Will bitcoin and cryptocurrencies need ETFs to kick off the next big move? Crypto-ETFs to the bull’s rescue? Well that’s one possible thought, but if crypto bulls are waiting for that to materialize they might as well curl up and take a long (VERY LONG) nap. Waiting for the SEC to jump start your long crypto position is certainly a fool’s errand. After peaking at $20,000 bitcoin has certainly come down a long way………..$6,000-$7,000…….and volatility has dried up, BUT this is normal action in any market. All the hype and hoopla has to give way to a malaise (which cryptos have now) before resuming a trend. Certainly Crypto-ETFs would “heat up the bull’s blood” but just getting some basic regulations in place will do the same. Soros, Rockefeller, hedge funds, institutions, etc will be in after some regs are in place and ETFs will then follow. Meanwhile, get the pillow out.
(Bill Taylor/Managing Editor)
“Cryptocurrency Bullish Trend Might Not Restart Until the Launch of Crypto-ETFs: Bitcoin along with other major cryptocurrencies erased almost all their recent gains on Wednesday, showing that the bull market is not yet strong enough to stay.
The market players are eagerly waiting for a catalyst to restart the bullish trend. But they may have to wait until the key support levels are tested, and major fundamental news is announced, perhaps by the end of this quarter.
One thing investors are looking forward to is the launch of cryptocurrency exchange-traded funds (ETFs). Back in January, the Securities and Exchange Commission (SEC) turned down plans by members of two Wall Street trade groups to set up ETFs for bitcoin and other cryptocurrencies. Right now, the closest thing we have to an ETF is Coinbase Index which tracks the overall performance of the digital assets listed on Coinbase’s Exchange, GDAX…”