Bitcoin Price on a Wild Ride as Market Anticipates ETF Decision

The Bitcoin market has been going crazy today in anticipation for the upcoming exchange traded fund (ETF) decision expected to be announced at any moment. During the early morning hours of February 10, the price per bitcoin hit an all-time high of US$1350. Following the brief spike the price has been volatile and dipped to

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The Bitcoin market has been going crazy today in anticipation for the upcoming exchange traded fund (ETF) decision expected to be announced at any moment. During the early morning hours of February 10, the price per bitcoin hit an all-time high of US$1350. Following the brief spike the price has been volatile and dipped to $1250, but bitcoin’s value continues to break resistance attempting to reach the $1300 range again.

Also read: Cheapair.com Bitcoin Sales Soar 74% Over the Last 6 Months

Bitcoin Price Goes Wild as Market Anticipates ETF Decision

Many bitcoin supporters believe the U.S. Securities and Exchange Commission (SEC) will announce the ETF decision today. SEC very well could announce whether it approves the bitcoin ETF or not during its live webcast of the agency’s “Evidence Summit.” The market seems to be reflecting a positive outcome as many hope it will be a significant endorsement towards bitcoin as an asset class.

Currently, at press time, the price per bitcoin has been moving up and down from $1230-1275. Traders seem to be playing the scalps and intra-range price movements while waiting for the official SEC announcement. Throughout March 8-9 bitcoin’s price dropped and consolidated a formation at the $1150 mark looking as though a breakout would take place. Technical indicators pointed in the direction of a downward position but that all changed during the morning of March 10. After the announcement it’s a safe bet there will be significant market movements with bitcoin’s price, but it’s anyone’s guess which way it’ll go.

Bitcoin Price on a Wild Ride as Market Anticipates ETF Decision Other Positive March 10 Headlines

Bitcoin Price on a Wild Ride as Market Anticipates ETF Decision While everyone awaits the ETF decision, there’s been some other announcements in the meantime. On March 9 the Mt Gox bankruptcy trustee Nobuaki Kobayashi updated the public concerning the upcoming claim distribution process. It seems the U.S. government will be releasing 50 percent of the funds they seized from a Mt Gox affiliate. The U.S. will release $2.57 million in funds as long as the affiliate agrees to withdraw its claim for the remainder.

The trustee’s notice details the $5.14 million in funds were seized from the exchange’s Mutum Sigillum LLC subsidiary for illegal money transmission. Kobayashi has agreed to the settlement agreement, but a hearing will take place on April 24, 2017. The recent announcements from the Mt Gox investigation show customers may see some money in the near future.

Bitcoin Price on a Wild Ride as Market Anticipates ETF Decision In other news, the bitcoin payment company Abra has launched direct support for BTC. Abra’s system operates with bitcoin transactions under the hood, but now the company is bringing the decentralized currency directly to the application interface. Now users can buy, hold and send bitcoin using the Abra platform. Furthermore, U.S. and Philippines residents can buy bitcoin with their bank account without a fee. The company says it’s pleased to add bitcoin amongst it 50 plus currencies utilized on the platform.

The Wait

A vast majority of bitcoiners will likely have their eyes peeled in regards to the ETF decision. If the ETF is approved many believe it could help the U.S. become more of an innovative technology leader. The approval could lead to more avenues for mainstream investment into the digital currency economy and could also spark more interest from other nation states.

If the ETF is not approved the market will likely react, but it doesn’t mean it’s an end all decision for bitcoin exchange-traded funds. The creators of these ETFs will just have to address the issues and concerns given by the SEC and resubmit for approval again.

What do you think about the market movements on March 10 while people await the ETF decision? Let us know in the comments below.

Disclaimer: Bitcoin price articles are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money”.


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Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution Process

The latest Mt Gox creditors’ meeting trustee has revealed payment claims for customers have all been approved or rejected, but the bankruptcy investigation is still ongoing. Also Read: Major Chinese Exchanges to Postpone the Return of Withdrawals Mt Gox Trustee Details Mt Gox Investigation Continues While Claims Are Being Processed During the 8th Mt Gox creditors’

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The latest Mt Gox creditors’ meeting trustee has revealed payment claims for customers have all been approved or rejected, but the bankruptcy investigation is still ongoing.

Also Read: Major Chinese Exchanges to Postpone the Return of Withdrawals

Mt Gox Trustee Details Mt Gox Investigation Continues While Claims Are Being Processed

Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution ProcessDuring the 8th Mt Gox creditors’ meeting, the Tokyo District Courts’ bankruptcy trustee Nobuaki Kobayashi has given the public an update concerning the proceedings. There have been a few changes since the 7th creditors’ meeting in regards to the “List of Assets and Balance Sheet,” as well as the holdings held by the bankrupt entity.       

The status of the bankruptcy estate, based on the investigation conducted up to the time of preparation of this Report, is as shown in the List of Assets and the Balance Sheet, and the balance in the account that I have secured as of March 7, 2017, is JPY 1,030,895,045, i.e., a decrease of approximately JPY 23,500,000 from the time of the 7th creditors’ meeting,” explains the bankruptcy trustee. “However, since the investigation of the status of the holdings of BTC is still on-going, the List of Assets and the Balance Sheet does not contain BTC held by the bankrupt entity.”

Kobayashi reveals the amount of bitcoin held by the bankruptcy estate is currently 202,185.36428254BTC. The trustee also states the court is still investigating the existence of additional bitcoins owned by the bankrupt organization and if more funds are found they will be moved to an address managed by Kobayashi.

In addition, Kobayashi details the number of claims accepted since the last creditors’ meeting. So far 24,750 claims have been filed, and the trustee has approved claims that total JPY 45,609,593,503. Since the last meeting, 81 additional claims have been approved, and Kobayashi also has retracted his objections against 19 filed claims. The latest creditors’ meeting report reveals all of the Mt Gox claims have been approved or rejected by Kobayashi.

The Disappearance of Mt Gox Bitcoin Holdings and Pending Distribution of Claims 

Mt Gox Trustee Wishes to Proceed to the Bankruptcy Distribution Process
Mt Gox bankruptcy trustee Nobuaki Kobayashi.

The most revealing aspect of the latest creditors’ meeting is the large sums of bitcoin that Mt Gox had allegedly possessed but have since disappeared. Kobayashi says the court is conducting investigations concerning this matter and if funds have disappeared the investigation will be delegated to third parties such as Deloitte Touche Tohmatsu, Reex Accounting Firm, and a firm called Payward. Furthermore, the court is working with the Tokyo officials who had arrested the former Mt Gox CEO, Mark Karpeles. The Mt Gox founder was prosecuted for tampering with electromagnetic records and suspicion of corporate embezzlement.

“I have been providing and will continue to provide the police with cooperation as much as possible,” details Kobayashi. “In connection with the police investigation, the careful treatment of information relating to the investigation is now needed.”

The Mt Gox trustee explains he believes it will still be difficult to understand “the full picture” of all the missing bitcoins. However, Kobayashi plans to continue the investigations as much as possible. “We are planning to disclose the results of the aforesaid investigation at the appropriate time, in the appropriate manner and with the appropriate content, taking into account concerns of privacy,” the trustee adds.

“Now that all bankruptcy claims have been accepted or rejected, henceforth, I wish to proceed to the distribution process as soon as possible,” concludes the 18-page trustees report. “At present, the possibility of carrying out a distribution and the timing and method thereof, has not yet been determined. — I will continue to consider whether, in the case where a distribution is possible, a distribution will be made by way of distributing BTC.”

What do you think about the latest Mt Gox creditors’ meeting? Do you think people will see their funds anytime soon? Do you believe there are more Mt Gox bitcoins that have disappeared? Let us know in the comments below.


Images courtesy of Shutterstock, and Pixabay. 


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Bitcoin Price Surpasses 2013 All Time High

According to recent charts, the price per bitcoin has surpassed it’s 2013 all time high (ATH) on February 23, 2017, reaching $1168 per BTC. Related: Bitcoin’s Transaction Queue Sets a New Record Bitcoin Crosses its All-Time Price High Bitcoin’s price value has been on a tear throughout most of 2017 and just recently crossed its highest

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According to recent charts, the price per bitcoin has surpassed it’s 2013 all time high (ATH) on February 23, 2017, reaching $1168 per BTC.

Related: Bitcoin’s Transaction Queue Sets a New Record

Bitcoin Crosses its All-Time Price High

Bitcoin’s price value has been on a tear throughout most of 2017 and just recently crossed its highest price point ever. Throughout the past few weeks, the cryptocurrency’s price movements have been slowly escalating upwards with a few hiccups along the way. News from China’s central bank imposing new regulations on Chinese exchanges slightly stirred markets but the price persevered throughout these events.

According to a few different price index sites, bitcoin reached a high of $1165 on November 30, 2013. The price didn’t stay high for very long and suffered a bearish decline over the course of the following year. This years bull run has seen bitcoin’s price remain above the 4-digit mark much longer than 2013’s rise. The run up of 2013 was also a bit more controversial as rumors of trading bots on Mt Gox may have attributed to the year’s price spike. The Mt Gox price ATH is an entirely different and debatable number showing bitcoin hitting $1236 per BTC on December 4th, 2013.

Bitcoin Price Surpasses 2013 All Time High
Bitcoinity’s website celebrates the new price ATH.

New Highs May Come as Bitcoiners Patiently Wait for the March ETF Decision

Currently, the price is struggling to maintain staying above $1168, but the 200 Simple Moving Average (SMA) shows strong support in this range. Technical indicators such as the Stochastic and the Relative Strength Index (RSI) show there may be some heavy selling for the time being. For now, charts suggest the bullish uptrend may take the price to newer ATHs after breaking more resistance.

Bitcoin Price Surpasses 2013 All Time High
Price hits $1168 on Bitstamp at 1:45 EST 2/23/17. Chart courtesy of Bitcoin Wisdom.

Throughout bitcoin forums and social media sites, bitcoiners have been celebrating the price rise. Surpassing the 2013 rise is quite a milestone and this 2017’s run up has been entirely different from years prior. Many community members are speculating the price spike is due to the upcoming SEC decision concerning the approval of a bitcoin exchange-traded fund (ETF). Currently, there are three ETFs awaiting approval and bitcoin enthusiasts are hoping for an approved decision on March 11.

What do you think about bitcoin surpassing 2013’s ATH? Let us know in the comments below.


Images courtesy of Bitcoin Wisdom, Bitcoin Planet, and Bitcoinity. 


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