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Today we look at Bitcoin (BTC) and it's recent flash drop as well as relevant Bitcoin ETF news and Coinbase talking with BlackRock (Wall Street Giant) in their own Bitcoin ETF.

Last week on Crypto Blessing:
Has altcoin season begun? The slight pumps we saw yesterday have bled into other assets, with Icon ICX calming down and Nano, Vechain, Ontology, Zilliqa and more taking off! Tron TRX, Ripple XRP, and even Bitcoin BTC are all up and going strong. We have a look at all the trending news in the cryptocurrency markets, including Ethereum Classic (ETC) being added to coinbase, Tron TRX's expansion into Japan, while Ripple (XRP) also eyes the Asian-Pacific and UAE cryptocurrency markets.

Today we look at all this Bitcoin (BTC) ETF hype and what exactly a Bitcoin (BTC) ETF would do to the markets. It's largely compared to Gold, because whether it's entirely because of an ETF or just a contributing factor the price of Gold has done very well over time since introducing an ETF. Obviously cryptocurrency is slightly different, and I do feel that without an ETF the space will continue to evolve and develop into real use cases that deliver positive social impact. I think an ETF is inevitable, however its not realistic to think in early 2019 or even late 2019 we will see one. We show an article saying this current CBOE Bitcoin ETF will be rejected and further applications will need to be considered, taking us well into 2019 and early 2020.

So much has gone on in the markets lately. The SEC delayed the CBOE VanEck/SolidX Bitcoin ETF application until September 30th. Prior to that, the SEC denied the Winklevoss' BAT Exchange's application for a bitcoin ETF, citing instability and unregulated aspects as well as price manipulation. A SEC Comissioner Hester Pierce publicly disapproved of the rejection citing stalling of innovation and reddit was quick to show their support, announcing her as Crypto Mom. Her twitter has blown up, and it's largely known now that the media publications took the rejection and ran with it, spinning a possible bitcoin price of 5k once again; the fud was spread and damage was done, causing some weak hands to sell at 8k+ causing bitcoin to drop to 7,900 - then quickly was brought up past 8k solidifying the passing of this rejection and a hopeful resume of bullish activity.

The Takeaway from this is: Winklevoss' ETF was expected to be denied, CBOE is quite different (retail vs institutional investors) and that no one is certain even the CBOE will get it. Presumably it doesn't happen this year and we look towards more retail driven rallies.

Could Cryptocurrency be bearish for another 6months? It could. Is that likely? No, but no one knows the future in this emerging space.

Comment below and let me know your thoughts!

Also beware of desperate publications reusing old stories for added FOMO and clicks... Learn to trust certain publications and always double check your information across multiple sources.

Doing your own research has never been more important.

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*** The content seen on this channel is not financial advice, always do your own research (DYOR) and invest wisely. I immerse myself in these markets every day to bring you the relevant news as it happens, and am providing insight that should be considered my opinion! Happy investing everyone!