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Here Is Why the Rejection of the Winklevoss Bitcoin ETF Is A Good Thing

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Bitcoin ETF

Not every situation that is considered bad for the crypto-verse is actually bad. No. There are some things that at first look like the end of the Bitcoin ETF only to deliver a bunch of silver linings that make one glad to be part of this amazing world we call cryptocurrencies and blockchain technology.

On Thursday, July 26th, the SEC came to reject what many thought was the CBOE Bitcoin ETF that everyone was anticipating to be decided on in the month of August. So what happened, is that the recent gains of BTC above $8,000 were eroded momentarily as the crypto-markets were confused with which BTC ETF was which. But as soon as the air was cleared, many rejoiced at this rejection as shall be explained below.

Firstly, the crypto-verse was made aware of dissent at the SEC when one commissioner disagreed publicly with the decision to reject the Winklevoss ETF. This ETF, also known as the Bats ATF, was actually a revision of a filing the twins had made back in 2016. This was the second time it was being rejected by the SEC. In a letter to the public, Commissioner Hester M. Peirce stated the following:

“I respectfully dissent from the Commission’s order disapproving a proposed rule change, as amended, to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc. (“BZX”)…I believe that the proposed rule change satisfies the statutory standard and that we should permit BZX to list and trade this bitcoin-based exchange-traded product (“ETP”).”

Ms. Peirce has been welcomed by the crypto-community with open arms since making these remarks. Her Twitter following continues to grow exponentially since the news broke. She has been given the title of ‘Crypto Mom’ for she embodies the strength of what it means to be a mother for the crypto community.

A second reason why the rejected Winklevoss ETF is a good thing is the fact that BTC has proven once again that it can withstand major FUD on its journey through the current bull run. Right after the announcement and chaos that followed, BTC fell to $7,900. But it has since regained its feet and is trading at $8,215 at the moment of writing this. The stage is set for a $10,000 value pretty soon.

Thirdly, we now know that the CBOE sponsored Bitcoin ETF will most likely be postponed due to the public backlash the SEC is receiving after rejecting the Bats ETF. This means they will be forced to recalibrate their defenses for the CBOE ETF. Also to note is that the Bats ETF has been rejected twice meaning the Winklevoss have the right idea for a Bitcoin ETF but failed to execute as they did with the popular social platform that made them famous. Perhaps the CBOE is the ‘Mark Zuckerberg’ of crypto and they have the magic touch to guarantee an approval no matter how long the SEC postpone a verdict.

In conclusion, the rejected Bats ETF filed by the Winklevoss Twins at first caused panic in the crypto-markets. But upon closer analysis of the events that were followed, we were acquainted with Commissioner Hester M. Peirce who has been given the title of ‘Crypto Mom’ on twitter. We are also now aware of the possible postponement of a decision on the CBOE ETF. With regards to the latter, we are now prepared for the waiting game with the SEC.

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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

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

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.

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.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful trading…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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