Daily: Market Rebounds ? / Canada Issues Blockchain ETF

in #bitcoin7 years ago

Market rebounds as fear subsides and news articles focuses on the core use cases of blockchain technology.
0:43 Market Analysis
2:10 Vechain & China, what’s happening in China
4:01 Canada: Regulators Approve Country’s First Blockchain ETF

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I hope we are not going into long term bearish trend.

I have a bad feeling we could see $6,000-7000 prices before things start to really recover. Who knows with so many things up in the air.

Seem like it rebounds. Most green today.

I really love how Canada really seems to embrace cryptocurencies. Good job.

Seems like the CoinTelegraph article is confusing Blockchain ETF with Bitcoin ETF and Bitcoin futures markets.

From the article:

In contrast to the news coming from Canada, US regulators have stated that such funds are not ready for regulation under US law.

The source for this assertion is another one of their own articles:

Today, January 9, ProShares, Raffety Assets Management and VanEck all withdrew their Bitcoin-related ETF proposals from SEC consideration, at the regulator’s request. Rafferty Assets Management commented that the SEC “expressed concerns regarding the liquidity and valuation” of the underlying asset.”
None of the withdrawn proposals were actually Bitcoin ETFs, per se. An actual Bitcoin ETF is widely seen as the holy grail of mainstream financial acceptance, as it would require the purchase of actual Bitcoins in order to “back” investments in the ETF. All of the proposals withdrawn today were related to Bitcoin futures markets.

But according to Coindesk, and the Globe and Mail article where they picked up the info:

According to the Globe and Mail, two other Canadian companies, First Trust Portfolios Canada and Evolve Funds Group Inc., are also seeking to launch blockchain funds, and filed their first prospectuses with regulators this week.
First Trust is already a presence in the U.S. market, offering its blockchain ETF under the ticker LEGR. The introduction in Canada of its First Trust Indxx Innovative Transaction & Process ETF (ticker: BLCK), modeled after the Indxx Blockchain Index, is the product of client demand, the company said.

Im still wary of thr market faking us out. This past month has exposed much of the fraud and manipulation. Just like when tide gets low you can see all of the bottom feeders. Im very worried about the Tether situation although it does not directly affect many cryptos it does affect the largest BTC exchange around.

Crypto market is so jerky . Seems it cant settle , swing is the friend . Wild guess now . Of course few weeks down the road is very important

Though the Canadian crypto-buyers aren't the biggest chunk of influencers, this move by the government is huge for the market and should definitely influence it in a rather positive manner. Thanks for sharing all this information with us all on Steemit.com

Namaste :)

yeah. this rebounce looks pretty healthy. btc will bounce back 10k with no time.

So the ETF does not own underlying Crypto assets; instead, it invests in companies using blockchain technology? Still good news as it helps increase mainstream adoption by supporting these companies venturing into the technology. Once the market stabilizes and regulation framework is clarified, ETFs for crypto assets will eventually be approve. It is in the best interest of regulators to let the free market determine its appetite and risk tolerances.

This is huge news for canadians citizens. Open more doors to be accepted.

Great news and crypto market rebounds. It's a great day! Thank you for the information.

Wao...Great post i ever seen before... a very informative, valuable and perfect prediction report i ever seen. it shows writer great interest and command on cryptocurrency ups and downs. Thanks for sharing valuable info with us, please keep it up, happy steeming !

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