- Both Bitcoin tracker One and Ether Tracker One were suspended on September 9 due to “a lack of current, consistent and accurate information.”
- Bitcoin price Carnage continued from the mid-last week into the weekend; bears’ grip on the market has canceled intraday gains.
- ETH/USD is trading at $195 but the bear pressure threatens to break the contracting triangle support.
The United States Securities and Exchange Commission has hit the mainstream media again but this time it is not because of a Bitcoin exchange-traded fund (ETF). The regulatory authority has put on hold a couple of XBT Provider products citing “a lack of current, consistent and accurate information,” which in turn leads to “confusion amongst market participants regarding these financial instruments.”
Both Bitcoin tracker One and Ether Tracker One were suspended on September 9 after the SEC issued an Order of Suspension of Trading.” These two products are offered by XBT Provider AB, based in Stockholm Sweden. The tools are meant to track the price of Bitcoin (BTC) and Ethereum (ETH). In addition, they have been listed on Nasdaq/OMX in Stockholm. The authority said while issuing the order:
“The Commission is of the opinion that the public interest and the protection of investors require a suspension of trading in the securities of the above-quoted company.” The services are suspended “from 5:30 p.m. EDT on September 9, 2018, through 11:59 p.m. EDT on September 20, 2018.”
The SEC further explained that:
The broker-dealer application materials submitted to enable the offer and sale of these financial products in the United States, as well as certain trading websites, characterize them as ‘Exchange Traded Funds (ETF)’. “Exchange Traded Notes (ETNs) are often confused with exchange-traded funds (ETFs). ETNs and ETFs are both traded on a securities exchange and can be bought and sold throughout the day, but there are important differences.”
Bitcoin price technical picture
Bitcoin price Carnage continued from the mid-last week into the weekend. Attempts to break the cycle have been rendered unsuccessful while the upside is limited at $6,400. The bears’ grip on the market has canceled the gains on the day. Moreover, the path of least resistance is to the downside. The 50SMA is limiting gains towards $6,300 while the 15-minutes 100SMA currently at $6,333.76 will stand in the way of retracement to $6,400. On the flipside, the price has broken below the bullish trendline explored in an earlier published analysis and is currently testing the support at $6,200. The buyers need to revamp and change the trend upwards, otherwise, BTC/USD risks testing $6,000 and eventually $5,800.
Read more on Bitcoin price analysis here.
BTC/USD 15-minutes chart
Ethereum price technical picture
Ethereum buyers, on the other hand, are nursing the wounds from the battering they received over the last weekend. The crypto declines extended below the support that had come in handy last week at $210. While heading to $180, it formed a low at $185 before the bulls found an entry. A pullback occurred above $200 but failed to clear the resistance at $210. ETH/USD currently trading at $195 but the bear pressure threatens to break the contracting triangle support. As mentioned in the price analysis, a support above $200 is what the bulls need to attack other higher levels at $250 and $300.
ETH/USD 15-minutes chart 
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