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Bitcoin ETF And The SEC: Prepare For The Worst

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Bitcoin ETF
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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

Is Bex500 an alternative to BitMEX?

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An all around review of Bex500

Bex500 is a young but rapid-growing exchange, less adversarial than BitMEX, but with higher leverage than Binance, Bex500 has enough strings to attract many crypto traders. 

Those dissatisfied with the old exchange, may find Bex500 exchange with a stable system with no manipulation or “overload”, pleasant UX, user-friendly tool kits, and around-clock customer service.

Bex500 says they are making crypto margin trading “easier” and giving you a better return. 

Can they really achieve that? We conduct a comprehensive review as below to see if it is a trustworthy exchange

Question 1. What features does Bex500 have?

Bex500 offers perpetual BTC futures as well as three other cryptos including ETH, XRP and LTC, all paired against USDT. You may find Bex500 doing a good job aggregating most important features traders need for a robust trading experience with better return.

-A fair trade with no overload

Many traders are familiar with “overload” problem, which disables placing orders in peak trading times. It is suspected to be insider manipulations by exchanges which can cost users entire portfolios.

Bex500, with its unmatched TPS (claimed to be over 10,000 orders per second), ensures that the trading…

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How Bitcoin Has Changed Online Gaming

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We always hear how Bitcoin is great for the financial industry, how it can remove the middleman and help you save money while you spend money. How it can provide fast transactions at any time to any place, even when you wish to send money to someone on the other side of the world.

While all of that is true, it is important to remember that Bitcoin’s impact does not end there. The coin has already changed countless other industries, but one of the first ones that have accepted it with open arms — and therefore one that was changed the most — is the online gaming industry.

Bitcoin’s impact on online gaming

The first thing to note here is that digital currencies have found their use in online gaming thanks to microtransactions. However, it goes far beyond simply purchasing an in-game item from another player. Bitcoin’s biggest impact, without a doubt, concerns online gambling, sports betting, and similar activities.

Bitcoin brings security and anonymity

Bitcoin casino has become one of the new most popular places for an online gambler to visit, and for numerous reasons. Bitcoin brought increased security — to the financial industry, as well as online games. This is important because security is crucial for anyone who enjoys online gambling. It…

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The Crucial Role of Cryptocurrencies & Blockchain in Modernising The Telco Industry

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Blockchain has caused quite a stir in recent years. In fact, there’s a school of thought that firmly believes the digital ledger technology will prove to be the 21st Century’s biggest innovation

There are a great many industries braced for the disruptive force of blockchain, and the sweeping benefits it can bring to telecommunications can’t be underestimated. 

A blockchain is a decentralised, distributed, public digital ledger that’s fundamentally used to record transactions online. Every transaction that takes place is recorded across an extensive array of computers in a way that ensures that any individual record within the chain can’t be tampered with or retroactively modified. 

Because of the virtually impregnable security associated with blockchain and the efficiency that comes with a fully decentralised ledger, there’s plenty of potential for the technology within the telco industry in particular – especially given the financial flexibility that comes with cryptocurrency transactions beyond borders. 

Let’s take a deeper look at the important role that both blockchain and its associated cryptocurrencies can play in modernising and securing the telco industry:

Unprecedented security

The arrival of blockchain is causing a stir at Deloitte. The professional services giant has contributed tens of thousands of words on blockchain within its ‘insights’ network, and there are…

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