March 11 is the day when SEC Approve Winklevoss Bitcoin ETF or reject the proposal. After a 3 year long waiting period finally the day is about to arrive. The United States Securities and Exchange Commission (SEC) is evaluating a Bitcoin ETF. Bitcoin ETF is owned by the venture capitalist firm “Winklevoss Capital” is headed by the famous Winklevoss twins Tyler and Cameron.
The company around the Winklevoss Twins has been working on a bitcoin ETF for several years, and has already approached the US stock market supervisory authority in July, 2013, but the decision on the approval has always been postponed.
SEC to decide Winklevoss Bitcoin ETF Approval on March 11
Will the SEC take some positive steps in this direction? it is not safe to say a yes! Soon, however, we get a more or less clear idea about the approach to the Trump administration towards digital currencies. Vice-president of Russian equity market research Needham & Co Spencer Bogart believes that the probability of approval of the Winklevoss Twins ETF is no more than 25%. The main reason for SEC to reject the proposal is high volatile nature of Bitcoin.
If the SEC allows the ETF (volume: USD 100 million, 10 million shares, price / share USD 10), the price is likely to continue to rise. SEC approved ETF will attract a large number of private and institutional investors. According to Analysts speculation, price of bitcoin could reach up to $ 3,678 dollars if approved. If the SEC does not allow the ETF, the market participants are likely to be disappointed. BTC / USD rate is likely to drop up to $ 551 dollars (in the short term), which in turn could open up (potential) entry opportunities if you missed the previous ones.
Money Making Opportunity for Traders
SEC has only two options on March 11, either reject or approve the ETF. The reactions on both cases are likely to be volcanic. Either Bitcoin will register an all time high or an all time single day low. A so-called “event trade” would also be conceivable (highly speculative!). So if you believe that SEC is going to Approve the ETF you can place your bet on price increase. If you firmly believe that SEC is going to reject the ETF then you can place your bet on falling price. We recommend you Plus500 ( How To Buy / Sell Bitcoin With Plus500 Trading Portal ) Happy Trading.
BitMEX hints SEC Reject Bitcoin ETF
Winklevoss Twins ETF, is not likely to be approved by the Securities and Exchange Commission (SEC). This is evidenced by the poor contract ratio of “Bitcoin ETF Coin” over BitMEX.
BitMEX enable speculators to bet on whether the Winklevoss Bitcoin Trust (COIN) will be first SEC Approved ETF or not. As per BitMEX charts it’s value never exceeded 50%. At the time of writing, the prediction contract’s pricing implied a 34 percent chance that the proposal will be successful.
Post your views in comment section below.