in the gold and forex markets, both significantly larger than Bitcoin, it is easy to see their point.

This is a set back for Wall Street yet not of great surprise. Few expect an approval any time soon from the regulators. While they are not banning Bitcoin and other cryptocurrencies, the SEC is not exactly rushing to approve every fund idea that is put before them.

I recently downloaded the Crypto Pro: Bitcoin Ticker app in order to get alerts when the price has reached a certain price. Most of my crypto research I've realized hasn't been as efficient as it could have been. I've wasted time checking coin market cap more than a few times each day when I could probably be spending my time doing other things.

My phone has been blowing up recently with trade alerts from this Bitcoin ticker app where I recently added Fox trading token and Nano as 2 of my favorite coins with price alerts set. I know that it can be a waste of time to constantly be checking on the biggest gainers and losers of the day at work rather than to add your favorite coin to your watchlist and get push notifications on your favorite coin. I set an alert to go off when Nano coin crossed the $2.50 threshold and I got an alert when FOXT crossed the $0.06 threshold. These alerts saved me a lot of time. You can also repeat the alerts, set new alerts, or create a one-time alert for your coins/tokens.
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It saves you time and gives you an edge on the competition to set price alerts or trade alerts because you might see where your coin is headed a few hours earlier. Also, I think it is better to have a few coins selected as your favorite and then be alerted when it moves than to constantly be tracking the biggest gainers and losers from each week. Personally I think at these current prices Nano and FOXT are at great buy-in prices and will probably only rise to higher levels when the market recovers.

I started getting alert notifications on Fox Trading token when the price crossed $0.06 and the price is now over $0.08/coin. I probably would have benefitted from putting Fox Trading token on my trade alert list for Cindicator as well, a sophisticated app for Iphone/Android that uses data from several exchanges at once to send you buy signals on coins that are likely to rise in value.

https://coinmarketcap.com/currencies/nano/

https://coinmarketcap.com/currencies/fox-trading/

Crypto Pro: https://itunes.apple.com/us/app/crypto-pro-bitcoin-ticker/id980888073?mt=8

I believe this Crypto Pro app is only for Iphone, so I thought I'd include a link to a Google Play crypto alert app that I would probably download if I had an Android at this moment:https://play.google.com/store/apps/details?id=com.handyapps.bitcoinpriceiq

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