 |
September 21, 2018, 04:04:45 PM |
|
SEC approves CBOE's proposed Bitcoin ETF? Is ICE's electronic asset trading platform successful? How Bitcoin will be impacted in the near future
Bitcoin posted a sharp drop of 3.8% in the first day of the week, erasing all of last week's recovery efforts. Currently BTC is trading at $ 6251. The immediate cause may be attributed to CBOE's future bitcoin futures contract due tomorrow.
At present, market sentiment is very thin and may well be impacted by more fundamental news, rather than technical factors. This September is considered to have a number of events that have had a significant impact on Bitcoin's future direction, including the SEC's decision on Coke's VanEck / SolidX ETF Bitcoin, the CFTC's approval of the trading floor proposal. ICE bakkt and CBOE CMB futures contracts expire at the end of September.
Bitcoin ETF
Although the SEC has declined most of the ETF bitcoin recommendations, market sentiment has deteriorated over the past month, but many investors are still wary of the CBOE proposal for the SolidE Bitcoin Shares listing of the VanEck SolidX Fund. Bitcoin Trust. As the community still predicts, if the SEC agrees then market sentiment will improve significantly and consolidate the recovery of Bitcoin. At the same time, the proposal would likely attract a large amount of capital from larger institutional investors.
The CBOE proposal is considered to be more innovative and superior to previous ETF recommendations, which may be more convincing to the SEC. For the SEC's concern about the harm to "fisherfolk" when the market is manipulated, the CBOE sets a "limit" for each fund certificate of 25 bps to set a barrier to entry. In addition, the VanEck SolidX Bitcoin Trust also set up two reserve funds of $ 25 million and $ 100 million in case of high volatility, to ensure coverage of the fund.
In addition, on the issue of fund NAV valuation at the end of the day, VanEck confirmed that there will be agreement on market price data services from reputable partners, strict adherence to AML regulations, KYC and is registered with the SEC. To better understand the CBOE proposal, please read the following article. However, we can not deny the reality of the underdeveloped electronic money market and the control tools so that the SEC can nod in the birth of an ETF. The SEC's decision will be made at the end of September.
Bitcoin futures contract
ICE announced in August that it plans to launch a trading platform for Bakkt codecs, in partnership with Starbucks, Microsoft, to provide investment vehicles such as futures contracts. Unlike the futures contracts of CME and CBOE, Bakkt's futures contracts will be backed by Bitcoin, which means there will be bitcoin exchanges to buy and sell. This will directly affect the price of bitcoin in the market without any leverage or margin.
|
