If you haven’t done so already, feel free to take a moment to submit your comments to the SEC in support of the Bitcoin ETF.
The deadline for all feedback is tomorrow. Here’s the link: https://www.sec.gov/rules/sro/cboebzx.htm#SR-CboeBZX-2018-040
Your submission doesn’t need to be complicated or wordy, a perfect example would be something along the lines of…
“I hereby wish to express my support for the VanEck SolidX Bitcoin backed ETF.”
Let’s see if we can show our support with positive responses.
eToro, Senior Market Analyst
- Renminbi Line
- Fidelity Goes Crypto
Please note: All data, figures & graphs are valid as of October 16th. All trading carries risk. Only risk capital you can afford to lose.
As if by magic, it seems like all the problems of yesterday have faded into the background and the markets are having a phenomenal day. Stock indices are green across the board.
They have fallen quite a bit over the last week or so, so it could be that they’re just taking a breather before deciding what’s next
Volatility has also come down by the end of the day yesterday, as evidenced by the VIX.
As well, the Bond markets were taking a bit of a breather, as we can see the yield on the US 10 year hardly moved during yesterday’s session.
Some data from China this morning confirmed that inflation is indeed on the rise. In this graph, we can see the CPI inflation levels in China since the financial crisis.
Though 2.5% a year isn’t all that high on a historical basis, we can see that inflation has been rising pretty steadily since early 2017.
There has been talk lately about the devaluation of the Yuan and everybody seems to be eyeing the level of 7 to the Dollar. In this graph, we can see that this level was tested in January 2017 and is now being tested again.
New Crypto Player
As far as financial institutions go, Fidelity is the 800-pound gorilla, so the fact that they’re now launching headfirst into the crypto market is a clear sign that institutional funds have arrived.
Overall, the price of bitcoin remains stable, and some are thinking that we could just ride out the year in this steady range. The level to watch now is the 200-day moving average which currently sits at exactly $7,200.
Let’s have an awesome day ahead!!
This content is provided for information and educational purposes only and should not be considered to be investment advice or recommendation.
The outlook presented is a personal opinion of the analyst and does not represent an official position of eToro.
Past performance is not an indication of future results. All trading involves risk; only risk capital you are prepared to lose.
Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework.
Senior Market Analyst
Connect with me on….