The Market Responds Nonchalant to CBOE BTC ETF Pull Out

The Market Responds Nonchalant to CBOE BTC ETF Pull Out

Yesterday, 23 January, the US Securities and Exchange Commission released a two-page document revealing the temporary withdrawal of the proposed rule change by the Chicago Board Options Exchange (CBOE) BZX Exchange Inc. This proposed rule change was said to lay the groundwork for the long-anticipated VanEck/SolidX BTC ETF

VanEck’s Director of Digital Assets Strategy confirms the news. In a tweet, he mentions the firm is cooperating with ‘regulators and major market participants’ to structure an apt framework for digital assets and BTC ETF.

According to securities lawyer Jake Chervinsky, the withdrawal is an indication that CBOE and partners foresee a rejection. He further states that a bitcoin ETF is not on the horizon in the first quarter of 2019.

Cryptocurrency Market Remains Calm

News of CBOE’s withdrawal did not appear to affect the market. Digital currency holders and investors continue to retain their holdings with little sight of selling.

But the overall volume in the cryptocurrency market, apart from an increase from 10 to 31 December, is in steady decline. Low volume is symptomatic of investor wariness which is supposed to generally lead to long consolidation periods and the market trading sideways.

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Digitex Futures Price Falls off a Cliff as Losses Pile up

Even though most of the cryptocurrency markets show bullish signs as of right now, not all projects are moving up in a similar fashion. In fact, there is always a chance some individual markets will note big losses when Bitcoin goes on a new run. As far as the Digitex Futures price is concerned, things are not necessarily looking all that great. The losses are piling up across the board, and there is little improvement in sight at this time. Digitex Futures Price Goes Backward It is not entirely uncommon to see a handful of crypto markets note severe losses during an overly bullish trend for Bitcoin. As most altcoins tend to lose value in their internal ratio with Bitcoin, that can usually negate some USD-based gains as well. For Digitex Futures, the past few days have been anything but positive. Losses are still piling up all across the board and it seems that trend will not relent in the coming hours. Over the past 24 hours, the Digitex Futures price has dropped by another 8.95% down to $0.105122. As if that isn’t enough, there is also a 13.53% loss in DGTX/BTC – down to 1,900 Satoshi – and a 12.07% loss in DGTX/ETH – down to 0.0006 ETH. None of these trends will instill a lot of confidence among holders and speculators, although there isn’t too much one can do about this current negative trend. There is one major development which can help DGTX recover some lost value over the coming weeks and months. The Digitex Exchange software is still being tested behind the scenes as of right now. Although the exchange is expected to launch very soon, it is good to see some further ongoing testing to make sure everything works as expected. April 30th is the official launch date, although it remains to be seen if it can give the DGTX price a healthy nudge. Behind the scenes with Adam testing the #Digitex #Exchange software… Running smooth and looking good A big thanks to the Spotware team! #DGTX #Bitcoin #Crypto #Trading — Digitex (@DigitexFutures) April 18, 2019 There is also some debate as to whether or not Digitex Futures should migrate to the Binance Chain. It seems unlikely that will happen in the near future, although there is always a chance BNB will make its way to the Digitex Futures exchange in the coming weeks. While the latter option would make a lot more sense, it remains to be seen how things will play out accordingly. @DigitexFutures — CRYPTO_DON_JUAN (@DAJUAN_DON) April 21, 2019 There is a lot of excitement when it comes to Digitex Futures exchange as of right now. Stephen Pickering can’t wait to trade on this new platform, even though it remains to be seen if the experience can live up to people’s expectations accordingly. This project is crucial for DGTX in many different ways, as the community can’t handle any more disappointment in this regard. The coming weeks will get very interesting for many different reasons. Can't wait to start trading on #DGTX — Stephen Pickering (@thepick01) April 21, 2019 When looking at the bigger picture, it seems DGTX will have a very rough road ahead, for obvious reasons. The losses are piling up quickly and might grow even worse as Bitcoin continues its bullish run in quick succession. Altcoins tend to suffer when that happens, and Digitex Futures looks incredibly vulnerable in this regard. The coming hours and days will be rather crucial for this market, albeit the outcome might not be overly positive. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Digitex Futures Price Falls off a Cliff as Losses Pile up appeared first on NullTX.

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