Bulls Are Back In Town: Bitcoin Bounces Back From ETF Slump to Regain Over 4%

Avi Rosten

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Bitcoin (BTC) has had a turbulent day.

Dropping over 5% in price this morning to fall below the $8,000 level -  it seems that the slump was prompted by the SEC’s (US Securities and Exchange Commission) rejection of the Winklevoss twins’ bitcoin ETF application for the second time.

The cryptocurrency however, has almost completely bounced back to its former heights at the time of writing – regaining over 4% to approach the $8,200 mark - as the title chart from CryptoCompare shows.

All About ETFs

With many suspecting that the current mini-bull run is largely motivated by anticipation surrounding the SEC’s proposals from VanEck and SolidX – it is likely that investors took the rejection of the Winklevoss’ ETF has a bad sign ahead of the SEC’s decision – expected in mid-August.

While there are numerous other bitcoin-related ETF proposals currently lodged with the SEC, those of VanEck and SolidX have generated by far the most attention – with several hundred comments submitted regarding the proposals on the SEC website.

For comparison, the proposals filed by Boston-based ETF provider Direxion Investments at the time of writing have prompted only three comments.

With bitcoin in the latter half of July bucking the generally bearish trend, investors will be encouraged by the resilience shown in the face of ostensibly bad news. A truer test of market sentiment however, will likely emerge when the SEC’s decision on the more hotly-anticipated bitcoin ETFs arrives.

Bitcoin Suisse Starts Letting Clients Trade Gold, Silver and Platinum

Swiss crypto broker Bitcoin Suisse has started letting its users trade gold, silver, and platinum against the top two cryptocurrencies bitcoin and ether, as well as against fiat currencies.

According to an announcement the firm published, its clients can now trade gold, silver, and platinum 24/7 with immediate cash settlement. Bitcoin Suisse touts clients now have a greater choice of strong assets to build up a diversified portfolio using its platform, providing them with options in times of high market volatility.

Bitcoin Suisse rolled out its 24/7 trading of fiat currencies late last month, and added in its recent announcement that with precious metals users have access to assets that have been long used in investment strategies. Bitcoin Suisse’s head of trading and liquidity, Stefan Lütolf, added:

Recent developments have boosted the demand for scarce, highly valuable assets such as gold and Bitcoin. Bitcoin may not be Gold 2.0, yet. In the meantime, we want to give our clients the maximum choice possible.

The precious metals trading pairs are being offered to all of Bitcoin Suisse’s clients, with a minimum purchase requirement of 100 CHF (around $103), and with no custody fees for up to 100,000 CHF ($103,000).

Gold, silver, and platinum can be traded n the platform against BTC and ETH, and against major fiat currencies like the CHF, USD, GBP, EUR, and DKK. Precious metals trades are settled immediately for fiat currencies with a two-day lapse. The firm’s statement reads:

Even with increased access in recent years, the possibility of combining precious metal investments with so-called “digital gold” (Bitcoin) remains difficult. Now Bitcoin Suisse is helping to change this.

It’s worth noting that with cryptocurrency exchange Vaultoro users could already trade the flagship cryptocurrency for physical gold. The gold users buy using Vaultoro is then stored in the client’s name in high-security vaults in Switzerland.

Featured image by Dmitry Demidko on Unsplash