{"id":375807,"date":"2019-03-23T18:00:42","date_gmt":"2019-03-23T18:00:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=375807"},"modified":"2024-06-11T16:02:05","modified_gmt":"2024-06-11T16:02:05","slug":"prospects-of-bitcoin-etf-approval-lowered-by-bitwise-findings","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/prospects-of-bitcoin-etf-approval-lowered-by-bitwise-findings\/","title":{"rendered":"Prospects of Bitcoin ETF Approval Lowered by Bitwise Findings"},"content":{"rendered":"<ul>\n<li><em>Bitcoin Price stable but under pressure<\/em><\/li>\n<li><em>Bitwise research concludes that 95 percent of exchanges\u2019 volumes fake<\/em><\/li>\n<li><em>Transaction volumes shrink after Mar 21<\/em><\/li>\n<\/ul>\n<p><em>It\u2019s a sequel of damaging news. Days after SEC revealed the public\u2019s apprehension of Bitcoin ETF approval; Bitwise report confirms what Jay Clayton isn\u2019t comfortable with: Exchanges\u2019 manipulation. Even so, Bitcoin volumes are flat as prices consolidate inside Mar 21 high low.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<h3>Fundamentals<\/h3>\n<p><a href=\"https:\/\/www.bitwiseinvestments.com\/\" rel=\"nofollow\">Bitwise Asset Management<\/a>, a private firm behind the first cryptocurrency index fund, Bitwise 10 Private Index Fund, has a damning finding on cryptocurrency trading and exchanges in particular. With interests and in the process of applying for a Bitcoin ETF, the firm did thorough research on exchange\u2019s order book, using the \u201cfirst-of-its-kind analysis of order book data from all 81 exchanges reporting more than $1 million in BTC volume on CMC.\u201d<\/p>\n<p>Their conclusion found out that \u201c95 percent of volumes are fake.\u201d By concentrating their efforts on CoinMarketCap, the leading cryptocurrency tracker, plagued by claims of leniency and failing to delist exchanges accused of wash trading and other forms of manipulation, the diligence of Bitwise research team found that volume inflation was rampant in \u201cloosely regulated and unregulated exchanges.\u201d<\/p>\n<p>They went on to say the actual trading volume is around $270 million and not even close to the $6 billion relayed by coin trackers. It is this inflation and outright data manipulation that SEC Chairman Jay Clayton says \u201cis uncomfortable with\u201d all because\u00a0 &#8220;some thefts around digital assets that make you scratch your head.\u201d<\/p>\n<p>Now that <a href=\"https:\/\/www.sec.gov\/comments\/sr-cboebzx-2018-040\/cboebzx2018040.htm\" rel=\"nofollow\">comments<\/a> after SEC solicitation have been made public and not many\u2014judging from what the commission received from the public\u2014are fond of a Bitcoin ETF. A concerned citizen, D. Barnwell, advised the SEC adopt a \u201cmuch longer time horizon to take a &#8216;watch-and-wait approach.&#8217;\u201d<\/p>\n<h3>Candlestick Arrangement<\/h3>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-375804\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?resize=1280%2C1024\" alt=\"Bitcoin\" width=\"1280\" height=\"1024\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=1280 1280w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=750 750w, https:\/\/uniquehot.com\/wp-content\/uploads\/2019\/03\/Bitcoin-Daily-Chart-Mar-23.png?w=1140 1140w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\"><\/p>\n<p>Although <a href=\"https:\/\/uniquehot.com\/2019\/03\/22\/mt-gox-settlement-and-593-million-of-btc-and-bch-will-bitcoin-rally\/\" target=\"_blank\" rel=\"noopener noreferrer \">Bitcoin (BTC)<\/a> prices are stable in the last day, the failure of bulls to drive prices above $4,500 should be a concern. Note that $4,500 not only double up as our immediate resistance line. It is also $200 away from Feb 24 highs, our anchor bar.<\/p>\n<p>In any case, our trade plan is valid, and from our technical arrangement, every low should be a buying opportunity. However, if prices break below $3,900 and the accompanying bar is wide-ranging then we may see a meltdown towards $3,500.<\/p>\n<h2>Technical Indicators<\/h2>\n<p>Our reference bar in the next few days is Mar 16\u201413k against 7k. Because we have a double bar bear reversal pattern after Mar 21 liquidations\u201411k against 7k, any confirmation of bears must be with high volumes exceeding 15k. On the flip side, bull trend confirmation towards $4,500 must meet the same trade conditions.<\/p>\n<p><strong><em>Chart courtesy of Trading View<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Price stable but under pressure Bitwise research concludes that 95 percent of exchanges\u2019 volumes fake Transaction volumes shrink after Mar 21 It\u2019s a sequel of damaging news. Days after SEC revealed the public\u2019s apprehension of Bitcoin ETF approval; Bitwise report confirms what Jay Clayton isn\u2019t comfortable with: Exchanges\u2019 manipulation. Even so, Bitcoin volumes are flat as prices consolidate inside Mar 21 high low. Bitcoin Price Analysis Fundamentals Bitwise Asset Management, a private firm behind the first cryptocurrency index fund, Bitwise 10 Private Index Fund, has a damning finding on cryptocurrency trading and exchanges in particular. With interests and in the process of applying for a Bitcoin ETF, the firm did thorough research on exchange\u2019s order book, using the \u201cfirst-of-its-kind analysis of order book data from all 81 exchanges reporting more than $1 million in BTC volume on CMC.\u201d Their conclusion found out that \u201c95 percent of volumes are fake.\u201d By concentrating their efforts on CoinMarketCap, the leading cryptocurrency tracker, plagued by claims of leniency and failing to delist exchanges accused of wash trading and other forms of manipulation, the diligence of Bitwise research team found that volume inflation was rampant in \u201cloosely regulated and unregulated exchanges.\u201d They went on to say the actual trading volume is around $270 million and not even close to the $6 billion relayed by coin trackers. It is this inflation and outright data manipulation that SEC Chairman Jay Clayton says \u201cis uncomfortable with\u201d all because\u00a0 &#8220;some thefts around digital assets that make you scratch your head.\u201d Now that comments after SEC solicitation have been made public and not many\u2014judging from what the commission received from the public\u2014are fond of a Bitcoin ETF. A concerned citizen, D. Barnwell, advised the SEC adopt a \u201cmuch longer time horizon to take a &#8216;watch-and-wait approach.&#8217;\u201d Candlestick Arrangement Although Bitcoin (BTC) prices are stable in the last day, the failure of bulls to drive prices above $4,500 should be a concern. Note that $4,500 not only double up as our immediate resistance line. It is also $200 away from Feb 24 highs, our anchor bar. In any case, our trade plan is valid, and from our technical arrangement, every low should be a buying opportunity. However, if prices break below $3,900 and the accompanying bar is wide-ranging then we may see a meltdown towards $3,500. Technical Indicators Our reference bar in the next few days is Mar 16\u201413k against 7k. Because we have a double bar bear reversal pattern after Mar 21 liquidations\u201411k against 7k, any confirmation of bears must be with high volumes exceeding 15k. On the flip side, bull trend confirmation towards $4,500 must meet the same trade conditions. Chart courtesy of Trading View<\/p>\n","protected":false},"author":384,"featured_media":347590,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,532,1119],"class_list":["post-375807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-etf","tag-btc"],"acf":[],"yoast_head":"\n<title>Prospects of Bitcoin ETF Approval Lowered by Bitwise Findings<\/title>\n<meta name=\"description\" content=\"Bitcoin Price stable but under pressure Bitwise research concludes that 95 percent of exchanges\u2019 volumes fake Transaction volumes shrink after Mar 21 It\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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