🔪💊If It Bleeds, We Can Kill It 🔪💊
The famous words of Arnie, applicable to Predator but not blockchain technology, although today could have us convinced otherwise. The markets took a dive, especially altcoins. Some of the heaviest affected were NEO, ETH, ADA, IOTA and TRX. The BTC market cap was stomped on too but less severely. There is a lack of faith in the current prospects of the altcoin market, money has moved into BTC and then some money has moved from BTC into fiat.
Typical behaviour of the cryptocurrency market, and as the days go by we seem to be mirroring the great crypto depression that began in 2014 and ended in 2017, you have to ask yourself, can you hang on that long? If you have answered yes, then good for you, if you have answered no, then good thing you are a CIM reader as our market shorts earn us returns during times like these.
So will this be the death of crypto? Hell no, the markets bleed but the decentralised nature of blockchain makes it immortal. This brings us onto an interesting topic that has garnered a lot of press time lately – centralised vs. decentralised exchanges.
All the pundits have come out of the wood work to give us their two cents about the direction of cryptocurrency exchanges.
Creator of Ethereum, Vitalik Buterin had this to say: “I definitely personally hope centralized exchanges burn in hell as much as possible. In practice, particularly on the fiat to crypto side, it is very difficult to decentralize because you ultimately are interfacing with the fiat world, and the fiat world is one that only has basically centralized gateways…There are valuable services being provided there that are very hard to decentralize.”
Other commentators such as John Mcafee have also predicted that decentralised exchanges will replace their centralised predecessors. The decentralised essence of DEX’s exchanges is what has immortalised blockchain technology, so it is safe to assume the new method of exchange will have longevity.
Founder of Binance, CZ has thrown his hat in the ring, announcing the launch of a Binance DEX earlier this year. A true crypto visionary, CZ has created the most seamless centralised trading experience in crypto markets today; he has now branched out, creating Binance Chain – the Binance DEX. When asked if he thinks the Binance Chain will replace Binance as we know it, he said that although he knows DEX’s will be the future of cryptocurrency exchanges, there will be a coexistence of Binance and Binance Chain for the medium-term foreseeable future.
Earlier this week CZ demoed the new Binance Chain DEX, 2 months ahead of schedule. DEX technology is in its infancy, plagued with scaling issues. Binance has the most efficient matching engine out of any cryptocurrency exchange out there and if this performance can be replicated on Binance Chain it will be an absolute game changer.
The advantages of a decentralised exchange experience are the advantages of blockchain technology at its core – faster, cheaper and safer than the centralised alternatives. The markets are bleeding now but the fundamentals are still progressing. We are in this game to make money so right now our strategy is to short any sign of strength and enter the occasional long when the conditions are right. However this does not detract from our long-term bullish expectations from these markets. We are disciplined patient traders out to capitalise on the poor decisions of those on the other sides of our trades.
Topic: Market News - page 2. (Read 583 times)
The market today has a lot of price fluctuations. For example, you may notice that the bitcon and the price of ethermum fluctuate day by day and more. The SEC head can still approve a Bitcoin ETF
I'm thinking that those particular news are affecting the price of Bitcoin so hardly that it goes down and down again, this is quite strange for me why is it so effective, but anyway we're have to handle with the things that are present.
if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.
Actually after the initial surprise on how the market reacted to those news, I've read more and:
1. The delay is actually a good news. There's a somewhat better chance for the ETF to be approved in September (although the chance is still not as big as I'd like); at least it was not just simply rejected.
2. The hype around this ETF (and the price) may have been just an old school pump and dump...
1. I don't really follow ETF news because it makes me mad but remember that they did the same thing last year with Winklevoss twins ETF. they postponed their decision about it multiple times and finally they declined it!
https://www.coindesk.com/sec-bitcoin-etf-decision-delayed-trump-transition/
2. LOL, it certainly looks that way.
Investors who sell Bitcoin just because of the SEC delay in approving the first Bitcoin ETF are wrong. It had a huge upward momentum to break out of the $ 5,800 area, which is due to people thinking that there would be a Bitcoin ETF. SEC has delayed that decision. Another warning for September 30, the SEC may continue to postpone, because the market is not ready for it and the SEC has not yet answered their question.
In recent time market is not in a good position. Because major projects prices are down. Hope situation will change and market will rise again.
if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.
Actually after the initial surprise on how the market reacted to those news, I've read more and:
1. The delay is actually a good news. There's a somewhat better chance for the ETF to be approved in September (although the chance is still not as big as I'd like); at least it was not just simply rejected.
2. The hype around this ETF (and the price) may have been just an old school pump and dump...
I had high hopes that SEC will be able to have a favorable decision with regards to the etf issue such that it could have a positive impact on the market price value of btc. People will gain their trust back on btc once bear market will be uplift to a bullish market right after the SEC's approval decision regarding the etf.
I think the recent correction of the market was highly needed as people themselves had created a balloon with the predictions and speculations regarding ETF. The rejection has caused the balloon to pop and now we are again seeing a natural growth of the coins which are slowly recovering considering the current situation of the market.
SEC’s decision has shocked the crypto world as it has postponed the ETF permission of Bitcoin. The panic of getting the price lower and lower is spreading and crypto experts are urging not to sell coins at this time. Once the permission is granted the price will take a huge boost.
maybe you were shocked because you started in this world yesterday but the rest of us who has been around for a longer time or even those newcomers who bothered to checked the history of ETFs and SEC shenanigans knew that they have done something like this before with stretching the decision out as much as they can and finally rejecting it.
if you look around you can see people don't even have that much faith in SEC approving ETF this time around either.
The current market is just dropping due to the huge correction which is on the line right now and to be honest I blame the community for such conditions because we let a decision of SEC dictate the tide of the market. Hopefully, we'll learn from our mistakes and the next hearings of Bitcoin ETF will only have positive effects over our decisions.
ETF Delay
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.
The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.
Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.
Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.
OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.
The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.
In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too.
By now I’m sure a lot of you would have felt the sting of the market’s overreaction to the SEC announcement of delaying the VanEck-SolidX Bitcoin ETF decision. The ETF is backed by the Chicago Board of Exchange BZX Equities Exchange (CBOE) and has been praised by the cryptocurrency community for its efforts in attracting institutional investment into the budding blockchain industry.
The Commission explained that the Securities Exchange Act provides that it can extend the 45 days period from publication if it finds it “appropriate to designate a longer period” so it has sufficient time to consider the proposed rule change.
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”
This move by the SEC is a positive sign in the opinion of the CIM team as it shows that the SEC is seriously considering the ETF application. The gears of bureaucracy are grinding away, they only way they know how – slowly. The SEC could have disregarded VanEck-SolidX BTC ETF application and focused their valuable time elsewhere, but instead they chose to allot more time to this matter. Think about that before you decide to panic sell.
Prominent CNBC crypto commentator Brian Kelly said “If you’re selling today after this decision, it’s the wrong way to do crypto investing. There is more to this story than just an ETF, A little spoiler alert: On September 30th, they will likely postpone it again because the market’s not ready for it and the SEC hasn’t had all the answers to their questions yet.” One of the more lucid comments to come out of the CNBC studio.
Other Numbers
We recently reported on the decline in cryptocurrency spending noting that it had dropped over 80% in the past year. Today the DEA came out and announced a 90% drop in the usage of cryptocurrencies in illicit black market trades. This may very well just be the DEA tooting their own proverbial horn but it would certainly explain some of the decrease in crytpocurrency spending. If the numbers are assumed to be correct then there has actually been an increase in the usage of BTC and other cryptocurrencies in e-commerce.
OTC brokerage firms have said that although volumes are down in cryptocurrency order books, the OTC market is still flourishing. Some OTC desks have estimated that OTC volume makes up at least 50% of the daily cryptocurrency volume traded daily. One of the reasons traders use OTC brokers is the expediency they offer to execute a trade, paid for in the form of a seller’s discount.
A reasonable barometer on the sentiment of sellers can be the amount of discount they offer on their trades. In March of this year sellers were offering discounts in the order of 7-8%, indicating the urgency with which they needed to get rid of their BTC. At the moment the discount rate is sitting at about 2%, a stark improvement from the situation in March.
The current situation seems to be better than March however, we are still in a bearish market and the discount rate could very well rise again. As such we are approaching with caution.
In the likely situation of another ETF delay the current bear trend could linger around for a while like a bad smell. As previously stated we will be shorting strength and diversifying risk out of our portfolio by going long on BNB too.
More delays mean more people will hear the news of the ETF, which is probably a good thing in the long run.
SEC’s decision has shocked the crypto world as it has postponed the ETF permission of Bitcoin. The panic of getting the price lower and lower is spreading and crypto experts are urging not to sell coins at this time. Once the permission is granted the price will take a huge boost.
I really can't understand why so much people belived that every thing would be so easy and fast with etf. I think SEC is a Master of pump/dump schemes and of course all related guys Will do maximum to accumulate btc as low as it possible before starting the biggest pump is modern history 
Don't give them your coins)
Don't give them your coins)
I've already heard that EFT has delayed their decisions due to regulations in the loss so this cause the great declining in the price of Bitcoin, and it's also pushed all the alternative cryptocurrencies down.
There is panic in the crypto market regarding postpone of the bitcoin by SEC. it has shocked the users and they aren’t understanding what to do. Crypto experts are advising the users not to sell coins at this time.
it is a panicking situation for the bitcoin users. SEC has postponed the ETF permission till late September and there is a high chance that it will also reject in September too. But users should not sell their coins at this time.
There are quite a lot of newspapers talking about market news, you go to google typing them out
sec should postpone their decision instead of delay. this delay news ma occur on the market situation. the investors becomes worried because the delay news of etf.
a translator is needed to tell us what you are talking about
the delay is the same as postponing the decision! and anything that happened in the market was not because of the delay but because of speculation and short term traders wanting to make profit in the chaos created by FUD.
This has been predicted in the past few months. In 2018 there will be many FUDs that befall bitcoin. This is a test especially for those new investors and new traders, whether they will be true Crypto players or not. Our patience in processing our cryptocurrency assets is very much tested now.
Jump to: