[Daily Discussion] - Wednesday, June 23, 2021 Bitcoin Markets |
- [Daily Discussion] - Wednesday, June 23, 2021
- VanEck Files with the U.S. SEC for Bitcoin Futures Mutual Fund
- Bitcoin Hinting at $20K Correction Bottom? (Weekly Forecast)
- "The consequences are serious." How China's bans will affect the crypto market?
- [Daily Discussion] - Tuesday, June 22, 2021
- My uneducated attempt at a Wyckoff Accumulation forecast on the BTC 2h chart (not a price or timing prediction, NFA)
- Interest yielding wallets driving down price?
- ��Zoom out on social activity to gain perspective on bitcoin
- What Are Bull and Bear Markets? An Introduction.
| [Daily Discussion] - Wednesday, June 23, 2021 Posted: 22 Jun 2021 09:00 PM PDT Thread topics include, but are not limited to:
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Other ways to interact: Get an invite to live chat on our Slack group [link] [comments]  |
| VanEck Files with the U.S. SEC for Bitcoin Futures Mutual Fund Posted: 22 Jun 2021 04:56 PM PDT Global investment management firm VanEck has submitted a proposal to the U.S Securities and Exchange Commission (SEC), for a Bitcoin futures mutual fund. No Direct Investment in BitcoinIn a Form N-1A filing with the SEC on Monday (June 21, 2021), VanEck stated that the Bitcoin Strategy Fund seeks to invest in bitcoin futures. The fund will also invest in pooled investment vehicles, along with exchange-traded products (ETP), with exposure to bitcoin. Also, the investment in bitcoin futures will be done via a limited company subsidiary that operates under the laws of the Cayman Islands. An excerpt from the prospectus reads: "The Fund seeks to invest in Bitcoin Investments so that the total value of the bitcoin to which the Fund has economic exposure is approximately 100% of the net assets of the Fund." However, unlike VanEck's previous applications, the Fund will not directly invest in bitcoin. "The Fund does not invest in, or seek exposure to, the current "spot" or cash price of bitcoin. Investors seeking direct exposure to the price of bitcoin should consider an investment other than the Fund" VanEck's Fund not directly investing in bitcoin could make the SEC speed up its decision on the company's proposal. The investment management firm submitted several applications for a Bitcoin ETF in the past, with the American securities regulator delaying its decision, causing the company to withdraw its proposals. VanEck decided to try again in December 2020. Later in March 2021, Chicago Board Options Exchange (CBOE) filed a proposal to list the VanEck Bitcoin ETF. However, the company seems to be witnessing another series of delays. In April, the SEC announced it was postponing its decision on VanEck's Bitcoin ETF till June. Later in June, the SEC delayed giving a decision for the second time, stating that it was seeking more comments. Meanwhile, VanEck earlier listed its crypto exchange-traded funds (ETP) on the Euronext stock exchanges in Amsterdam and Paris, giving investors exposure to Bitcoin and Ethereum. Apart from VanEck's application, several other Bitcoin ETF proposals await the SEC's decision. While the SEC continues to delay a BTC ETF, countries like Canada and Brazil already approved various Bitcoin ETFs. https://btcmanager.com/vaneck-files-us-sec-bitcoin-futures-mutual-fund/. [link] [comments]  |
| Bitcoin Hinting at $20K Correction Bottom? (Weekly Forecast) Posted: 22 Jun 2021 05:19 PM PDT Bitcoin dropped again to start off the week, slipping briefly under the $30K level to ~$28,700 before the buyers stepped in, bouncing BTC back to ~$33K near the end of the Tuesday session. While the lower low is not bullish, the response was, showing a nice reactive ~$4K bounce to finish the day almost flat and a weekly candle that, so far, looks very supportive. CHART HERE. (June 22, 2021 8:30PM EST) Short-TermBitcoin fell and recovered early in the week, giving us a bullish hammer on the weekly chart. If this was indeed this microcycle's low, then we could see sideways trading between $30K - $40K going forward while we build momentum back up. This is my primary view as there is a ton of buying pressure at and underneath $30K to further support strong fundamentals and recent price action. There has been a lot of intraday "noise" in the media (China FUD, Elon tweets, clean energy FUD, etc.) that has caused a lot of crypto noob selling, but long-term holders are not only HODLing but accumulating more than ever. Fear is high which typically indicates a bottom is near. This aligns with a 61.8% fib retracement of the September 2020-May 2021 rally, resembling that of the 2013 Bitcoin cycle when we had an early, mid-year "top" which later proved to be "the first selloff." If there's more pain to come, then we could see a drop down to the 78.6% fib retracement of the Sept '20 - May '21 rally around $21,637 which would assuredly get bought up as it hovers just above the 2017 highs which should provide massive support. This is not my primary view but it is possible given the current price action, and it's common for assets to retrace to former resistances to test support. If this happens, I expect a massive capitulation candle that results in a violent bounce back up to $30K or higher which should kickstart the next leg of the bull market rally. BTC Dominance📷 Bitcoin Dominance continues to recover, rallying to nearly 48% amidst another crypto selloff as alts continue to suffer the brunt of the pain. Capital continues to rotate out of needlessly inflated alts back into the "conservative" mega-cap Bitcoin, which could help push Bitcoin dominance back up to 50 or even 60% by the time this short-term selloff and consolidation is over. Long-TermBTFD. Fundamentals have not changed. Daily and even weekly charts will show relatively large corrections; this is standard bull market behavior. Now that another altseason has been spectacularly squashed, this sets us up for another Bitcoin leg up to new highs. By nearly every measure, we are nowhere near a top; in fact, we are maybe halfway through this bull market. What do you do during bull markets? Buy. The. Dip. Support: $30K, then at $20K.Resistance: $35K, $40K, then $45K.[link] [comments]  |
| "The consequences are serious." How China's bans will affect the crypto market? Posted: 23 Jun 2021 05:53 AM PDT In China, four provinces have already banned the mining of digital assets, and five of the country's largest banks have been banned from conducting operations related to cryptocurrencies. Experts explained what it will lead to and how it will affect quotations in the long term. On June 21, the People's Bank of China held a meeting with the country's five largest banks and the Alipay payment system, during which it warned financial institutions against transactions related to cryptocurrency. Last month, Chinese authorities called for stricter regulation of mining and crypto-trading. Since then, four Chinese provinces have already banned mining of digital assets: Sichuan, Yunnan, Qinghai and Xinjiang. During the month bitcoin fell in price by 18%, and on June 22, its value fell below $ 30,000 for the first time since January this year. Given the volume of crypto market in China and the fact that the Celestial Empire sets the tone in the actions of the states in the Asia-Pacific region in many economic and political issues, the consequences for cryptocurrencies in the global plan will be serious, the head of the analytical department of AMarkets Artem Deev said. The example of China in the near future may be followed by other states unfriendly to cryptocurrencies, said Director of Partnerships 1inch Network Nikita Ovchinnik. According to him, such measures may be taken by the countries of the Asian group, such as Japan, the Republic of Korea, India, as well as countries in Latin America. Such a large-scale attack on the cryptocurrency market in China continues to increase pressure on the market, and the desire to regulate the cryptocurrency market will continue - neither the US nor the EU will be able to miss these events, especially when announcing their intentions to introduce their digital currencies, Deeev argues.
In the long term, China's bans will certainly not bring anything good, but they will not be followed by any catastrophe, says Nikita Soshnikov, director of the cryptocurrency exchange service Alfacash. He predicted that the flow of Asian money to the crypto market will decrease, which will negatively affect the quotes.
Long stay of bitcoin below $30 thousand is unlikely, the expert said. In his opinion, at this level of the price of the main cryptocurrency many traders have orders to buy. [link] [comments]  |
| [Daily Discussion] - Tuesday, June 22, 2021 Posted: 21 Jun 2021 09:00 PM PDT Thread topics include, but are not limited to:
Thread guidelines:
Other ways to interact: Get an invite to live chat on our Slack group [link] [comments]  |
| Posted: 21 Jun 2021 03:12 PM PDT |
| Interest yielding wallets driving down price? Posted: 21 Jun 2021 04:04 PM PDT Is anyone else suspicious that all of those interest bearing crypto wallets that have been popping up are just providing borrowed liquidity to whales/hedgies and giving them more power to manipulate the price of crypto? The scarcity of Bitcoin is severely undercut by the ease with which it can be borrowed now. In-kind interest on a deflationary asset doesn't really make sense in the first place and I get the feeling that Hodlers are providing ammo to Bears in exchange for a tiny profit (which is more than paid for by driving down the price of BTC with shorts) and even if those Hodlers don't plan to sell and think short term price drops won't affect them, they may have significant impacts on the overall growth of the BTC market and price. [link] [comments]  |
| ��Zoom out on social activity to gain perspective on bitcoin Posted: 21 Jun 2021 02:19 PM PDT |
| What Are Bull and Bear Markets? An Introduction. Posted: 21 Jun 2021 04:11 PM PDT |
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