No Consent for BTC ETF Anytime Soon

No Consent for BTC ETF Anytime Soon

Reggie Browne of Cantor Fitzgerald says Bitcoin exchange-traded funds will not likely be approved in the near future, while Larry Fink of BlackRock hopes for a legitimate crypto industry

Browne, who is apparently called the godfather of ETFs, pronounced that an ETF approval for Bitcoin and its asset class will happen only if a solid regulatory framework is in place. At DC’s Georgetown University's Financial Markets Quality Conference, he attributes the non-approval to the the lack of available data.

It’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet… the markets just aren’t here.

Reggie Browne

BlackRock Awaits Legitimization

According to Larry Fink of BlackRock, an investment management company, the company will not have a Bitcoin ETF until it is legitimate and backed by the government.

He points out that cryptocurrencies are anonymous and was made to sidestep government institutions and banks. These characteristics present a barrier to having proper regulations.

In contrast to his cautious perspective on cryptocurrencies, Fink is enthusiastic about its underlying technology and its use case.

The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything’s that labored with paper.

Larry Fink

SEC Rulings on ETF Proposals

In the past the SEC will review its rejection of the ETF proposal from the Winklevoss twins, and has denied nine other applications. The regulatory body has yet to find the right BTC ETF pitch.

Bitcoin

BTC
Price
3,593 USD 1.17%
Volume, 24h
1,129,132,890 USD
25.48%
Marketcap
62,927,609,992 USD
52%
Emission
83%

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Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600

Over the past two days, BTC has tested once the dangerous zone of $3480 – $3500 and the second slide had produced a hammer type candle (on the 4-hour chart) with a low at $3400 as a long wick. Hammer candles tend to be bullish reversal candles. This is how capitulation candles look like. However, this candle is on the 4-hour timeframe and not on the daily or weekly charts. Following the above reversal candle, BTC had a mini-run to previous resistance at $3600, along with the 50 days moving average line (marked in purple on the 4-hour chart) and a descending trend-line (marked by an orange line). From our previous analysis: “the 4-hour Stochastic RSI had just crossed over around the oversold area. This might lead to a slight correction, maybe to retest prior support that was broken. Possible correction levels could be the $3600.” As of writing this, Bitcoin got rejected by the $3600, and some more indicators support the idea that a break-up of this level won’t be so easy. Looking at the 1-day & 4-hour charts Looking on the bullish side, the next significant resistance is $3600, as mentioned above. Above that level lies the daily chart’s 50 days moving average line (marked in white, currently around $3650), the $3700 and $3800 areas. From the bear side, the next major support area is the $3480 – $3500. Below this crucial level, lies the $3400 (weak support) and $3300 support level. This is before retesting the 2018 low at $3120. The 4-hour chart’s Stochastic RSI oscillator had just crossed over at the overbought zone. This can produce a correction down for the next day or two. The daily chart’s RSI: So far the crucial line at 43 holds up. The trading volume is still pretty dull; even though yesterday’s green candle was highest during the past week (on Bitstamp). But we still seek to see volume entering the market in either way. BitFinex’s open short positions had decreased to 22.4K BTC of open positions. BTC/USD BitStamp 4-Hour chart BTC/USD BitStamp 1-Day chart The post Bitcoin Price Analysis Jan.23: The Next Resistance – Descending Trend-line at $3600 appeared first on CryptoPotato.
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