top of page

Bitcoin ETF’s are Close to Approval

GB Market Commentary 11/10/2021

by Freddie Evans


The weekend saw movement in the Bitcoin price around the $55,000 level but has since climbed again to $56,570 at the time of writing. Last week's weekly candle has broken above the recent downtrend and is now looking close to reaching new all-time highs. With technical indicators looking bullish, the next key resistance is at $60,000, and if it breaks through, we could have an exciting run until Christmas.


Bitcoin ETF's are still a big talking point as Blockfi filed to offer a Bitcoin futures ETF. The SEC has previously shown that they want a futures ETF rather than a spot ETF, so Blockfi's chances of approval are better. However, they are at the back of the queue, with Proshares being the first to file for approval. Bloomberg has stressed that they believe that it is likely that one or two ETFs are accepted and has given the Proshares ETF 2:1 odd on approval by the end of the month.


Ethereum's technical indicators show slightly more bearish signs than Bitcoin, but, normally, Bitcoin has a bullish shift first before others are pulled up. Ethereum is currently at $3605, with the price moving up just under 5% over the last week.


El Salvador president Bukele has announced that they are using $4 million worth of profits from their Bitcoin investments to build a new veterinary hospital in the local capital of San Salvador. Whilst they are using $4 million of profits to undertake the construction, they are not selling bitcoin to source funding but instead using money from the Bitcoin fund.


Edward Snowden has added his views on the discussion of Central Bank Digital Currencies(CBDC). He had some severe criticisms of the hypothetical CBDC's. He argued that "the Fed could impose a negative interest rate by gradually shrinking the electronic balances in everyone's digital currency accounts, creating an incentive for consumers to spend and companies to invest." He argued that they are a tool that will annihilate "the savings of every wage-worker in the country if they don't spend them fast enough." Many Central banks are looking into creating digital currencies, with the European Central Bank (ECB) exploring the potential of a digital Euro.

Comments


GB_CC_May_Digital Asset Trading_Whiteout
  • LinkedIn
  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • telegram logo

GlobalBlock EU ApS is a company incorporated and registered in accordance with the applicable laws of the Kingdom of Denmark as virtual asset service provider, with registration number (CVR-number) 45126382. GlobalBlock EU ApS is wholly owned by GlobalBlock Holdings., a company registered in England and Wales with registration number 15929099 . GlobalBlock EU ApS is not a licensed financial services provider and is not supervised as such by the Danish Financial Supervisory Authority. GlobalBlock EU ApS is supervised with respect to anti money laundering by the Danish Financial Supervisory Authority within the scope of the Danish Act on Prevention of Money Laundering and Terrorist Financing and other legislation stemming thereof.

.
GlobalBlock Europe, UAB is a company incorporated and registered in accordance with the applicable laws of the Republic of Lithuania as a virtual currency depository wallet operator and virtual currency exchange operator, with registration number 306045642. GlobalBlock Europe, UAB is wholly owned by GlobalBlock Holdings Ltd., a company registered in England and Wales with registration number 15929099,  GlobalBlock Europe, UAB is not a licensed financial services provider and is not supervised by the Bank of Lithuania. GlobalBlock Europe, UAB is supervised by the Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania within the scope of the Law on Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania and other legislation stemming thereof.
 
Investors should be aware that cryptocurrencies are volatile investment instruments that carry a high degree of risk to the capital investment. The information in this website is not intended and should not be construed as an offer, solicitation or recommendation to buy or sell any specific investments or participate in any specific investment (or other) strategy. The products and services outlined on this website may not be suitable for all types of investors. The value of an investment can go down as well as up, and you may not get back the amount you originally invested. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of GlobalBlock Europe, UAB based on the legal requirements in your country of residence. The information in this website is for information purposes only and is subject to change. No part of this website can be reproduced without written permission.


 Client fiat is held with GlobalBlock in accounts with BCB Limited,and does not meet the definition of Electronic Money (e-money). Client fiat and cryptocurrency are not “safeguarded” nor covered by any compensation scheme. Clients could potentially lose their cryptocurrency or fiat if something were to happen to GlobalBlock or, BCB.

Cryptoasset Notice

Cryptoasset services are provided by GlobalBlock Europe, UAB (“GlobalBlock”).   Cryptoassets are not regulated in any jurisdiction and the value of your assets can increase or decrease. You should note that your cryptoasset profits may be subject to Capital Gains Tax.

The service you obtain through the website or the app in the UK, contains cryptoasrvices not regulated by the Financial Conduct Authority. Please be aware that:

  • You will have no recourse to the Financial Ombudsman Service in the event of a complaint relating to cryptoasset services.

  • Your cryptoasset account is not protected by the Financial Services Compensation Scheme.

  • Cryptoassets may experience frequent price volatility resulting in a high degree of risk.

bottom of page