In this issue: Time's Up For Tether...
Breaking News For Bitcoin Investors...
SEC Rules Against Bitcoin ETF
From: W-A-Y West Of Diamond Horseshoe
Created: 00:01:11 UTC -- Updated: 07:43:09 UTC
Dear Friends & Subscribers:
This is very important information for anyone who is investing in Bitcoin or related cryptocurrencies.
The Bitcoin Manipulation is Too Rampant For United States To Approve ETF Says SEC After Denial of Application
Today the SEC Uncovered How Bitcoin (BTC) Is Manipulated...
Just as the Winkelvii Twins scored another setback today, the Bitcoin price suddenly declined after the news was dropped about the SEC denying them (for a second time in appeal) the right to launch the first ever Bitcoin ETF.
This delay may be a good thing for Bitcoin investors though...
Hear me out...
After denying the license application, the SEC proceeded to go on a long rant describing the fraudulent nature of Bitcoin transaction related to Tether (USDT) and therein lies the key to it all. We will break this rant down in a future issue to show just how they perceive this trade-off to be destructively manipulative towards Bitcoin.
Upon closer inspection though, I will say it is clear to see just how easy it is for Bitcoin to be manipulated by Tether...
But how would you know? We will tell you soon, but for now...
You Can't Know What You Don't Know!
That's the trick to it all! (wink)
Without any regulation of Tether (USDT) and non-classification of Bitcoin as a security, investors are pulling their hair out as they try to keep up with sustained losses from Bitcoin trades between the $11K-$16K range where there appears to be fragile support (resistance) for the friendly bulls. Traders were collectively calling the next bull run's end somewhere around $11K for that reason.
Go here to browse the dirt that the U.S. SEC has collected on The Winkelvii's attempt to create an electronic traded fund with Bitcoin.
And again, this is not the first time that the Winkelvoss twins have been denied by the SEC. Their last attempt was shot down for similar reasons and as a result Bitcoin saw one of the largest declines of the year. Check it out here.
Update:
It has come to our attention that some people may be interpreting this information the wrong way and making accusations that this warrants the of spreading F.U.D. so I'm updating this post to clear the air...
To Be Clear
The SEC's ruling TODAY was actually in regards to an APPEAL from the Winkelvii's first attempt at getting an ETF seal-of-approval last year.
Reddit Pundits have been arguing over comments such as "The Winklevoss ETF was an appeal from a 2 year old application with a 1 year old denial. This has ZERO impact on the August 16th - Van Eck SolidX CBOE ETF."
But commenters on Reddit were quick to clear up the Reverse F.U.D. by putting things into perspective and that's the logic that I am going to side with in these very interesting times.
1.) The SEC made it clear that Bitcoin can be manipulated, believing it has something to do with the "stable coin" trading of Tether (USDT).
2.) The SEC also said that they had no interest in giving the green light on Bitcoin (BTC) until they could receive unfettered access to the internal controls of the ETF which effectively gives them a centralized position from which to monitor investors from.
3.) The Winkelvii are very powerful in the financial world, and if they can't get the job done, then I certainly don't see how the VanEck+Solid-X folks are going to prove that their fund can magically do otherwise. This may be the price killer over the next 30 days.
What are Your Thoughts? . . . . . . . .
Here is our short term price target determination upon careful analysis:
BTC: $7628
ETH: $452
BCH: $759
DASH: $214
Not sure what all this means?
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Onward & Upward!
- Agent for The Professor