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Curious why Bitcoin is suddenly going up? by jrcornel

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bitcoin · @jrcornel ·
$25.29
Curious why Bitcoin is suddenly going up?
https://i.postimg.cc/Wb6dpK7b/Gabor-Gurbacs-Van-Eck-860x430.jpg

# Bitcoin is suddenly going up again, and it likely is due to some very big news.

Earlier this morning, VanEck and SolidX announced that they would be offering a Bitcoin ETF-like product to institutional clients in the very near future.

How soon exactly?

Well according to the release, it looks like shares will be available for sale as soon as this Thursday, to qualifying investors.

They are able to offer this ETF-like product through a special exemption with the SEC where they won't sell shares to retail investors.

More from the release can be seen here:

https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report

# Why is this such big news?

For a couple reasons really...

For one, this would pretty much be the first time something like this has been offered to institutions through traditional brokerages here in the US, though GBTC is pretty close.

From VanEck:

> "As the first bitcoin product in the U.S. with standard ETF creation and redemption and established clearing and settlement processes, institutional investors can finally gain exposure to bitcoin within a familiar context. We view the product as an exciting next step for SolidX and VanEck in our partnership as we work to bring institutional-quality crypto asset products to the marketplace.”

(Source: https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report)

https://i.postimg.cc/7Y7LsRRn/kryptomoney-com-SEC-Will-Soon-Decide-The-Fate-of-Van-Eck-Solid-X-B.jpg

(Source: https://kryptomoney.com/sec-will-soon-decide-fate-vaneck-solidx-bitcoin-etf-proposal/)

Secondly, this likely paves the wave for a more traditional bitcoin ETF to eventually gain approval and be available for the masses, and if this launch goes well, perhaps that approval comes sooner rather than later.

VanEck stated that part of their goal for launching this product is to show the SEC how a bitcoin ETF could work in practice, in the wild, to help calm some of their fears.

# Shorty on the run!

As you might have guessed, this news has caught many shorts on the wrong side of the trade as everyone and their dog has been betting bitcoin was going to at least $8.5k in the near term.

Well, judging by the price action thus far, I would not be surprised if that $9,100 was as low as we are going to get for a long time.

Run shorty run!

Stay informed my friends.

Image Source:

https://www.coindesk.com/van-eck-solidx-to-offer-bitcoin-etf-to-institutions-via-sec-exemption-report

-Doc
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vote details (296)
@abdex9 · 
I'm glad I bought some BTC 2days agoπŸ˜‹. When I saw the chart this morning, I smiled.

Posted using [Partiko Android](https://partiko.app/referral/abdex9)
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@jrcornel · 
Yep, that would be a very good buy, nicely done!
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@blazing · 
That's a very big news coming up hopefully September turns out to be great
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@jrcornel · 
This combined with the Bakkt launch later this month are significant pieces of news for bitcoin.
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@forexbrokr · 
Or... Is it just because the [bitcoin price has remained above daily support](https://steemit.com/cryptocurrency/@forexbrokr/bitcoin-dumps-still-remains-above-daily-support)? 

We like to search for a fundamental narrative to try to explain things in the media, when most often it’s just price action.
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@jrcornel · 
Maintaining daily support doesn't account for a sudden influx of volume (that came in right after the announcement b y the way). 

On the whole, the chart is merely a reflection of news. Some of it moves the markets, some of it doesn't. Charts don't predict will will happen, they simply predict would could happen given the right catalyst.
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@luegenbaron · 
Charts are mass-psychology not news.

News are centralized fake information..^^
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@kingscrown ·
$0.09
hope it wont stop
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@jrcornel · 
Already pulling back. Bitcoin sure seems heavy right now given the scope of the bakkt and vaneck news...
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@luegenbaron · 
Has no logic to me.. or a really flawed.

Cuz of the ETF-like product (selling many btc) the price now rises to then dump?
*Yea right. That's why people are hodling right now...*

Still waiting for the crash
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@jrcornel · 
The product is physically backed by bitcoin. Meaning that anyone who buys a share, it will represent buying the actual bitcoin. Which is a big deal as much of the money that will be participating is not able to go out on unregulated cryptocurrency exchanges and purchase bitcoin. This combined with the Bakkt launch should represent a significant amount of new fiat inflow into bitcoin. Very bullish news.
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@madalchemist · 
I try to not even make predictions anymore
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@jrcornel · 
I guess I haven't quite learned my lesson just yet.
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@newageinv · 
Interesting that it aligns with Bakkt launching and settling in bitcoin itself.  One thing is for sure in that it will lead to more volumes and interest from institutions!
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@jrcornel · 
Yep, the bitcoin market will forever be changed a month from now. Interested to see what that means for prices.
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@smartsteem · 
πŸ‘
*~Smartsteem Curation Team*
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@jrcornel · 
Awesome, thank you! :)
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@sniper555 · 
Perfect, i'm waiting :)
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@videoaddiction · 
It is going to 11k.

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@jrcornel · 
That is basically just a stone's through form the current levels. I think so too.
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