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Bitcoin ETF And The SEC: Prepare For The Worst

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September 30th is what many crypto traders and enthusiasts have marked as their D-Day. This is due to the fact that the SEC is meant to rule on the CBOE sponsored Bitcoin ETF by that date. The question on many crypto enthusiasts’ minds, is whether we will see a rejection or if the SEC’s rules have room for another postponement. But with the current Bitcoin (BTC) and general crypto market decline in the last 24 hours, it is safe to conclude that the SEC will also play it safe by not approving an ETF anytime soon.

Anthony Pompliano, Founder and Partner at Morgan Creek Digital, tweeted about the current events in the crypto space. He stated the following:

“Want to know why there isn’t a crypto ETF approved yet?

We just saw $100 million of Bitcoin dumped on the market in less than 10 minutes.

It caused more than a 5% decline in BTC price. Some argue volatility, others argue manipulation.

The truth is no one knows.”

The Mandate of the SEC

Given the last few hours of the crypto market turmoil, it is a good exercise to remind ourselves what exactly the SEC does. The full title of the authority is the U.S Securities and Exchange Commission and they are tasked with protecting American investors from market volatility and unfair practices by those with the leverage to do so in the traditional stock markets.

The SEC’s Mission is:

“To protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.”

It cannot get any clearer as to what the SEC is tasked with doing. With many crypto portfolios of HODLers dropping by an average of 20% in the last 24 hours, some wish that the SEC had a reach to investigate what just happened in the said time period. But with crypto being decentralized and the United States yet to issue concrete regulation within its jurisdictions, the SEC trying to regulate crypto is like a soldier going to battle with a broomstick! They simply have no laws or rules to work with.

Bitcoin ETF on September 30th?

Many crypto traders have marked their calendar for the SEC deadline of September 30th to make a ruling on the CBOE sponsored Bitcoin ETF. Many hope that by that time, the SEC would have changed their tune of constantly rejecting Bitcoin ETFs on their ‘in tray’.

Prepare for the Worst

Therefore, it would be prudent for many crypto traders to prepare for the worst as we head towards that deadline. A few plausible options are outlined below. Please note that we are not financial advisers. We are observant enthusiasts like you. All the choices below are dependent on individual risk tolerances. Therefore, there is no pressure to abide by any.

  1. Keep HODLing despite the recent happenings with a 10 to 20-year vision that the crypto market will grow to be valued in the trillions of dollars
  2. Another option would be set comfortable stop losses should anything happen due to an SEC announcement
  3. Learn to short BTC and ETH like the pros and head to BitMEX for some nonstop action
  4. Buy the Dip
  5. Completely cash out till after the SEC make an announcement
  6. Totally ignore all the above options

In conclusion, the fact that Bitcoin and other cryptocurrencies are bleeding in the markets is one more reason the SEC might not approve a Bitcoin ETF anytime soon. Perhaps what they might end up doing – given the mission statement provided above – is lay the groundwork for total crypto regulation in the US. This way, if there was indeed an ETF backed by Bitcoin, then the latter would not be subject to possible manipulation as many have suggested has happened in the last 24 hours.

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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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Bitcoin

Trusted Crypto Tumbler To Protect Your Wealth

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Back when Bitcoin originally emerged, over 11 years ago at this point, cryptocurrency transactions were believed to be fully anonymous. This belief stuck around for years to come, but today, we know that, in most cases — this is no longer the truth.

Since the invention of blockchain explorers, it became possible to track every Bitcoin transaction, all the way back to the genesis block. This came as a part of blockchain transparency which promises to eliminate corruption, theft, and other such issues.

However, there is still a need for a certain level of privacy, as people like to keep their wealth to themselves, and not let everyone know how much money they have, or how much they sent for whatever purpose. This is why many are now using crypto tumblers, or mixers.

What do crypto mixers do?

As the name suggests, crypto mixers/tumblers mix up the coins in order to hide/disguise/make it difficult to discover where the coins came from. Things like the amounts, transactions, and wallet addresses to and from which the coins travel are fully traceable, which is why tumblers exist.

In a way, you could say that mixers can add an extra layer of privacy while using Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies. There are many Bitcoin mixers Continue Reading

Bitcoin

5 Best Places to Bet with Bitcoin

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It seems like BTC is always making headlines for one reason or another.

When the market points towards bullish behavior Bitcoin is all the rage. When there is so much long action (going on right now) and then the price plummets, BTC also dominates the headlines. The same goes for legislation and when any new crypto product or platform comes out. It’s always compared against BTC.

So with BTC fever in full swing, sportsbooks around the world have adopted digital currencies as one of their main forms of funding accounts and paying out winnings. And with sports betting legalized in states across the USA, both BTC and legal online gambling are in the limelight. 

But where are the best places to bet using BTC and other cryptos? Furthermore, why would you want to use BTC, LTC, or Ethereum in this manner?

The Why

The principal reason why you would want to use cryptocurrencies in your ‘sports investing’ ventures is speed, cost, security, and bonuses.

When you use cryptos like BTC (BTX) to move money in and out of your account. You bypass the standard centralized banking system which drastically improves on both the speed of the transaction and the cost of the transaction – this is especially true with payouts. 

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Bitplaza Inc Introducing Cryptocurrency to Retail

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Even though influential companies are not ready to validate cryptocurrencies as a stable form of money, Bitcoin is becoming a more frequently used currency daily. There is a rising number of companies that accept Bitcoin for the purchase of their products, validating it as a spendable currency around the globe.

Bitplaza Inc took the next step into technology and commerce, providing customers with a platform where they can spend Bitcoins for their needs through a mobile device. It opens the opportunity for companies and brands to list their products in exchange for Bitcoin, which will give more credibility to the coin.

What is Bitplaza?

Bitplaza is a shopping app that belongs to a retail company called Bitplaza Inc, located in Pennsylvania. The app is available on both Google Play and the Apple App Store. Bitplaza allows anyone globally to purchase brand new items with Bitcoin. The app has a wide variety of products to buy online, from electronic devices, video games, even groceries. The products that can be purchased from the app range from popular brands such as Sony, Starbucks, Adidas, Apple, and many more. The Bitplaza team is always adding new products to the shopping app, making more items available to be purchased with Bitcoin. The app covers a broad range of products for the different needs of the…

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