Cryptocurrency Market Remains Stable as VanEck/SolidX Bitcoin ETF Proposal Resubmits
Bitcoin, per Bitmex, is trading at $3434. Its 24 hour volume is leveling at around 5.5 billion USD.
The market has remained stable since yesterday's update; as a result, our general outlook on $BTC and the industry is unchanged. Bitcoin's crucial support is from $3330 to $3400. Should it hold above those levels and print higher lowers, we will regain confidence in the alt market.
In the event Bitcoin falls through support, we will enter net short positions and DCA as yearly lows are likely to be met.
On January 23rd, it was reported that CBOE withdrew its VanEck/SolidX Bitcoin ETF proposal. This was due in large part to the ongoing government shutdown, and the fear associated with the proposed rule change being denied by the SEC.
As of yesterday, CBOE, VanEck, and SolidX resubmitted their joint proposal to the SEC.
They withdrew earlier this month because a deadline was set on their application for February 27th. Now there is no time clock on either the CBOE/VanEck/SolidX proposal or NYSE Arca and Bitwise’s proposal, which was submitted a few weeks prior. It seems as though the leading Bitcoin ETF proponents are back in stride to become the first groups to bring a Bitcoin ETF to market in the United States.
This news is unequivocally bullish for the industry. With such investment vehicles nearing their acceptance, the market is gradually becoming more investor friendly. To think, in time, cryptos will be vastly more accessible to consumers than ever before – something all enthusiasts and incumbents in the space should be thankful for.
Also, in other news,
State-Backed Iranian Crypto Pushes Industry Forward
In other news, a gold-backed cryptocurrency, the Peyman (Persian word for covenant), has been launched in Iran. Four banks and the Gohgnoos company will utilize the Peyman to tokenize bank assets and excess properties. The launch of the Peyman comes amidst speculation that Iran is developing its own state-backed cryptocurrency.
Due to economic sanctions imposed by the United States, Iran’s ability to conduct business internationally has been crippled. Last year, Iran identified cryptocurrencies as a means to circumvent the sanctions.
The introduction of the Peyman also comes directly after Iran’s central bank issued new cryptocurrency regulations. While there are still restrictions on Bitcoin, Iran gave the green light to ICO’s, exchanges, wallets, and cryptocurrency mining.
This development is not surprising to our team. One of the most important value propositions of this space is the accessibility to censorship resistance money. This could reshape the effectiveness of economic sanctions imposed by the world’s elite nations as smaller nation states resort to using cryptocurrency and blockchain to remain relevant on the international economic scene.