The Bitcoin market has been going crazy today in anticipation for the upcoming exchange traded fund (ETF) decision expected to be announced at any moment. During the early morning hours of February 10, the price per bitcoin hit an all-time high of US$1350. Following the brief spike the price has been volatile and dipped to $1250, but bitcoin’s value continues to break resistance attempting to reach the $1300 range again.
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Bitcoin Price Goes Wild as Market Anticipates ETF Decision
Many bitcoin supporters believe the U.S. Securities and Exchange Commission (SEC) will announce the ETF decision today. SEC very well could announce whether it approves the bitcoin ETF or not during its live webcast of the agency’s “Evidence Summit.” The market seems to be reflecting a positive outcome as many hope it will be a significant endorsement towards bitcoin as an asset class.
The SEC has confirmed that a bitcoin ETF decision will be released today, despite chatter about it possibly coming Monday. Place your bets.
— Ryan Vlastelica (@RyanVlastelica) March 10, 2017
Currently, at press time, the price per bitcoin has been moving up and down from $1230-1275. Traders seem to be playing the scalps and intra-range price movements while waiting for the official SEC announcement. Throughout March 8-9 bitcoin’s price dropped and consolidated a formation at the $1150 mark looking as though a breakout would take place. Technical indicators pointed in the direction of a downward position but that all changed during the morning of March 10. After the announcement it’s a safe bet there will be significant market movements with bitcoin’s price, but it’s anyone’s guess which way it’ll go.
Other Positive March 10 Headlines
While everyone awaits the ETF decision, there’s been some other announcements in the meantime. On March 9 the Mt Gox bankruptcy trustee Nobuaki Kobayashi updated the public concerning the upcoming claim distribution process. It seems the U.S. government will be releasing 50 percent of the funds they seized from a Mt Gox affiliate. The U.S. will release $2.57 million in funds as long as the affiliate agrees to withdraw its claim for the remainder.
The trustee’s notice details the $5.14 million in funds were seized from the exchange’s Mutum Sigillum LLC subsidiary for illegal money transmission. Kobayashi has agreed to the settlement agreement, but a hearing will take place on April 24, 2017. The recent announcements from the Mt Gox investigation show customers may see some money in the near future.
In other news, the bitcoin payment company Abra has launched direct support for BTC. Abra’s system operates with bitcoin transactions under the hood, but now the company is bringing the decentralized currency directly to the application interface. Now users can buy, hold and send bitcoin using the Abra platform. Furthermore, U.S. and Philippines residents can buy bitcoin with their bank account without a fee. The company says it’s pleased to add bitcoin amongst it 50 plus currencies utilized on the platform.
A vast majority of bitcoiners will likely have their eyes peeled in regards to the ETF decision. If the ETF is approved many believe it could help the U.S. become more of an innovative technology leader. The approval could lead to more avenues for mainstream investment into the digital currency economy and could also spark more interest from other nation states.
If the ETF is not approved the market will likely react, but it doesn’t mean it’s an end all decision for bitcoin exchange-traded funds. The creators of these ETFs will just have to address the issues and concerns given by the SEC and resubmit for approval again.
What do you think about the market movements on March 10 while people await the ETF decision? Let us know in the comments below.
Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”.
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