Sometimes things seem so far away but in reality, they might be much closer than we think. We’ve been talking about the possibility of a Bitcoin ETF hitting Wall Street for almost three years now and the latest indication is that it might be right around the corner.
In an interview on CNBC earlier this week, the Chairman of the United States Securities and Exchange Commission (SEC), who seems to be the one man standing in the way of the BTC ETF, confirmed that we are getting closer and progress is being made but that he still has two main concerns.
1. “How do we know that we can custody and have hold of these cryptoassets? That’s a key question.”
2. “An even harder question, given that they trade on largely unregulated exchanges, is how can we be sure that those prices aren’t subject to significant manipulation?”
From what it seems, these are the last two roadblocks in the chairman’s mind for this to be approved. Now, if that’s true, we could be extremely close at this point. In fact, both of these concerns should be easily assuaged with just a little bit of knowledge and understanding.
1. Bitcoin was born to solve the custody question. In fact, verifying ownership is kind of what crypto does best.
2. The decentralized nature of price discovery in the crypto market is another one of its star qualities and makes it far more resilient to price manipulation.
If indeed these are the only two roadblocks to a bitcoin ETF, then we are probably much closer than you think.
- Somber Market
- ECB Shakeup
- Litecoin Hash Drop
Please note: All data, figures & graphs are valid as of September 11th. All trading carries risk. Only risk capital you can afford to lose.
Whatever’s funk the markets are in right now is very likely to be snapped tomorrow though as the European Central Bank delivers their interest rate announcement and subsequent press conference.
From what it seems, several analysts are expecting the ECB to cut their interest rates tomorrow as well as deliver some sort of stimulus, most likely one that will be good for banks. Most bankers are no doubt very frustrated by the low-interest-rate policy as it cuts directly into their profits so if Mario Draghi wants to save himself from a mutiny he might need to throw them a bone if rates are indeed cut.
Here we can see a group of several predominantly European banks, who’ve been suffering over the last two years. Check out that sharp turn upward in the last few days. Almost resembles the chart above…
Lite Hash Drop
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