The view in the crypto-verse is that the CBOE Sponsored Bitcoin ETF at the SEC is the key to a certain Bitcoin (BTC) Bull run in the crypto markets. This month of August is expected by many crypto traders as the month we find out if the SEC is all for a Bitcoin ETF being approved. There are also some chances of the decision being postponed. However, we have already had the Winklevoss ETF being rejected and this is adding to the skepticism of another being approved soon.
But this was before the Intercontinental Exchange – who happen to be the owners of the New York Stock Exchange – announced that they will be partnering with Starbucks, BCG, and Microsoft, to launch a firm known as Bakkt. This firm’s chief goal will be to make Bitcoin, and all other digital assets, part and parcel of viable investment options on Wallstreet.
This fact is best exemplified by CNBC’s Brian Kelly who is noted as stating the following in a recent commentary on the News Channel:
“This is huge news. I think the market is completely underappreciated. So let us talk about why this is the biggest news of the year for Bitcoin.”
In the commentary by Brian, he also added how this new firm will pave the way for the approval of a Bitcoin ETF:
“It paves the way for a Bitcoin ETF. Last week I stood here and said you know what, I don’t think the Bitcoin ETF will get approved. And guess what? The Winklevoss ETF got rejected. Why?
Because there was not a US regulated exchange and there wasn’t US regulated custody.”
This points out the major reasons the Winklevoss ETF was rejected. Perhaps they can now even launch a new filing of a rule change at the SEC. In the meantime, this new development on Wallstreet by the biggest stock exchange in the world means that the SEC will need to recalibrate their facts before rejecting the pending CBOE Bitcoin ETF.
Brian Kelly would go on to explain how easy this makes for an ETF to be approved:
“That’s going to make it a lot easier for an ETF to come through. It is even better than Bitcoin Futures…[because] they are talking about getting this into you 401k. They are talking about getting it into your Schwab, Fidelity or TDAmeritrade account…you are going to be able to buy a Bitcoin ETF, a Bitcoin Mutual Fund. It expands the universe.”
With this fact in mind, a Bitcoin Bull Run is only a matter of time in the markets. Even with the current decline of BTC, traders are very much optimistic that the tides will turn in their favor with a full-blown Bull run. Some price predictions put BTC at $54k by the end of the year.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
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Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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