Sunday, March 12, 2017

Bitcoin Chart

The SEC turns down the application for an ETF that would trade based on the movement in bitcoin price. The decision is very surprising since the general consensus was that the regulators would permit the exchange-traded fund to list. Bitcoin has been rising in price since citizens in China, India and Turkey, to name a few countries, are seeking ways to stash their money far away from their government's hands that may confiscate part or all of the dough in the future. China is very concerned about the overall capital outflow from their communist nation. Another push higher in bitcoin occurs since the expectation was that the bicoin ETF would be approved which will generate more interest and confidence in crypto currencies.

The SEC is concerned about the wild fluctuations that bitcoin may experience and the decision day on Friday illustrates the point. Bitcoin tagged 1350 intraday but then collapses to 975 when the news hit the wires that the ETF would not be approved. Bitcoin quickly recovered and continues hanging around the 1160-1200 area. Thus, the interest and enthusiasm continues for bitcoin and cyber currencies. The huddled masses do not trust their own establishment governments anymore as evidenced by the increasing global populism movement so the thinking is that your money is as safe in bitcoin as anywhere else these days. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.

Note: The Bitcoin chart is provided by Bitcoin Charts and annotated by Keystone.

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