Price of Bitcoin Goes Wild On ETF Decision

ETF Decision

It is such as a roller coaster ride today for the Bitcoin market because of the most awaited decision about the exchange traded fund (ETF) looking forward to be reported anytime. At the first few hours in the morning of the 10th of February, the cost of each bitcoin went to its peak which as much as 1350 USD.

It didn’t last long though because the price went unstable and decreased to 1250 USD. But then again, bitcoin’s price continuously aims to attain the 1300 USD value again.

As the U.S. Securities and Exchange Commission (SEC) tends to release their ETF decision anytime, most of the bitcoin enthusiasts expected it to be delivered today.

SEC could have decided to report the final judgement about ETF upon having their live webcast of the agency’s “Evidence Summit.” In line with this anticipation, the market is giving a positive outcome since they are eyeing for a significant endorsement of bitcoin as an asset class.

Discussing real time, the cost of each bitcoin tends to increase and decrease from 1230 dollars to 1275 dollars. Bitcoin traders seems to be playing around, excited to hear about the official SEC decision to be announced. It was around March 8 and 9 when bitcoin’s price reduced and reinforced a formation at the $1150 mark that felt like a retreat will happened.

ETF Decision

Indicators which are technical went to a descending direction until the morning of March 10, where there was a sudden change. It is now safe to say that a significant shift will expected with the bitcoin’s price but anyone can just guess which way it heads.

Headlines For March 10

During the time of ETF decision waiting, there were some important events happened meanwhile. The people were informed on the day before March 9, about the upcoming claim distribution process by Nobuaki Kobayashi, the Mt Gox bankruptcy trustee.

Half of the percentage of the funds they had from a Mt Gox affiliate will be released by the U.S government amounting to 2.57 million USD if the former agrees to the condition that they will drop their claim for the remaining.

Kobayashi has known that as much as 5.14 million USD in funds were seized from the exchange’s Mutum Sigillum LLC subsidiary for transmitting illegal money and he settled with that agreement with a hearing that is scheduled on April 24, 2017. The Mt Gox investigation is a positive news for customers, for they can expect some money in the long run.

ETF Decision

On the other hand, Abra (bitcoin payment company) has undertaken direct support for BTC.It’s system works with bitcoin purchasing secretly, but now the decentralized currency has been brought up straightly to the application interface.

In line with this, users can readily acquire, keep and send bitcoins through the use of this Abra platform. By just using their bank account, residents of the US as well as Philippines can purchase bitcoin with no fees incurred. The company is happy to have bitcoin added up to its more than 50 currencies used on the platform.

The Wait

A huge number of bitcoin enthusiasts are excited to hear the  ETF decision. A lot of people believes that it’s permission will aid U.S. to furthermore be an innovative technology leader. A positive decision will give more pathway to current investment in the world of digital currency that could ignite attention from other countries.

However if a negative result happens, it would most likely have a reaction from the market but still, it doesn’t imply the end decision for bitcoin exchange-traded funds. They can somehow seek approval again upon addressing the problems and issues mentioned by the SEC.

Written by Melvin Draupnir on March 15, 2017.