Bitwise Asset Management, VanEck/SolidX, and Wilshire Phoenix have proposed ETFs.  They have filed with exchanges in the NYSE Arca and Cboe BZX and are looking to establish themselves as the first kind of investment vehicle which will be based on Bitcoin.

Details of the filings were published in the Federal Register during February and June.  This, in turn, triggered the ticking of the legally-mandated 240-day clock concerning the final decision.

Several companies have proposed Bitcoin ETFs and the US Security and Exchange Commission (SEC) have delayed making decisions related to the three Exchange Traded Fund (ETF) proposals on Monday.

Bitwise maintains that the Bitcoin market would be “extremely efficient” if wash trading and data of fake volume are eliminated.

In a majority of the cryptocurrency market, Bitcoin dominance is somewhere around the 70% level.  Altcoins have not recovered yet, and they continue to be in pain.  Over the past 24 hours, there were just a few of them, which have moved more than a percentage.

Ethereum continues to trade flat.  It is trading below the $215 range.   Despite the bullish price action, the price of the Bitcoin is not able to stay above $12,000 resistance, and it is signalling a drop below $11,000.

Before the continuation of the bullish trend, probably another correction might be needed.  Strong support is currently seen at $10,900 by moving average.  Descending parallel channel is currently seen in the forecast.  Bitcoin will retrace the middle or bottom of the channel and based on the support at the middle channel; Bitcoin might rebound to test $12,000 over again. If it does not rebound, it will fall to the bottom of the channel.  There are no clear suggestions which indicate that the bull rally is here to stay.

The IRS continues with its stance that the Bitcoin and other cryptocurrencies are not currencies.  They are considered to be more like goods and therefore are taxed.

However, Digital currencies being digital tend to fall under the state and federal laws, thereby regulating digital assets. Digital currencies hold value, and therefore, they need to be legally reported as a part of the valuation of an Estate. Thus, the tax basis needs to be tracked.  If the digital assets are significant, it might be subject to Federal Estate Taxes. When digital assets are not properly planned, they might stay in the cloud forever.  Since the popularity, if the digital assets are here to stay, fiduciaries need to plan the crypto properly.