BTC

Talk Of Bitcoin ETF Grows, Weekly Crypto Metrics

Posted Tuesday, August 7, 2018 by
Shain Vernier • 1 min read

Recent buzz over a licensed and regulated Bitcoin (BTC) ETF has brought new hope to a struggling asset class. Interest from investment firms BlackRock and VanEck regarding the crypto space has institutional players on the edge of their collective seat. A professionally managed, licensed way to invest in BTC? Will this ever become a reality?

For now, the answer is ambiguous at best. The U.S. Securities and Exchange Commission (SEC) shot down plans earlier this year for the Winklevoss BTC ETF. However, they are now “considering” giving their consent to the VanEck-SolidX ETF. A final answer on the offering is due out in coming months.

If the SEC does consent to VanEck-SolidX, the impact on cryptos will be extensive. It will set a precedent and open a Pandora’s box facing cryptocurrency investment. Firms will seek to launch funds not only on BTC, but other leading cryptocurrencies and all things blockchain. The entire development will be huge for the asset class, further legitimizing digital currencies.

Rumors Of A Bitcoin ETF Haven’t Helped Weekly Values

It appears that traders are not buying the BTC ETF talk — at least not yet. The last seven days have not been particularly kind to the big four cryptos:

Coin                              Percentage Change (Approximate)

Bitcoin (BTC)                               -5.49%

Bitcoin Cash (BTH)                    -4.79%

Ethereum (ETH)                         -1.43%

Litecoin (LTC)                             -3.23%

Overview: July was a good month for cryptocurrencies, in comparison to the first six of 2018. If prices are to revisit the all-time highs of last year, something is going to have to excite investors. Perhaps SEC approval of a BTC ETF will be the catalyst for a return to the explosive cryptocurrency bull market of 2017.

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About the author

Shain Vernier is our US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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