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Bitcoin ETFs Rejected by the SEC – Market Shock and Team View

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Our team took some time to study the ETF announcement, as well as charts, and volumes – we are constructive and like what we see in the coming three months in Bitcoin.

The US Securities and Exchange Commission rejected a series of ETFs filed by ProShares in which the ETF tracked the futures contract, and others from GraniteShares and inverse ETFs by Direxion. This is yet another blow to the Bitcoin market and digital currencies overall. But the most important part of this announcement was the SEC expressing its concern about fraud and manipulation in traded markets for digital currencies. The latest rejection followed the SEC`s rejection of the Winklevloss ETF in July, one that would have traded a physical bitcoin. Today the rejections were for those that looked or were linked to derivatives.

There is a positive note in this short press release. And that is that the rationale for rejection has nothing to do with the importance of bitcoin or blockchain as technilogies in the future, or for now for that matter. The issue is that a disapproval today, like in the past, has everything to do with fraudulent and manipulative practices that, despite the efforts of regulators, is still widespread in this ecosystem.

As I type, Bitcoin is trading at the $6,383 level, off from $6,600 just hours ago, 5 pm New York time. This would imply that Bitcoin is absorbing negative information with relatives ease, and that the $6,000 to $5,800 support ($5,800 is a level that our team likes), is a range that will hold for now. Any ongoing negative news that is reported will be closely watched, with traders, in our view, holding their fingers on the buy button on the computers and handheld devices. We are long-term bullish – not trading advice, just an observation – until December 2018.

Team Classiarius


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