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Bitcoin ETF approval is imminent - Global Coin Report
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Bitcoin ETF approval is imminent

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Could Securities and Exchange Commission (SEC) commissioner, Elad Roisman be the missing piece to the approval of Bitcoin ETF? That thought is as a result of a meeting between commissioner Roisman and options exchange CBOE, investment management firm VanEck alongside blockchain technology company SolidX.

The Bitcoin exchange-traded fund (ETF) was proposed in June but got denied by the federal regulation. The next deadline for the decision to be made is December, and for now, it seems that the approval confidence is ‘high’.

All issues seem to be resolved, Bitcoin ETF approval imminent

The SEC had highlighted some issues on the bitcoin ETF proposal that they said were the major reasons for the denial. Now if we look at the meeting comments, during the discussion, SolidX, VanEck, and CBOE convinced Roisman that all the cited issues had been addressed and the proposal is ready for approval.

According to sources, the issues raised and cited by SEC concerning the approval of Bitcoin ETF earlier are now fixed; such as the existence of a significant regulated derivatives market for Bitcoin, relevant markets such as bitcoin futures, CBOE, and OTC desks are all regulated. The presentation also emphasized that two other major SEC anxieties including Bitcoin price manipulation concerns mitigation as well as investor protection are ensured now.

Bitcoin ETF SEC

The snapshot was taken from the report featuring meeting comments | Source: Sec.gov/comments

Reasons to be Optimistic

First, it’s reported that commissioner Roisman is the first federal regulator to publicly meet with the representatives from the three groups. Furthermore, the current wisdom has it that Roisman is a strong supporter of cryptocurrency (which is yet to be proved until Roisman officially votes). But the fact that he’s taking this consideration seriously, at least for now, is a reason to be optimistic.

If Roisman is indeed a supporter of the Bitcoin ETF, it means two out of five SEC commissioners will be ready to approve it, with Hester Pierce being the other SEC commissioner who has indicated her friendly position already.

Bitcoin ETF approval strong signal

A comment from the meeting hinting towards the Bitcoin ETF approval. The meeting happened about two weeks ago. | Source: sec.gov/comments

Besides, SEC’s Kara Stein, who voted ‘NO’ to ETFs before, is expected to leave office in December and it’s rumored that democrat Allison Lee will replace Stein. Perhaps, this seems to be another potential opening for the approval of ETF.

Subsequently, VanEck has all investor protection issues taken care of with zero leverage as well as accredited investor protection. All these factors only indicate that a bitcoin ETF approval is imminent. Also, with the date set for the ICE’s Bakkt exchange on December 12 this year, this will begin to clear bitcoin futures which were among the issues that led to the denial of the proposal initially.

With all indications pointing only to one direction – approval, it’s merely a matter of time before Bitcoin ETF gets approved or it’s even inevitable.

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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.

Image courtesy of Waldryano/Pixabay

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Binance Coin (BNB) Stops Following Bitcoin (BTC) — But is it Permanent?

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Binance Coin (BNB) is currently one of the most interesting coins in the vast crypto market. However, the thing that makes it interesting is seemingly unique to BNB at this time, which is the fact that it managed to decouple itself from Bitcoin (BTC).

As many are likely aware of, Bitcoin is the first and the largest cryptocurrency. It is also the most valuable one, in terms of its price. As such, Bitcoin has been dominating the market, as well as dictating the market’s behavior. Whenever Bitcoin’s price goes up or down, the rest of the market tends to follow, and each coin’s chart resembles that of BTC — not completely, but enough for everyone to notice.

Binance Coin, however, is the first coin to successfully say ‘no’ to this trend, and resist the largest cryptocurrency. Many have noticed this phenomenon and were wondering what had caused it. So far, the only explanation is a large number of use cases that BNB now has, thanks to various projects.

Binance Coin use cases

Binance Coin was created by the largest crypto exchange by trading volume, Binance. The exchange developed it to be a native coin in Binance ecosystem, and it is being used within the exchange itself. Many have started buying the coin, as using it within the exchange grants a significant discount on trading fees. The discount is…

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Why Bitcoin Price Remains Stable Before the Expected Hike

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The cryptocurrency rallied a few days back, but now, it has moved closer to 38.2% Fib level. Investors are enthusiastic that as it remains at this level for some time, and stabilize. The next move in Bitcoin price will take it to the 61.8% Fib level. This is when the hike in the price of the cryptocurrency will occur towards $4,200. However, after the surge in price, the upcoming weeks will see the Bitcoin falling swiftly to $3,000.

The truth is that if this move fails to occur, there may not be an improvement in the value of the digital currency. Also, this movement will enable the “bullish gartly pattern” we saw on the BTC/USD 4H chart to become a reality. Also, we are expecting that the Bitcoin price will decline the same way it has been recovering since early February.

Why this week’s closing price matters

Presently, Bitcoin price is still trading above what the intrinsic value is showing on larger time frames. However, we can see adequate room to accommodate short-term rallies. The price at which Bitcoin closes this week is very critical. It will be a clear indication as to how the digital currency will move in the coming weeks.

If Bitcoin closes at a price above $4,000, we are hopeful that the correction may come from early next week. On the other hand, any…

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Stanford Lecturer praises XRP over Bitcoin

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The world of cryptocurrencies continues to cause controversies even now, particularly when it comes to matters such as the superiority of one coin over others. According to recent reports, one student from Stanford University has stated that one of Stanford’s guest lecturers — Dr. Susan Athey — bashed the first and largest cryptocurrency, Bitcoin, while praising XRP.

Does guest lecturer go anti-Bitcoin?

In late February, Stanford’s student called Conner Brown came out publicly with a claim that Athey described Bitcoin’s network and protocol inaccurately, and that she also used the opportunity to make unfounded criticism. Athey, who also sits on Board of Directors at Ripple Labs — XRP’s parent company — supposedly also stated that XRP provides solutions to all issues mentioned in regards to Bitcoin.

According to Brown’s comments on the matter, the lecture in question took place over a month ago, and after attending it, he wrote an open letter to Standford, explaining the incident. In the letter, Brown claims that Athey inaccurately presented Bitcoin’s consensus protocol and overstated several issues, such as the threat of a 51% attack on the coins network, as well as Bitcoin’s mining centralization.

However, the main problem with the lecture, as Brown sees it, is the professor’s claims that XRP presents a solution to these problems.

The claims caused Dr. Athey to respond publicly via Twitter, stating…

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