12 July 2014

Bitcoin Down, Winklevoss ETF May go Live This Year



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Bitcoin is trading down today after a failed break above $630. In the early Asian session BTC/USD moved up to hit a daily high of $629. From here, BTC slowly fell to hit a low of $618.60. Prices are trading barely above the daily low at the moment at $621 per coin. The breakout points mentioned in our yesterday piece still stand. A rally above $633 may propel BTC prices to $650 and beyond to the June 3rd swing high at $667. On the flip side, a significant move below the psychologically important $600 figure may extend losses toward $550. Here is the trading action during the last two days on BTC-E.


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According to experts interviewed by the IBTimes, the Winklevoss Bitcoin ETF will likely pass the scrutiny of Federal regulators. The approval may happen as early as this year. ”Everything I see in the Bitcoin filing is by the book, so it would be a surprise if they officially deny it”: says Dave Nadig, chief investment officer of ETF.com. However Nadig mentioned that regulators may choose to ”pocket veto” the application and ignore it for a while.


The Winklevoss twins got rick of an early investment in Facebook. They are estimated to own around 1% of all bitcoins mined so far. The twins filed paperwork for the Bitcoin trust fund with the Securities and Exchange Commission over a year ago. Recently they revealed that the ETF’s ticker symbol will be COIN.


Grooveshark, an online music streaming service based in the US, started accepting bitcoins for payment. The company is using Stripe to process BTC payments and currently plans to convert all the coins it gets back to US Dollars.


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July 12, 2014 at 11:56AM



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