• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Trade

eToro Market Update: Power Move

Guest Author by Guest Author
2 years ago
in Trade
Reading Time: 4min read
crypto, market, bitcoin, blockchain, trading
Advertisement
Listen to Article

Hi Everyone,

Sometimes things don’t go according to plan but those who are flexible know how to take advantage of any situation.

The US Government shutdown has affected many things, and the latest casualty seems to be the VanECK bitcoin ETF, which was up for review by the SEC. The deadline for a decision was February 27th but VanECK has now withdrawn its application.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

Diligent readers of our daily market updates will not be dismayed by this latest update but delighted. As we have noted several times, this proposal had a very slim chance of success. SEC Chairman Jay Clayton has been stressing that the bitcoin market is not yet mature enough for an ETF.

Recent price action seems to confirm this, as we’ve seen a number of price spikes due to the low liquidity lately.

The government shutdown seems to have put further strain on this process. If there was a hope of convincing the SEC before the deadline, it has now disappeared. So, rather than letting the application be rejected, VanECK has simply withdrawn it – thus denying the SEC any opportunity to deny it. This is what we call a power move.

The price of Bitcoin did decline slightly at the time of the news (purple circle) but is still holding well at the $3,500 support level.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

The markets lackadaisical response to this news is a clear sign that investors are starting to understand…

The crypto market is not dependent on any government or financial institution and no single product or service has the power to make or break bitcoin. We call this maturity.

@MatiGreenspan – eToro, Senior Market Analyst

Today’s Highlights

  • Shutdown: Day 34 | Days to Brexit 64
  • Euro Data Smackdown
  • BTC TPS still growing

Please note: All data, figures & graphs are valid as of January 24th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

Markets are trudging forward today. Looks like there’s a whiff of risk appetite but clearly, the current geopolitical tensions are holding them back from any substantial moves at the moment and so markets are range bound.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

The US government shutdown has now dragged the President’s approval below 40%. This graph from fivethirtyeight.com shows Trump’s rating since the inauguration. The blue dots show when the shutdown began.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

The shutdown doesn’t seem to be coming any closer to resolution either. The squabbling between the two American political parties is only deteriorating.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

Euro Data Smackdown

A string of data has hit the Euro today. The PMI is an index that measures how companies are feeling about the economy by surveying purchasing managers in the services and manufacturing sectors.

A measure above 50 indicates economic expansion and vice versa. As we can see, the overall numbers for Europe (bottom two lines) do show expansion but were well below what analysts were forecasting.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

We can see the reaction in the EURUSD pretty clearly when zooming in on the short term chart.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

Crypto Calm

Fortunately, not much to report in crypto land today, other than what we mentioned in the cover letter.

The transaction rate on the bitcoin blockchain is now at its highest level in a year, which is kind of cool. This is a good indicator that shows usage of bitcoin is growing despite the bear market.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

There’s also this story about crypto adoption in Iran.

bitcoin, crypto, ETF, market, trading, cryptocurrency, dollar, euro

Unfortunately, however, there isn’t any real way to confirm this, other than the testimonials given in the article. The site I usually use to track this hasn’t updated in the last few weeks. They say they’re working on it though, so hopefully, we’ll get a good report soon. If anybody else has some other way to gauge, hook a brother up!

Let’s have an amazing day ahead!

About the Author: Mati Greenspan is a Senior Market Analyst at eToro

Connect with Mati on….

eToro: http://etoro.tw/Mati
Twitter: https://twitter.com/matigreenspan
LinkedIn: https://www.linkedin.com/in/matisyahu/
Telegram: https://t.me/MatiGreenspan
Office Phone: +44-203-1500308 (ext:311)

Disclaimer: The opinions expressed in this article do not represent the views of NewsBTC 
or any of its team members. NewsBTC is neither responsible nor liable for the accuracy of 
any of the information supplied in Sponsored Stories/Press Releases such as this one.
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Guest Author

Guest Author

Related Posts

Crypto Roundup: January 4th, 2021

Crypto Roundup: January 4th, 2021

3 weeks ago
crypto market analysis

Crypto Market Analysis: 4th January 2021

3 weeks ago
crypto roundup

Crypto Roundup: December 7th, 2020

2 months ago
crypto market analysis

Crypto Market Analysis: 7th December 2020

2 months ago
trading fees, etoro

Don’t Get Hoodwinked by Hidden Bitcoin Trading Fees

2 months ago
copyportfolios

What Are CopyPortfolios?

2 months ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.