Category Archives: Bitwise Asset Management

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Bitcoin Back Below $8,000 After Two-Hour Slip of $700

Bitcoin Back Below ,000 After Two-Hour Slip of 0

Bitcoin was not able to maintain any momentum after the weekend and yesterday’s failure to complete consecutive weeks of rally, breaking important support levels after shedding over USD 700 in just under two hours to fall below USD 8,000.

As of now, Bitcoin is trading just beneath that mark after surviving a 24-hour low of USD 7,764 at 7:15 am UTC (CoinDesk). Europe trading sessions took over on Tuesday, and restored some support, but it does not look certain for the remainder of the week for another push above USD 8,000, as Bitcoin now looks to reconsolidate at current levels before pushing on again.

The violent fall, however, failed to spark a market-wide panic as would have been expected by the bears, as buyers showed some obstinacy to record a second 10% loss in as many weeks.

Also important to note was the large spike in trading volumes in the last 24 hours, which showed that more than USD 21 billion changed hands, either by using CoinMarketCap data or an alternative reporting data from Bitwise Asset Management.

It is still a long game of wait and see as we approach into the last few weeks of the year’s second quarter. Will spring give way to summer in crypto as well? Not many will be confident of bets either way.

Bitcoin’s hanging on by his teeth 😥

— Boxmining (@boxmining) June 4, 2019


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SEC Rejects Multiple Bitcoin ETFs

The US Securities and Exchange Commission (SEC) has rejected at least eight proposals for Bitcoin exchange-traded funds (ETFs). The decision was made yesterday on 22 August.

Two rejections were from applications filed by ProShares that would have tracked Bitcoin futures contracts — a decision made a day earlier from a 23 August deadline. However, the SEC also rejected six other proposals, decisions for which could have been postponed: one from GraniteShares and five leveraged and inverse ETFs filed by Direxion.

Brian Kelly’s lack of optimism on a 2018 decision on ETF appears to have been reflected in price action over the past few hours, with Bitcoin shedding around USD 300 or over 4% of its price after the news. It has held strong support at USD 6,400, however, and continues to trade just above that.

After two Winklevoss rejections by the SEC, the ProShares submission had been hopeful yo create the long-awaited spark the crypto community has been waiting for.

But Hunter Horsley‏, CEO of Bitwise Asset Management, felt that deadlines may not be the kickstart that some in the industry suggest it will be:

“An SEC filing hitting a deadline is a procedural reality — it doesn’t change the odds of it getting approved, it just draws our attention to it… Just because we hit the deadline doesn’t necessarily give any indication that the SEC has changed its tune.”

Horsley’s Bitwise filed in June with the SEC for their own exchange-traded fund of 10 cryptocurrencies. He, like Brian Kelly, doesn’t think that the SEC will necessarily meet their deadlines in the ever-increasing queue. He argues:

“I think [the SEC is] being cautious. That’s their job and that’s what we would hope they would do, suggesting that the SEC has “demonstrated a great understanding of the [digital coin] space.”

They appear to have been proven wrong with this latest string of rejections, however, as at least seven of them were decided on before their deadlines

The hope is that at least one successful approval on ETF by the SEC would bring a tidal wave of institutional buyers to the market, picking up prices and moving Bitcoin in a long-awaited upward trajectory. For the hopefuls in the market, the track record so far isn’t good.

With Gemini’s failure to become the first-ever cryptocurrency ETF on a regulated exchange came other subsequent rejections by the SEC: five more applications failing in the same week as the second Winklevoss. This latest string of rejections seem to be a cementing of the SEC’s hardline stance.

That said, SEC Commissioner Hester M Pierce, responsible for the second Winklevoss rejection, has thrown a bone to the industry which investors see as positive, commenting:

“More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order.”

Although that comment comes with an element of Catch 22, or possibly chicken or egg.


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Index Exchange-Traded Fund Registrations Stacking up at the SEC

Bitcoin-related exchange-traded funds (EFTs) registrations appear to be stacking up at the US Securities and Exchange Commission (SEC) with both Bitwise and investment firm Direxion Asset Management firmly in line.

Now joining VanEck and SolidX in the queue for decisions for ETF approvals, Direxion itself may have to wait another two months for approval of five proposed funds. The New York Stock Exchange’s submission in January suggested that the funds would offer investors “the opportunity to obtain daily short, leveraged long or leveraged short exposure to the lead month bitcoin futures contract” traded on exchanges that trade in Bitcoin futures contracts.

As reported by Bitcoin News earlier today, it has become a common opinion that one of the factors propelling Bitcoin on its current run is the anticipation of the outcome of the awaited SEC decision on ETFs.

CNBC’s Brian Kelly is one who has such a view. He cites the ETF drive currently bubbling at the SEC as a pivotal factor. Bitwise’s Global Head of Research Matt Hougan wants to get things moving as he feels that ETFs will offer another facet to trading, commenting:

“Our research shows that an index-tracking basket of multiple cryptocurrencies behaves differently than a single coin. As such, we think both sorts of exposure need to be looked at by investors when considering the growing cryptocurrency space. Our view is that this new area has many similarities to the introduction 10 to 15 years ago of commodity ETFs.”

The SEC has made no comments regarding the Chicago Board Options Exchange (CBOE) ETF proposal submitted last month and with SolidX and VanEck offering to list an ETF based on Bitcoin, rather than futures, heads have turned. Reportedly, after this fact was revealed, the SEC reportedly received over 250 comments on their website in response.

Another in the SEC waiting room, Bitwise Asset Management, says its plan is to launch what it calls “the first publicly-offered cryptocurrency index exchange-traded fund (ETF)”. Its Hold 10 index aims to capture 80% of the total market capitalization of the cryptocurrency market.

Brian Kelly has already said he doubts if the SEC will even approve the ETF applications this year, and some analysts have other doubts about the volatility of funds due to ETF and are pretty scathing. Michael Cohn, chief investment strategist at Atlantis Asset Management said earlier this year:

“[It] would be insane for them to actually approve this. Then they’re putting a rubber stamp on it as an asset, and I don’t think governments want to go there yet. It just seems as though it’s not something I’d want to put my clients into in any way, shape or form. You can only be embarrassed.”


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