Categories: Bitcoin Business

Bitcoin Price Hits $1,300 Prior to ETF Decision

Click here to view original web page at cointelegraph.com
Bitcoin price surpassed the $1,300 mark on major Bitcoin exchanges earlier today, which led to various speculations on the state of

the Winklevoss twins’ Bitcoin ETF COIN’s approval.

Leading US-based Bitcoin exchanges such as Bitstamp and global Bitcoin exchange Bitfinex recorded $1,350 and $1,336 respectively at their peak.

Bitstamp.png

Over the past few weeks, Cointelegraph offered extensive coverage on the state of the COIN ETF. Analysts and traders noticed large fluctuations of Bitcoin price as discussions on the Winklevoss twins’ ETF progressed.

As analysts from CNBC and Bloomberg began to offer their optimistic views on the approval of the COIN Bitcoin ETF, Bitcoin price continued to demonstrate a rising trend, increasing from low $1,000’s to $1,200 in a matter of days.

Specifically, Bloomberg Intelligence Sr. ETF Analyst Eric Balchunas noted that the approval of the COIN ETF is likely considering the Security Exchange Commission’s long history of approving market-opening ETFs such as the ASHR. When the ASHR ETF was first introduced to the public by the SEC, the vast majority of US companies weren’t expecting it to be approved.

“The odds for and against are so evenly matched. You’ve got possible regulation, liquidity and security issues, but on the reasons for, ETFs have this long history of opening up new markets. A great example of an ETF that was approved by the SEC is ASHR. That was approved before any US companies had a quota,” said Balchunas.

Why recent Bitcoin price spike is highly anticipated

In the past 24 hours, Bitcoin price increased from $1,150 to $1,350, dropped back to $1,080 and recovered again to around $1,260 as of current. In fact, within 15 minutes, Bitcoin price surged from $1,200 to $1,350, which triggered speculations on insider trading in relation to Bitcoin ETF approval.

The market cap of Bitcoin is over $20 bln. For Bitcoin to record over 12 percent in price within 15 minutes of trading the market should have been bombarded with unexpected orders across major Bitcoin exchanges. Moreover, for the Bitcoin market to react abruptly at this scale within minutes, hundreds of millions of dollars must have been allocated in order to increase Bitcoin price.

Many traders and analysts are favoring the approval of the COIN ETF because of this spike in price. Most traders are under the impression that an insider released undisclosed information within the SEC and triggered high-profile traders to place their bet on the approval.

While these are merely speculations, MarketWatch reporter Ryan Vlastelica confirmed with the SEC that the decision will be released today.

The SEC has confirmed that a bitcoin ETF decision will be released today, despite chatter about it possibly coming Monday. Place your bets.

— Ryan Vlastelica (@RyanVlastelica) March 10, 2017

Therefore, regardless of the decision, the SEC will release its final statement on the approval of the COIN ETF.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

  • Bitcoin Business

Bakkt Kicks off Test-Launch Phase for Physical Bitcoin BTC Futures

Testing of Bakkt’s Bitcoin futures contracts starts today as the ICE-backed startup is trying out the underlying infrastructure to see… Read More

6 hours ago
  • Bitcoin Business

The Myth of Authority: Mnuchin Denies USD Is Used Criminally

U.S. Treasury Secretary Steven Mnuchin has once again weighed in on bitcoin, claiming the U.S. dollar has not been used… Read More

6 hours ago
  • Bitcoin Business

Survey: Just Four Percent of US Public Favour Bitcoin or Other Crypto Assets as a 10+ Year Investment

According to a survey produced by financial services firm BankRate, Bitcoin and crypto do not represent a popular choice of… Read More

6 hours ago
  • Bitcoin Business

Analyst: Bakkt Could be a Huge Catalyst for Bitcoin; Is a Price Surge Inbound?

Despite facing multiple long delays, the highly anticipated Bakkt Bitcoin futures platform has finally began testing, and many analysts are… Read More

6 hours ago
  • Bitcoin Business

Robinhood Raises $323 Million, Still Worth Less Than Coinbase

Robinhood's $323 million fundraising haul values the trading app at $7.6 billion. But it's still worth less than Bitcoin exchange… Read More

6 hours ago
  • Bitcoin Business

Crypto Market Leaders Differ on Pace of Inst Adoption. Who’s Right?

Binance CEO says there's no influx of institutional investors in bitcoin and other crypto tokens, but reports say otherwise. |… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More