Coinspeak Technical and Fundamental Market Analysis
Bitcoin is up 3% on a day the Sterling and other currencies scramble to avoid the gravitational pull of the blackhole of their central bank policies and deals made with the devil (extra EU). The Dollar is the least worst place to be in fiat so it rises in comparison. How much longer will that last?
Tomorrow the SEC either approves or denies the Winklevoss Bitcoin ETF. As pointed out in this article a Bitcoin ETF could be a major boost to Bitcoin price.
Having meandered between $300 and $400 for the previous 15 years, gold prices started to take off in 2004. Within two years of the launch of GLD, gold had hit $600. Within four years, it was over $900.
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So a Bitcoin ETF should mimic the price-doubling impact of GLD and SLV.
In fact, the first Bitcoin ETF might pack even more of a punch than its precious metals counterparts.
That’s because a lot of potential Bitcoin investors have been sitting on the sidelines.
Any update from your sources on SEC approval?
SEC put approval on ice for another 45 days. https://www.sec.gov/rules/sro/batsbzx/2016/34-79084.pdf
There is some banter that there is a troll from bitcointalk forums who put forward objections about how the price of bitcoin is fixed for markets that the SEC is going over. That’s rumor and speculation.
I am sure the vampire squids are evaluating how to get a piece of the action before letting their SEC underlings rubber stamp anything.