ETFs Are Coming, Is There Any Hope for Bitcoin?

The U.S. Securities and Exchange Commission (SEC) has revealed that it has begun reviewing the bitcoin ETFs filed by New York-based investment house SkyBridge Capital and asset management giant Fidelity.

Short-term (intra-day): up

Intermediate term (over two weeks): down

Talking Hot Topics

Today the Securities and Exchange Commission (SEC) revealed that it has begun reviewing bitcoin ETFs filed by New York-based investment firm SkyBridge Capital and asset management giant Fidelity, which are called The First Trust SkyBridge Bitcoin ETF Trust and Wise Origin Bitcoin Trust, and the corresponding exchanges are the New York Stock Exchange and Chicago Board Options Exchange, respectively. The results of the preliminary review will be made public within 45 days, and if the window is extended, then the results will also be available within 240 days at the latest. The SEC’s announcement also means that the ETF quotation cycle is now official, and in addition to these two bitcoin ETF applications, there are four other applications under official review, namely VanEck, Kryptoin, WisdomTree and Valkyrie’s Bitcoin ETF applications. Overall, the current wave of ETF applications is still very promising, after all, the SEC released the words “long overdue for a bitcoin ETF” last week, so stay tuned for that.

Then we move on to the bitcoin mining issue, following yesterday’s public consultation by the Inner Mongolia Development and Reform Commission on the “eight measures to combat and discipline virtual currency mining behavior”. Today the National Energy Administration’s Sichuan regulatory office also issued a notice that it will hold a research forum on virtual currency “mining” on June 2. It seems that the possibility of a broad-brush approach is unlikely, and I guess that in the end, some kind of standard should be given, and it is more likely that the relevant mining industry will be rectified according to the standard, but the actions of the two major mining provinces basically let us figure out where the focus of the regulation is, and the relevant agencies The two major mining provinces have basically let us figure out where the focus of the above regulation is, and the relevant agencies have started to prescribe the right medicine, and the wave of regulation is expected to end soon, as long as we do not participate in mining, do not trade in high multiples of contracts, just hold the coins to wait for the market to turn back.

Talking about the financing of domestic blockchain companies in the past two days, yesterday the blockchain middleware research and development company Pure White Matrix completed a Series A round of financing of nearly 100 million yuan This Series A round of financing was led by Ant Group, Efacoda and Nanjing Jiangbei New Area Science and Technology Investment Group followed; today Cloud Elephant announced the completion of more than 100 million yuan Series B financing, led by Fosun Fangyi Fund, old shareholders Deep Venture Capital, Hangzhou Red Earth Growth Fund followed. From the investment institution, these two local blockchain companies have introduced state-owned capital, which can show that the country is still very optimistic about the future of blockchain technology. However, VNT, the public chain developed by Cloud Elephant, did not go up because of this round of financing. Maybe the Cloud Elephant team has sold all the VNT, which also tells us that often the parent company’s financing is not much related to the coins in the secondary market.

These two days the RMB exchange rate has not less appreciation, looking at the hands of the U have a feeling of crying, so I think in order to spread the risk, does not affect the transaction, you can properly hoard RMB, the future exchange rate is really not easy to say, maybe always appreciate it, earn more U also does not help, of course, how to operate according to their actual situation.

Yesterday, the L2 section exploded again today, SKL, MATIC are not less up, and should be related to tomorrow’s main online Arbitrum, but Arbitrum does not know if there is a coin, but you can pay attention to. The primary market, Coinlist and gave 12 new codes, you go check it out yourself, can participate in as much as possible, Coinlist on the project although difficult to cast on, but at least is guaranteed.

ETFs Are Coming, Is There Any Hope for Bitcoin?

BTC: Bitcoin yesterday the highest to 40800 near the block, and then down to test, the current market belongs to the rebound market, and not a reversal, so there will be a wide range of shock, no surprise there will be a third test the possibility of the bottom support, so do not because of a little fluctuation, not calm ah. 4 hours level, the lower support 35500, 32800, the upper resistance 40800, 42500, 46500. The first time you are in the market, you will be able to see the market.

ETH: The Wolf of Wall Street Carl Lcahn started milking ETH, he said Bitcoin can only be used as a store of value, Ether can be used for both value storage and payment, Carl also said he might invest $1 billion in a cottage coin, most likely Ether, which is a potential positive bar.

BNB: BNB is not much volatile today, of course the whole market is relatively calm, but for this leading coin, in fact, short-term fluctuations do not need to look, just take good.

LINK: LINK in the rebound cycle performance is very strong, today continues to steadily upward, and with a certain degree of release, later as the L2 utilization rate increases, DEFI will have a wave of market, LINK still has a leading appreciation logic.

DOGE: trend LINK big pie, Musk did not have much news, DOGE will not have an independent market.

ICP: two consecutive days are in a negative state, now ICP has two problems, 1 is the circulation of less, the back of the potential pressure to throw heavy; 2 is the lack of ecological projects, and the lack of killer ecological projects, always ICP still need time to verify.

FLOW: There is no news today, so the market linkage to the broader market is dominant, hold the coin can be able to medium and long-term various good landing bar.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/etfs-are-coming-is-there-any-hope-for-bitcoin/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-05-27 09:42
Next 2021-05-27 11:01

Related articles