Recurring market commentary on what’s happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.
Market commentary
Good Morning!
It looks like speculators got caught on the wrong foot by trying to front-run Barry Silbert (founder and CEO of Digital Currency Group), who made some comments that sort of sounded like VanEck's Bitcoin ETF could get approval. It even moved the Grayscale Bitcoin Trust's current discount price for a short period of time.
Yesterday, it was then confirmed that the SEC has rejected the VanEck application. I went through the document, and, in short, I cannot see a reasonable explanation why a Bitcoin Futures ETF was approved, but not a spot one. The US Blockchain Association sees things similarly and additionally stated that a Bitcoin Spot ETF should be treated equally to Platinum or Palladium.
Lobbying in the US
My personal take is this: strong lobbying forces are flexing their muscles. There are still many large banks and wealth managers out there, who continue to tell their customers that Bitcoin (and all other cryptocurrencies) are a scam and that they are only used for money laundering and drug deals.
If the SEC at some point approves a spot Bitcoin ETF, all those naysayers will need to backpedal hard and start trying to explain to their clients why they were unable to participate in one of the largest wealth accumulation assets.
All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.
Disclaimer
This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.
Risk disclosure
Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.
