SEC Says ‘NO’ to Bitcoin ETF. Wild Ride After Announcement.

Bitcoin IS the New Gold

In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.

Trading Notes for Tuesday, 3/10/17:

  • SEC rejects bitcoin ETF citing lack of regulation. Exchanges have no regulations in place to enforce any surveillance violations.
  • Exchanges can’t regulate a product that doesn’t exist either.
  • Bitcoin price hits $1325 before announcement……….right in middle of my $1300-$1350 upside target range
  • Bitcoin price drops to low of $1025 after announcement………….lower then my buying range of $1100-$1150. Oops, my bad. Still believe the dip should be bought.
  • Short term trades; Buy $1050-$1100, upside short term target still $1300-$1350.
  • Long term bullish on bitcoin
  • Gold………significant downside risk still exists
  • LONG Bitcoin/SHORT Gold
  • More details on March 9 Bitcoin/Gold notes

Bitcoin vs. Gold Daily Pricing Chart

* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
**  Inception began Aug. 17, 2016 (see FintekNews article)

CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index

We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference.  We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.

Please see following FintekNews articles for reference on pricing in graph:

BITCOIN-GOLD UPDATE (Published 10/26/16)
BITCOIN-GOLD: $2K $3K? Published 8/17/16)