The world’s bitcoin traders are getting ready for this week’s decision by the US Securities and Exchange Commission on an exchange-traded fund (ETF) tied to the digital currency.
The agency is expected to make its decision by Friday. Specifically, the SEC is considering a proposed rule change by the Bats Global Exchange that would clear the way for it to list the bitcoin ETF sought by investors Tyler and Cameron Winklevoss.
In the meantime, traders are preparing for what’s to come – a process that, according to some in the market, means gearing up for the expected volatility that might follow, regardless of the SEC’s choice.
Joe Lee, co-founder of leveraged bitcoin trading platform Magnr, told CoinDesk:
“We’re anticipating a lot of volatility and trading activity around the time of the ETF announcement.”
Investor and entrepreneur Vinny Lingham argued that while there’s little indication as to which direction the agency go, that potential for volatility is virtually guaranteed – and as a result, people in the market are getting ready.
“Volatility is coming back after the decision is made,” said Lingham.
Preparing for the storm
Lingham certainly wasn’t alone in articulating this point of view.
CryptoCompare founder Charles Hayter told CoinDesk that, from his perspective, overall
Read more ... source: CoinDesk
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