Proof is scarce, but releasing news late afternoon on a Friday follows the PR handbook. Covered: Did The SEC Bury The Leading Cryptocurrency? How Bitcoin Has Fared Since The News Did The SEC Bury The Leading Cryptocurrency? The SEC accepted ProShares ETF filing around 4:15 pm EST on Friday, the same day the trust was […] The post Did The SEC Try To Bury Bitcoin Futures ETF? appeared first on CryptosRus.

Did The SEC Try To Bury Bitcoin Futures ETF?

Proof is scarce, but releasing news late afternoon on a Friday follows the PR handbook.

Covered:

  • Did The SEC Bury The Leading Cryptocurrency?
  • How Bitcoin Has Fared Since The News

Did The SEC Bury The Leading Cryptocurrency?

SEC Approves ProShares on Friday September 15th.

The SEC accepted ProShares ETF filing around 4:15 pm EST on Friday, the same day the trust was filed. That’s a pretty quick turnaround for the notoriously slow SEC.

Why was the ETF accepted so quickly? Most expected the SEC to wait until Monday. Why so hurried?

Recommended: Is The Bitcoin Futures ETF Priced In? 

Not to cast aspersions — but also to kind of do exactly that — dumping news late on a Friday is textbook variety. The strategy even has it’s own name: The Friday News Dump. Some even consider dumping a story late on a Friday is basically second only to doing it on a holiday. See: NFL’s handling of the Washington Football Team (WFT) controversy.

Funny enough, plenty of stories came out today warning investors about the perils of investing in a futures ETF. One even brings up some apparent concerns about a physically-backed ETF not getting approved. Those stories, though I imagine are just delicious clickbait more than anything else.

And, if I’m being fair some even think the Friday News Dump isn’t as effective as it used to be. So, who knows what, if anything, has kept the price at bay. Though, if I dig any deeper, I fear I might start sounding like this guy.

SEC Bitcoin: How Bitcoin Has Fared Since The News

Bitcoin Price Action October 15th to October 18th. Credit. CoinGecko.com

Bitcoin managed to break 60k resistance on the news. Eventually, BTC rose as high as $62,800 off the news.

Interestingly, Bitcoin was hovering around 61,600 just before news broke out late on Friday. Post-SEC filing, Bitcoin rose to 62,600. That was as high as it got on Friday. That’s only about a 1.5% gain on what is pretty significant news.

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Though, things are still looking bullish for the world’s biggest digital asset. For example, Bitcoin finished with its all-time high weekly close. Also, analysts believe the next crash will be “shallower” than past crashes. And, not to mention, there are more ETFs to come.

 

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