A Combination of Fundamentals and Technicals Indicate Bullish Stance
When queried about his opinions on the recent Mastercard news, that will see the payments firm obtain a patent intended to connect the fiat and crypto world, Lee noted:
?I think something like the Mastercard news is positive because it?s really validating the idea that digital money or blockchain-based money is a valid form of transactions.?
Lee has long been held as the face and representative of Bitcoin bulls, as he has continually called for Bitcoin to hit $25,000 come January 2019. And with these most recent statements, it has become clear that his stance on the cryptocurrency market remains bullish, despite the trials and tribulations that were seen as Bitcoin fell by over 60% since January 2018.
Looking at the chart, the price is most likely to break the $7,600 resistance for more gains towards $8,000 and $8,500. In the second case, dips remain well supported near the $7,240 and $7,000 levels.
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24.07.18 21:04
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: Bitcoin ETF Proposal Decisions Until September
The document published today states that the date the decision will be postponed to for the Direxion ETF proposals is September 21. It also reads:
?The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change.?
Notably absent from the document published today was mention of the proposal submitted by CBOE Global Markets. However, some in the cryptocurrency space believe that the SEC will similarly postpone this proposal closer to the presumed date of August 10.
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: Bitcoin-ETF - Die möglichen Pläne von BlackRock
Der Traum jedes Bitcoin-Fans könnte bald schon in Erfüllung gehen, da sich der Fondsriese BlackRock nun auch den Krypto-Markt vornimmt. Die mögliche Schaffung eines Bitcoin-ETFs könnte Milliardenzuflüsse für die Digital-Währung bedeuten.
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: SEC Says No to Winklevoss Twins Bitcoin ETF
"its disapproval does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment."
There were more hopeful signs that the SEC was not ruling out the possibility of approving Bitcoin ETFs in the future:
"While the record before the Commission indicates that a substantial majority of bitcoin trading occurs on unregulated venues overseas that are relatively new and that, generally, appear to trade only digital assets, and while the record does not support a conclusion that bitcoin derivatives markets have attained significant size, the Commission notes that regulated bitcoin-related markets are in the early stages of their development. Over time, regulated bitcoin-related markets may continue to grow and develop. For example, existing or newly created bitcoin futures markets may achieve significant size, and an ETP listing exchange may be able to demonstrate in a proposed rule change that it will be able to address the risk of fraud and manipulation by sharing surveillance information with a regulated market of significant size related to bitcoin, as well as, where appropriate, with the spot markets underlying relevant bitcoin derivatives. Should these circumstances develop, or conditions otherwise change in a manner that affects the Exchange Act analysis, the Commission would then have the opportunity to consider whether a bitcoin ETP would be consistent with the requirements of the Exchange Act."
Investor access to the products is a critical component in the SEC?s decision, as their main intention is to protect unsavvy investors from dangerous investments. Having a high share price will restrict access to wealthy investors who meet the SEC?s accredited investor requirements.
In addition to the high share price, the VanEck proposal?s pricing model will be based on the OTC markets for the NAV, using multiple exchanges for pricing data.
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: Nasdaq Plots to Legitimize Cryptocurrency
Nasdaq CEO Adena Friedman said recently that she believes cryptocurrency is the ?right next step in the space of currency,? though the ?jury is still out? on whether bitcoin or another coin will be the one that achieves mass adoption.
?How it evolves and which of the cryptocurrencies may or may not be the one that ultimately gets embraced, I think that really the jury is still out on that,? she said. ?But I do think the idea of a more globalized payment mechanism that is more efficient than what we have today allows for money to transfer across countries and certainly supports the Internet economy.?
Friedman has also said that the exchange operator is in the early stages of developing a bitcoin futures product designed to serve as a long-term investment.