Another day. Another confusion. Another show of incompetence by media. Another..

[Blackforce]

SEC Orders Temporary Halt Of Swedish Crypto ETNs

Another day. Another confusion. Another show of incompetence by media. Another dump.

So, SEC announced the temporary suspension of trading in the securities Bitcoin Tracker One (“CXBTF”) and Ether Tracker One (“CETHF”) till 21 September 2018. Both of them are Exchange-Traded Notes (ETNs) that track Bitcoin (BTC) and Ether (ETH) respectively, and are issued by Swedish company "XBT Provider".

Now, focus on the word "Temporary", "Swedish" and "ETNs" above. It was a temporary suspension for an ETN by a Swedish company. But, those legendary media houses came to rescue. As, none of them cared to mention either of these terms in their article's title. What they did, you ask?

>Coindesk: SEC Suspends Exchange-Traded Bitcoin and Ether Investment Vehicles
 https://www.coindesk.com/us-regulators-suspend-bitcoin-and-ether-investment-vehicles/

>Bitcoin.com - News: SEC Suspends Trading of XBT Provider’s Bitcoin Exchange-Traded Product
https://news.bitcoin.com/sec-suspends-trading-xbt-providers-bitcoin-exchange-traded-product/)

>Reuters: SEC halts trading in two cryptocurrency products, citing market confusion
https://www.reuters.com/article/us-usa-cryptocurrency-sec/sec-halts-trading-in-two-cryptocurrency-products-citing-market-confusion-idUSKCN1LP0TW)

>>Result: Blowing everything out of proportion, Redacting the most important info, creating unnecessary confusion and yes, a HUGE red candle too. Yeah, everything is fine. Perhaps, rather unsurprisngly, the crypto markets immediately reacted to these misleading titles. Even it never concerned the US, or any other country for that matter, we still got red.

Anyways, the reason for this suspension given was "The Commission temporarily suspended trading in the securities CXBTF and CETHF because of confusion amongst market participants regarding these instruments." The "confusion amongst market participants" that the SEC is talking about probably refers to the fact that some unsophisticated retail investors may mistakenly think that these two products are equivalent to ETFs, which they are not.

Content Credit: https://t.me/whatsoncrypto

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[vit05]

So it's just a need to make clear what they are actually trading. I have to say that there is really a lot of confusion about what this was, and to this day it is not perfectly clear. But if it is not an ETF, what risks are involved?

"Bitcoin Tracker One - SEK is an open-end Exchange Traded Note incorporated in Sweden. The ETN is denominated in SEK and provides investors with access to the returns of the underlying asset, US Dollar per bitcoin, less investor fees. The average USD exchange rate of bitcoin from the exchanges:- Bitfinex, Bitstamp and GDAX provides the underlying reference price which is converted into SEK."

[isllander]

Such news spoil not only the mood but also undermines optimism. Although we must be ready for the steps of the opponents. But this is only a matter of time.

[Gabri]

For a long time I have the feeling that just actively push out of the crypto-currency world of beginners. How many frauds have already been on the news and what they were last year, when bitcoin sharply began its growth.

[richminded]

Media are really doing well in making such FUD news, and for sure weak handed people will react on this negatively. SEC temporarily suspends Swedish Crypto ETN’s and yet the media is delivering a different news, this is a clear FUD news and for sure expect the price will go deeper because of this news.

[TravelMug]

That's why the state of media specially crypto related website should not be trusted or at least we should learn how to separate the real news from the fake ones. This media outlet admit it or not are creating so much FUD that they don't do any research first. As long as they will get a revenue for every clicks they got, they will readily publish anything to attract attention.

On the other hand, we shouldn't blindly believed anything we read, better used our common sense and try to dig deeper if the news is true or not. We have seen a lot of FUD from the past already, so let this be a warning for everyone that we need to look for the "real meaning" of any articles before making any (violent)reactions.