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GeckoTrader
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August 09, 2018, 11:30:24 AM
 #1

ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.

The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.

Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.

Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.

OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.

The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.

In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too.
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August 10, 2018, 04:02:30 PM
 #2

As mentioned in our last TA update, BTC bounced just shy of the 23-fib level and will as expected, continue its downward trajectory further. We’ll be keeping our eyes set on a few key levels as we make our descent - we could be in for a bit of turbulence.

As price nears $6,265, this will be a region to watch since we have historically bounced twice from here before. We are expecting price to break through without too much of a fight however and the next stop will likely be close to $6,100 - $6,000.

There may indeed be a bounce at this level as well and we will be looking closely to see how the price action unfolds.  There may be some short-term counter-trend trades which present themselves but we will also be looking for shorting entries as the prevailing bear trend ensues.

Buckle up ladies and gents
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August 12, 2018, 12:44:09 PM
 #3

sec should postpone their decision instead of delay. this delay news ma occur on the market situation. the investors becomes worried because the delay news of etf.
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August 12, 2018, 12:50:24 PM
 #4

This has been predicted in the past few months. In 2018 there will be many FUDs that befall bitcoin. This is a test especially for those new investors and new traders, whether they will be true Crypto players or not. Our patience in processing our cryptocurrency assets is very much tested now.
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August 12, 2018, 01:00:28 PM
 #5

sec should postpone their decision instead of delay. this delay news ma occur on the market situation. the investors becomes worried because the delay news of etf.

a translator is needed to tell us what you are talking about Tongue
the delay is the same as postponing the decision! and anything that happened in the market was not because of the delay but because of speculation and short term traders wanting to make profit in the chaos created by FUD.

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August 12, 2018, 01:07:32 PM
 #6

There are quite a lot of newspapers talking about market news, you go to google typing them out

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August 12, 2018, 06:54:48 PM
 #7

it is a panicking situation for the bitcoin users. SEC has postponed the ETF permission till late September and there is a high chance that it will also reject in September too. But users should not sell their coins at this time.
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August 12, 2018, 07:07:27 PM
 #8

There is panic in the crypto market regarding postpone of the bitcoin by SEC. it has shocked the users and they aren’t understanding what to do. Crypto experts are advising the users not to sell coins at this time.
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August 12, 2018, 08:26:44 PM
 #9

I've already heard that EFT has delayed their decisions due to regulations in the loss so this cause the great declining in the price of Bitcoin, and it's also pushed all the alternative cryptocurrencies down.

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August 12, 2018, 08:51:43 PM
 #10

I really can't understand why so much people belived that every thing would be so easy and fast with etf. I think SEC is a Master of pump/dump schemes and of course all related guys Will do maximum to accumulate btc as low as it possible before starting the biggest pump is modern history Wink
Don't give them your coins)

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August 13, 2018, 06:30:51 AM
 #11

SEC’s decision has shocked the crypto world as it has postponed the ETF permission of Bitcoin. The panic of getting the price lower and lower is spreading and crypto experts are urging not to sell coins at this time. Once the permission is granted the price will take a huge boost.
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August 13, 2018, 06:42:29 AM
 #12

ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.

The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.

“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.

Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.

Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.

OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.

The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.

In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too.


More delays mean more people will hear the news of the ETF, which is probably a good thing in the long run.
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August 13, 2018, 06:46:06 AM
 #13

The current market is just dropping due to the huge correction which is on the line right now and to be honest I blame the community for such conditions because we let a decision of SEC dictate the tide of the market. Hopefully, we'll learn from our mistakes and the next hearings of Bitcoin ETF will only have positive effects over our decisions.
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August 13, 2018, 07:07:59 AM
 #14

SEC’s decision has shocked the crypto world as it has postponed the ETF permission of Bitcoin. The panic of getting the price lower and lower is spreading and crypto experts are urging not to sell coins at this time. Once the permission is granted the price will take a huge boost.

maybe you were shocked because you started in this world yesterday but the rest of us who has been around for a longer time or even those newcomers who bothered to checked the history of ETFs and SEC shenanigans knew that they have done something like this before with stretching the decision out as much as they can and finally rejecting it.
if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.

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August 13, 2018, 11:35:40 AM
 #15

I had high hopes that SEC will be able to have a  favorable decision with regards to the etf issue such that it could have a positive impact on the market price value of btc. People will gain their trust back on btc once bear market will be uplift to a bullish market right after the SEC's approval decision regarding the etf.

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August 13, 2018, 11:46:31 AM
 #16

if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.

Actually after the initial surprise on how the market reacted to those news, I've read more and:
1. The delay is actually a good news. There's a somewhat better chance for the ETF to be approved in September (although the chance is still not as big as I'd like); at least it was not just simply rejected.
2. The hype around this ETF (and the price) may have been just an old school pump and dump...

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August 13, 2018, 02:04:48 PM
 #17

In recent time market is not in a good position. Because major projects prices are down. Hope situation will change and market will rise again.
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August 13, 2018, 02:08:16 PM
 #18

Investors who sell Bitcoin just because of the SEC delay in approving the first Bitcoin ETF are wrong. It had a huge upward momentum to break out of the $ 5,800 area, which is due to people thinking that there would be a Bitcoin ETF. SEC has delayed that decision. Another warning for September 30, the SEC may continue to postpone, because the market is not ready for it and the SEC has not yet answered their question.
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August 13, 2018, 02:29:18 PM
 #19

if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.

Actually after the initial surprise on how the market reacted to those news, I've read more and:
1. The delay is actually a good news. There's a somewhat better chance for the ETF to be approved in September (although the chance is still not as big as I'd like); at least it was not just simply rejected.
2. The hype around this ETF (and the price) may have been just an old school pump and dump...

1. I don't really follow ETF news because it makes me mad but remember that they did the same thing last year with Winklevoss twins ETF. they postponed their decision about it multiple times and finally they declined it!
https://www.coindesk.com/sec-bitcoin-etf-decision-delayed-trump-transition/
2. LOL, it certainly looks that way.

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August 13, 2018, 03:04:24 PM
 #20

I'm thinking that those particular news are affecting the price of Bitcoin so hardly that it goes down and down again, this is quite strange for me why is it so effective, but anyway we're have to handle with the things that are present.

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