Host and cryptanalyst of the CNBC’s crypto trader show, the famous Ran Neuner is asserting in a recent tweet that the price of the Bitcoin is about to explode.
This confident assertion is expressed in a tweet made by the cryptanalyst on October 7 showing strong conviction on his claims. In that tweet, he acknowledged the fact he had bought Bitcoin for his parents. This was done to express his forever building confidence that the Bitcoin surge was here to stay. A useful and profitable rally most likely linked to the United States Security and Exchange Commission with regard to the greatly anticipated decision on the application of several Bitcoin exchange-traded fund says the crypto trader in a tweet on the same matter and on the same day.
The crypto analyst and host in a bid to explain why he was so optimistic that his prediction would come true explained that in the rally which was held the previous year made about $6000 upwards to about $20000 during the period between Novembers to December. This all happened with the expectation that the BTC futures contract was about to be launched.
Last year,around this time,BTC went from $6691 (Nov 11) to $20000 (Dec 17) in 5 weeks.This on the back of the expectation and launch of a cash settlement BTC futures contract. An ETF is a way bigger deal & requires actual purchase of BTC.2 looming SEC decision deadlines ahead.
— Ran NeuNer (@cryptomanran) October 7, 2018
The Chicago Mercantile exchange which is also known as CME is also certified and allowed to now use Bitcoin future starting from the 11th of December. Also, the Chicago board options exchange which is also known as CBOE has also been given the authority to do so. These authorizations came after the CFTC confirmed their eligibility. After this confirmation, the CBOE went on to launch first which was on December 11. However, the CME held off their launch until the 17th of December. This also was coincidentally the moment which Bitcoin went to on to their highest ever all-time high which stood at 1 Bitcoin to about $20000
Speaking about the Bitcoin futures, Neuner was quick to point out the differences between that and the choice which has been made by SEC as regards to the very first Bitcoin ETF. Neuner claims that the Bitcoin futures is an inferior choice to this ETF deal. His rationale for this was that the purchase of actual Bitcoins made it superior to anything that Bitcoin futures could muster.
It is viewed by many observers that the ETF would in a way allow Bitcoins to be more accessible to investors. This is due to the fact that they would not necessarily be investing directly to the Bitcoin cryptocurrency but to Bitcoin ETF. If the ETF eventually gets enough recognition and is eventually posted on Wall Street, then the Bitcoin cryptocurrency is set for a massive upsurge.
The founders of the deal SEC have set their final deadline on the 5th of November for the interview of all ETF applications which have been made to them. However certain rejections have already started. This is seen in the fact that SEC has also struck out the application which was presented to them from Tyler and his brother Cameron Winklevoss. This was their second attempt at their application. In a statement which was published by SEC, they suggested that the rationale for their decision was due to the fund’s appeal which was made by the brothers. However, Peirce hinted that their decision to reject this application would, in the long run, lead to the stunted growth as regards the institutionalization of the Bitcoin market.
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