From Taki Tsaklanos: Two months ago, InvestingHaven’s research team published a very bullish bitcoin price forecast for 2017. Bitcoin was trading at $1250 at that time. The conclusion of that piece was: “We could easily see bitcoin’s price move to $2,000 in 2017.”
While earnings, tax reform and a looming potential government shutdown held the front page of the financial news this past week, the alt-currency market had a newsworthy week itself.
From Corey Rosenbloom: Perhaps the last time you thought about Bitcoin was when price crashed from $1,200 to $200 in 2014.
From Taki Tsaklanos: The price of Bitcoin lost some 25 percent in two weeks time. It collapsed from $1240 to $980 very rapidly as the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) failed to receive SEC approval, only to bounce back and stabilize at current levels around $1060.
On Friday, the Securities and Exchange Commission officially rejected the application to bring the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) to market. But the story of Bitcoin in an ETF wrapper doesn’t end there.
From Tyler Durden: After much anticipation (and a spike to record highs earlier today), The SEC has decided to reject the Winklevoss application for a Bitcoin ETF.
From Tyler Durden: With the SEC decision to approve a Bitcoin ETF looming, the payrolls data-inspired weakness in the USD appears to have sparked a sudden panic bid in Bitcoin, spiking the virtual currency to $1305 — new record highs.
From Tyler Durden: Among the big drivers behind the recent move higher in the price of bitcoin – in addition to the traditional “capital outflow” demand out of China – has been widespread hope that the SEC will approve the first bitcoin ETF, dubbed Winklevoss Bitcoin Trust ETF (NASDAQ:COIN).
From Taki Tsaklanos: Bitcoin is a totally different asset type. Traditional analysis methods do not applying when trying to forecast the price of bitcoin.
No doubt partially fueled by expectations of the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) gaining regulatory approval later this month, Bitcoin prices have surged to new all-time highs — and have actually achieved parity with gold for the first time in history.
While the implied odds of the SEC approving the Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) aren’t very good, rumors are making the rounds that regulators will indeed give the OK to the unique fund next month.
The proposed Winklevoss Bitcoin Trust ETF (NASDAQ:COIN) is one of the most widely anticipated ETFs of all time, but according to the betting odds, it only has a slightly better than 3-to-1 chance of getting approved by regulators.
The most famous ETF that’s not actually an ETF yet is about to learn its fate very soon. The paperwork for the Winklevoss Bitcoin Trust ETF (COIN) was originally filed nearly 3½ years ago and the SEC still has yet to officially rule on whether or not it will be approved.