Bitcoin Plunges As SEC Rejects Winklevoss ETF
Bitcoin futures—which allow traders to speculate on what an asset’s price will be at some later date—surged more than 20% from their launch price, to well over $18,000 for the January contract. At the time of writing, the January contract was trading for around $17,700. While traffic to the Cboe website was heavy, the company said its trading systems were unaffected and that the launch was orderly. At blue circle 6 there was a final test that propelled the pair to the $2938.50 high. From there the price started to correct, with the first fall taking the price back below the 100 bar MA (blue line). That is bearish and a logical place to exit the long trade. Then a little later the 200 bar MA was also broken. More bearish. The trade was over.
Cash is the preferred method for those who want to deal with Bitcoins anonymously. A cash deposit lets you access your Bitcoins quickly (even instantly) while remaining totally anonymous. There are some major downsides with cash exchanges. You’ll almost always pay higher rates (expect to pay 10 to 15% above market rates for a cash exchange). It’s also easier to get scammed or robbed. If you’re working with a disreputable exchange, then your cash might disappear with no record.
said late Friday that it will offer Cboe’s starting on Monday, though it’ll wait to offer the CME contracts until they demonstrate sufficient liquidity. ETrade Financial Corp. is considering offering bitcoin futures, according to a person familiar with the matter who asked not to be named.
At a conference in Riga, Latvia, in late November, Bitcoin security expert and entrepreneur Andreas Antonopoulos said the entry of futures doesn’t necessarily mean the cryptocurrency is about to lose its radical roots and become a speculative playground for Wall Street types.
Investors historically have chosen to offload the friction of directly buying and securing assets such as gold for a reasonable fee. We believe investors will behave the same with regard to bitcoin. Also, since the ETF will be listed on the NASDAQ, investors will be able to trade their shares in the ETF like they would any other stock in a public company.