In the absence of a decision on Bitcoin ETF on the market there are alternatives
The cryptocurrency market continues to trade at levels close to yesterday’s closing day. Market capitalization is $207 billion, the value “home” of cryptocurrency – Bitcoin is at $6421 that only 0.09% higher than yesterday’s level, according to Coinmarketcap.
I have previously suggested that in the absence of a new disappointing news triggers after the migration decisions of the SEC, the decrease in BTC/USD below $5700 unlikely, this scenario has not been confirmed yet.
Altcoins also gradually restore previously lost ground. Ethereum is growing at +2,31% per day, reaching a low of $292 per coin. XRP gaining +0.51 percent, approaching the level of $0.2897. Bitcoin Cash also increases by +1.12 percent, the current price of coins $524,78. EOS increased by 0.78 percent to $4,71.
At that time, as a solution for a Bitcoin ETF was delayed, the market gradually added new instruments such as the “F share” (CXBTF) for bitcoin notes of “Bitcoin Tracker One” traded on Nasdaq Stockholm (the Stockholm stock exchange).
Since the new tool F-share is quoted in us dollars, it is more convenient to use for brokerage accounts USA, and can be an alternative for ETF investors. The community evaluates the news is very positive, the cryptocurrency market receives incentives for growth.
Also created new index funds cryptocurrency market from Bitwise. It’s a company in San Francisco, which manages asset and have created your cryptocurrency index Hold10 on the basis of the first 10 coins with the largest market capitalization. Now this index will be renamed in Crypto 10 Large Cap Index, and additionally will add new indexes based on the cryptocurrency medium and smaller market capitalization (top 20, 70 of the top 100 cryptocurrencies, respectively).
Company Bitwise has also filed an application with the SEC to launch its own ETF at the end of last month (July 25), it is awaiting review, as well as other similar. However, until the SEC gives the go-ahead for the launch of the ETF, the market is not in place, it appears more and more perfect alternative investment instruments for retail and institutional investors.
From the point of view of technical analysis, further strengthen the BTC/USD will be at $6780, is the level of resistance, which can be a serious obstacle to the growth of BTC. I assume that the market will not pass this level easily at the first attempt, as it was on 20 June and 7 July, when the market faced a sales that is at the approach to this price zone of $6780 (according to quotations of the Coinbase).
“International Financial Center”