LATEST ARTICLES

Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF

Bitcoin etf

We are just a few hours away from the launch of the first Bitcoin ETF from ProShares, but there’s a new twist in the tale. Financial giant Invesco has decided to be out of the race while deciding it will not pursue it anymore. In a statement, the firm said:

“We have determined not to pursue the launch of a Bitcoin futures ETF in the immediate near-term; however we will continue to work in partnership with Galaxy Digital to offer investors full shelf of products with exposure to this transformative asset class, including pursuing a physically backed, digital asset ETF”.

Invesco had been one of the forerunners in applying for a Bitcoin ETF with the U.S. SEC. Thus, the last-minute decision coming from the financial giant comes as a surprise to the bitcoin community. Along with Invesco, the SEC is facing the deadline for Bitcoin ETF applications from VanEck and Valkyrie this month.

Later today, October 19, the ProShares Bitcoin ETF will debut at the NYSE Arca Exchange. The BTC price has already rallied 40% this month of October amid strong anticipation of the first Bitcoin ETF in the U.S. As of press time, Bitcoin is trading at $62,434 with a market cap of $1.181 billion.

Grayscale Preparing for a Spot Bitcoin ETF

World’s largest digital asset manager Grayscale also announced that it will convert its GBTC Bitcoin fund into a Bitcoin ETF. Grayscale founder and CEO Barry Silbert confirmed the same.

Following a “clear, formal indication” from the U.S. Securities and Exchange Commission (SEC), Grayscale shall be filing for a spot ETF.

Silbert also aired his criticism to the futures-back Bitcoin ETF from ProShares and Valkyrie. It seems that Grayscale won’t be giving up to the SEC’s whims and will continue to aggressively pursue a spot Bitcoin ETF directly tracking the underlying asset.

The post Invesco Pulls Back Its Decision to Launch A Futures-backed Bitcoin ETF appeared first on Coingape.

Ethereum Price Holds Bullish Case Aiming For $4,400

  • Ethereum price is still on track for all-time highs despite the resistance at $4,000.
  • The SuperTrend indicator and the MACD send buy signals, encouraging buyers to join the market.

Ethereum bulls are adamant about letting go of their grip on the price, perhaps because they are very close to the all-time high. In the days leading to last weekend, Ether sustained an uptrend whereby a real break was made above $3,600 and extended to $3,800. On Sunday, buyers nearly brought down the barrier at $4,000 but an unexpected obstacle at $3,980 cut short the upward action.

Ethereum Bulls Embrace Multiple Buy Signals

The most prominent smart contracts token is trading at $3,812 at the time of writing after recoiling from support near $3,600. Bulls believe that it is a matter of time before they make their way above $4,000. The short-term goal is to close the gap at the all-time highs around $4,400, a move that will blast Ether into the subsequent price discovery phase.

According to the daily chart, the technical picture mainly favors the bulls. For example, the SuperTrend indicator has recently flipped bullish. This indicator sends a buy signal when it closes the day below Ethereum’s price. If the technical picture stays the same, we expect Ethereum to remain in the bullish camp.

ETH/USD Daily Chart

ETH/USD price chart
ETH/USD price chart by Tradingview

Similarly, the Moving Average Convergence Divergence (MACD) indicator moved above the mean line, thus adding credence to the bullish outlook. Realize that the MACD is a trend tracking tool that calculates the momentum.

As the 12-day EMA crossed below the 26-day EMA, the odds increased in favor of the uptrend. As long as the technical picture on the chart is unchanged, Ethereum has the potential to rally to $4,400.

On the other hand, bulls must focus on lifting above the supply zone marked red on the chart. A real break past this level will encourage more buyers to come to the market as investor risk appetite rises. In turn, giving ETH the momentum to hit a new all-time high.

Ethereum Price Intraday Levels

Spot rate: $3,822

Trend: Bullish bias

Volatility: Low

Support: $3,600

Resistance: $4,000

The post Ethereum Price Holds Bullish Case Aiming For $4,400 appeared first on Coingape.

Brazil Central Bank Report: citizens purchased $4.2 billion in crypto in 2021

Brazilians’ zeal for cryptocurrencies was recently confirmed by their 2021 crypto purchases. The exclusive Central Bank report revealed that the nation’s residents have bought $4.2 billion worth of crypto since January 2021. The latest purchase was registered in the month of August, amounting to $496 million. However, the highest purchase of crypto actives was marked in May, when Brazilians bought $756 million in crypto. Since then, no month has been able to beat May’s record high of over $750 million.

“Since then these numbers have been falling (US$695 million in June and US$583 million in July), but they are still much higher than what was seen at the beginning of the year: in February cryptoactive purchases were US$386 million and in March, $357 million.”, stated the report that takes cryptocurrencies as part of the commercial balance of products.

One-way Flow of crypto

Bruno Serra, the director of monetary policy of the Central Bank of Brazil spoke in a videoconference organized by the company Upon Global on Friday. He highlighted that the Brazilian investments in crypto actives abroad are potentially three times greater than in American shares. Furthermore, he asserted that Brazilians’ investment into crypto will only rise from this stage onwards. He notes that there is a potential to reach R$ 50 billion in crypto actives purchased by Brazilians.

However, Serra also mentioned Brazil’s inability to produce crypto in lieu of crypto production’s high energy consumption, noting the country’s one-way flow of cryptocurrencies in the present. He said, “It’s a one-way flow. Due to the cost of energy, Brazil does not produce crypto actives, it is just an importer”.

El Salvador may lead the regulated crypto sphere

As Bitcoin maintains above $62K, it is attracting more government institutions with each passing. With this, El Salvador’s controversially authoritarian Bitcoin Legal Tender stance might have been a blessing in disguise for the citizens. While President Nayib Bukele continues to receive considerable backlash for his BTC legal tender decision, he has not given up the fight. Earlier this month, he revealed that country has even started Bitcoin mining using volcanic energy to tackle the issue of wasteful energy consumption.

The post Brazil Central Bank Report: citizens purchased $4.2 billion in crypto in 2021 appeared first on Coingape.

Grayscale to reportedly convert the World’s Biggest Bitcoin Fund into spot ETF

Grayscale

The world’s largest crypto asset management firm, Grayscale is reportedly going to file an application to the SEC to convert the world’s biggest Bitcoin fund into spot ETF this week according to an anonymous source from the firm. CNBC’s report revealed that the ETF application will also have a 75-day review period. According to the source, Grayscale has been preparing to file its long-awaited Bitcoin spot ETF, following the footsteps of other competitors who are filing for futures-based Bitcoin ETF.

The long-term ETF strategy

Grayscale’s baby steps towards its Bitcoin ETF this year have been evident. From opening three independent crypto funds to ease the transition to an Exchange Traded Fund (ETF) to hiring the 20-year ETF veteran, Dave Lavalle as its first Global Head of ETFs, the crypto asset management giant has been determined to acquire Bitcoin ETF. Earlier this year, Grayscale CEO, Michael Sonnenshein asserted that the status of Bitcoin ETFs in the US is only the matter of “when” rather than “if.”

“A Bitcoin ETF here in the US is really a matter of when, not a matter of if…We’re looking for a couple of different points of maturation in the underlying market. That’s the final stages of what regulators need to approve those types of products.”, Sonnenshein told Squawk Box in an interview.

Spot vs. Futures backed Bitcoin ETF

As Bitcoin runs an impressive bull, staying above $62K, institutions are hopping on the Bitcoin ETF wagon. Grayscale’s Bitcoin Spot ETF application speculations are followed by SEC’s first approval of ProShares Bitcoin ETF that will track Bitcoin futures.

However, there lies a radical difference between the two. Futures-backed Bitcoin ETF will track the price of futures products and is linked to derivative contracts traded on the Chicago Mercantile Exchange instead of the actual Bitcoin. Furthermore, Grayscale’s Spot ETF will track the price of Bitcoin itself and not its derivatives. While spot ETFs are possibly more effective, yet companies are rushing to file for futures-backed Bitcoin ETF since the former lacks the SEC approval for now.

The post Grayscale to reportedly convert the World’s Biggest Bitcoin Fund into spot ETF appeared first on Coingape.

Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion

bitcoin

Bitcoin ($BTC) bounced back from the weekend price corrections below $60K to make the highest weekly close in its history. $BTC price made the weekly close above $62K, marking the highest close in the decade-long existence, which is a highly bullish sign. The top cryptocurrency is currently trading at $62,331 with a 3% gain over the past 24-hours.

Bitcoin
Source: TradingView

The top cryptocurrency is also just another rally away from reaching all-time-high (ATH) as it is currently just 4% down from the ATH of $64,683. As $BTC bounced from a weekly price fluctuation, the crypto market cap also breached the $2.5 trillion mark for the first time in 5-months.  The supply of Bitcoin on centralized exchanges is at an all-time low indicating no signs of another market sell-off in the near future.

Bitcoin
Source: Glassnode

The market sentiment around the top cryptocurrency is highly bullish as the Fear & Greed Index indicates a sentiment of extreme greed among traders. $BTC has recovered nearly 50% of its value lost during the bearish September in just 3-weeks time, and as bullish momentum builds for the last quarter, many analysts are sure about $100,000 price by the end of this year.Bitcoin

What’s Driving the Bitcoin Bulls?

Apart from the fact that the final quarter of the year has proven bullish for Bitcoin, the major force behind the current rally is being attributed to the recent approval of the first-ever Bitcoin Futures ETF by the SEC in the form of ProShares BTC ETF. While Bitcoin proponents believe a Futures ETF would give regulators more control over the market and even make it expensive, the overall sentiment towards the decision is highly bullish given the historic value of the approval.

Santiment data shows that Bitcoin Futures ETF is one of the fastest-growing trends on social media indicating a bullish market sentiment.

Bitcoin

The top cryptocurrency can reach a new ATH by the end of the day or within this week. Looking at the debate around the Bitcoin Futures ETF, market analysts believe people would be better off buying spot BTC than ETF investment at the time.

The post Bitcoin ($BTC) Makes Historical Weekly Close as Crypto Market Cap Breaches $2.5 Trillion appeared first on Coingape.

First fund linked to bitcoin futures debuts on NYSE

0
Published by
AFP

New York (AFP) – Bitcoin took another step closer to mainstream investing Tuesday with the launch of a new security on Wall Street tied to futures of the cryptocurrency. To mark the occasion, ProShares, leader in exchange-traded funds, a type of investment linked to an index, rang the opening bell of the New York Stock Exchange on Tuesday. The Bitcoin Strategy ETF, trading under the “BITO” ticker, rose 3.1 percent to $41.03 in its first session, an eagerly-anticipated event in the world of crypto-money that boosted bitcoin futures. Unlike mutual funds, which are traded only once a day, ETFs ca…

Bitcoin Price Prediction: BTC Return To $62,000 Extends Winning Streak Aiming For $68,000

Trading Techniques

  • Bitcoin price returns above $62,000 and nearly touches $63,000 for the first time since mid-April.
  • As affirmed by the general technical picture, BTC is in the bulls’ hands; a break above $65,000 would quickly push BTC to $68,000.

Bitcoin settled above $62,000 following an impressive run last week. The move allowed more bulls to join the market amid rising speculation that the flagship cryptocurrency is only beginning this bull cycle.

The weekend saw Bitcoin stretch the bullish leg higher above $62,000, where it almost brushed shoulders with $63,000. BTC had not traded at this level since mid-April, just before the crash began.

Bitcoin trades at $62,050 at the time of writing. A minor retracement from the weekend highs rebounded after confirming support at $59,000. As long as Bitcoin holds onto $62,000, bulls will focus on the all-time highs near $64,000 and later stretch the leg to $68,000.

Bitcoin Price Uptrend Gradually Brings Down Critical Barriers

The general technical picture on the daily chart is strongly positive, starting with the Moving Average Convergence Divergence (MACD) indicator. With this trend following toll on an upward roll above the mean line, the odds strongly favor the bulls.

Similarly, the Relative Strength Index (RSI) suggests that buyers have the upper hand as it snakes into the overbought region. Like the MACD, the RSI follows the asset trend but calculates the strength from the bulls and the bears. A consistent upward movement implies that Bitcoin is in the hands of the bulls.

BTC/USD Daily Chart

BTC/USD price chart by Tradingview
BTC/USD price chart by Tradingview

At the same time, the 100 Simple Moving Average (SMA) is on the verge of crossing above the 200 SMA. Although the result of this would not be a golden cross, the index’s appearance helps validate that buyers are in control, and we can expect Bitcoin to keep the uptrend intact.

Bitcoin Intraday Levels

Spot rate: $62,112

Trend: Bullish

Volatility: Growing

Support: $60,000 – $59,000

Resistance: $64,000 – $65,000

The post Bitcoin Price Prediction: BTC Return To $62,000 Extends Winning Streak Aiming For $68,000 appeared first on Coingape.

Animal Spirits Returning

0
Published by
ValueWalk

S&P 500 prompt recovery confirms my bullish run thesis – above 4,520, and given my Feb announced year end target of 4,700, fresh ATHs are approaching. Get ready though for quite some volatility as the current lull won‘t last indefinitely – I‘m not looking for VIX at 15 to be broken to the downside on a closing basis, and wouldn‘t be surprised by another noticeable correction once the current upswing runs out of steam somewhat above prior ATHs. Q3 2021 hedge fund letters, conferences and more So far so good, and the stock market run continues without marked credit markets confirmation as the ri…

ETH Price Analysis: Ethereum Price Could See a Short-term Correction Before the Upswing Resumes

The Ethereum fear and greed index signals high greed readings at level-73 even as GasNow, the popular Ethereum gas price quotation system suspends operation. The event was followed by the China-based mining pool [Sparkpool] earlier announcing the closure in response to regulatory requirements.

Etherscan at press time shows that the Ethereum 2.0 deposit contract maintains its lead as top deposit account in terms of Ether balance, an indication that the Sparkpool incidence does not deter the growth of the ETH ecosystem.

Another significant driver of the general crypto market is the recent Bitcoin ETF approval, as analysts speculate on an Ethereum ETF approval to follow. Meanwhile, the ETHBTC price chart from a daily time frame signals a regular bullish divergence, which means we should expect a rise in demand for ETH over BTC in the short to mid-term.

Read on as we uncover more insights from the ETHUSDT price chart.

Ethereum (ETH) Weekly Chart Analysis

Paired against USDT, the Ethereum ETH trades within an expanding triangle, formed by bearish and bullish divergence patterns on 10 May and 19 July ’21.

The ETHUSDT price soared by about 136% after following a hidden bullish divergence on 19 July. Values of the RSI continue to trade above level-25, therefore indicating an uptrend as a bear-trap signal confirms a higher trough on 20 September ’21 [$2652.00].

Ethereum (ETH) Daily Chart Analysis

The above daily chart annotations reveal a similar expanding channel chart structure, this time with a bearish divergence as the current signal.

We anticipate the current uptrend to retract as early bulls take out some profits. On the flip side, a surge in demand could nullify the bearish divergence altogether as the price shoots for new highs.

Ethereum (ETH) 4HR Chart Analysis

Viewing the ETHUSDT from the 4HR intraday time frame, we notice a third expanding channel with a bullish divergence signal at press time.

Short-term scalpers could take a quick long order trade following the current bullish divergence with support at $3795.00. 

Although the general outlook for the ETHUSDT remains bullish, traders should generally be mindful of a price breakdown below the bullish trend line support, which could confirm the bearish divergence signal on the daily time frame and a decision to short sell the ETHUSDT.

Ethereum (ETH) Intraday Levels

  • Spot rate: 3894.09
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $3371.00, $3695.00, and $3795.00
  • Resistance:  $3966.00 and $4000.00

The post ETH Price Analysis: Ethereum Price Could See a Short-term Correction Before the Upswing Resumes appeared first on Coingape.

BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs

The long-awaited Bitcoin BTC ETF-Exchange Traded Fund is now approved by the US SEC, and it’s viewed as a positive development for the entire cryptocurrency market. Analysts suggest that the crypto market could see capital flowing in, with speculations around investors moving out of Gold ETFs into Bitcoin.

Let’s analyze the BTCUSDT charts for insights into the recent price action.

Bitcoin (BTC) Weekly Chart Analysis

The Bitcoin price is back on the headlines of many digital media outlets as many analysts speculate on a price surge beyond the 2021 ATH. However, while the price is pumping real hard at press time, we also want to bring your attention to bearish reversal chart patterns that could lead to temporary retraction of the recent upswing.

A prominent bearish correction signal is an impending regular bearish divergence signal on the weekly chart above, where the RSI forms a lower peak [82] compared to the price chart setting a higher peak.

We anticipate a cool off of the BTC price if the RSI value stays below level-87 in the coming week.

Bitcoin (BTC) Daily Chart Analysis

A view from the daily time frame shows the start of a bullish campaign on 01 October ’21 after the RSI crossed above level-75 and has not dropped below level-25 ever since. 

The Bitcoin BTC price continues to set new highs and is recently shy of the all-time high at $64854.00, as the relative strength index forms a lower peak [79] signaling a likely price pull-back to come.

We expect the upward price momentum to persist till the end of the current week, given that the RSI continues to trade above level-25.

While we are optimistic of a spike in demand for the BTC, we also suggest putting some funds on the sideline for a possible price dip which can be viewed with the RSI slumping below level-25 on the daily time frame.

Bitcoin (BTC) 4 Hr Chart Analysis

The 12 October 20:00 support [$53879] confirmed the price correction on the daily time frame setting the BTC price back into a series of higher peaks and troughs.

A recent hidden bullish divergence at press time marks an end to the 3.8% correction from this week’s high.

However, a price breakdown below the hidden bullish divergence trend line would spark a rapid sell-off of the BTC price into lower price zones, perhaps around the $58k mark.

The post BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs appeared first on Coingape.