FxWirePro: BTC/USD slides past $3,600 as CBOE pulls-out VanEck application, what’s up next with ETFs?

We constantly kept reiterating the prolonged U.S. SEC’s eagle eye on the crypto regulatory framework, while having embraced the market even while fighting to fend off fraud.

The current state of the cryptocurrency avenue has been luring investors’ attention significantly on the prospects of the derivatives products and events

Cryptocurrency space now seems to be apprehensive on the back of yet another blow for Bitcoin ETFs as CBOE pulls-out VanEck’s application.

As a result, BTCUSD has been trading in a sideways trend for the day after sliding below $3,600 mark amid growing apprehensions, especially on regulatory grounds. Technically, the pair has formed a hammer pattern at $3,639.10 levels. However, bears seem to be shrugging-off this bullish pattern candlestick, while both leading & lagging indicators substantiate indecisiveness in the minor trend.

The hope of the much-awaited Bitcoin Exchange Trade Fund (ETF) approval has disappointed. Yes, we meant the CBOE (Chicago Board Options Exchange) that has withdrawn its application to list the VanEck SolidX Bitcoin Trust on the CBOE BZX Exchange, as per the Securities and Exchange Commission (SEC)sources.

Originally, the application was submitted back in June 2018, VanEck, along with SolidX intended to design physically-backed Bitcoin futures was able to strike the chord in the gamut of crypto-asset and apprehension as well in the recent past, as crypto aspirants were curious on an official announcements of the SEC’s approval after series of destructive driving forces including denials.

However, the price didn’t respond as adverse as the news was, with bitcoin sliding even further towards the $3,5k mark, can cause the conservable cause of concern among crypto investors.

While the intermediate trend of BTCUSD breaches below range, likely to retrace 78.6% Fibos from the highs of December 2017, the current price well below EMAs, bearish swings are now coupled with bearish MACD crossover & intensified momentum to signal extreme weakness.

Despite the fact that VanEck-SolidX pulled their application, we could still observe lingering optimism for ETFs in the days to come. While the predominant driving forces of aspirant investors’ bullish stances in the coming months is the launch of ICE’s Bakkt.

While Jan van Eck, CEO of Van Eck said in an interview with CNBC “we were engaged in discussions with the SEC about the bitcoin-related issues, custody, market manipulation, prices, and that had to stop. And so, instead of trying to slip through or something, we just had the application pulled and we will re-file when the SEC gets going again.”

Currency Strength Index: FxWirePro's hourly BTC spot index has shown -120 (bearish), while AUD is flashing at 54 (bullish) while articulating at 11:36 GMT. 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex