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

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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

How Casinos Are Embracing Cryptocurrency

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Digital currencies and blockchain technology have had an immense impact on several industries across the globe. One of the areas where this impact has been very profound is in the gambling sector – which has also been known for embracing the latest technologies. Gaming operators have always been at the frontlines when it comes to trying out new and innovative technologies all in a bid to keep their customers happy and interested.

That said, it was only a matter of time before cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin among many others made their mark in the gambling industry. All of the features that these digital currencies promise are, without a doubt, very desirable features for gamblers across the world.

The result is a mutually beneficial arrangement where digital currencies get the necessary boost to go mainstream while the gaming operators get a front-row seat as the world ushers in the new age of next-generation digital payments. Naturally, there has to be a framework for this and thankfully its already being implemented in both land-based casinos and in online gambling platforms. 

Crypto in Land-Based Casinos

Cryptocurrencies, since their conception, have always been digitized forms of payment. However, nearly everything is digitized nowadays. Still, brick-and-mortar casinos rely greatly on existing systems all…

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Reaching true Bitcoin anonymity through the use of mixers

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There used to be a time when Bitcoin transactions were considered fully-anonymous. Back then, cryptos were only getting started, and Bitcoin was pretty much the only one that was used, apart from a handful of the first altcoins that followed. However, as the crypto industry continued to develop, current blockchain analyzers were created, and it became clear that Bitcoin’s transparency also includes tracking the coins’ movement, even when you are simply withdrawing them from your exchange to your wallet.

This is why it became necessary to use Bitcoin mixers, also known as Bitcoin blenders or Bitcoin tumblers, such as BitMix.biz, in order to reach true anonymity.

What are Bitcoin mixers, and why do you need them?

Bitcoin mixers, as the name suggests, are online services that mix Bitcoins in order to disrupt their traceability.

Let’s say that you have a certain amount of BTC in your wallet on your crypto exchange of choice. With all the exchanges having to follow KYC/AML procedures, that means that you need to verify your identity, so that the exchange — and therefore, the authorities — will know exactly who you are and how much money you earned through trading and investing.

Once you withdraw those coins to your wallet, blockchain analyzers can track the transaction, and so your wallet…

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The Bitcoin Meltdown is Chance to Double Your Bitcoin

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Most of the cryptocurrency holders have never felt a day so bad.

After a blustering day of trading which saw Bitcoin price drop from $7,950 to $3,800, the massacre caused the worst sell-off to set a new 2020 low which not seen since April 2019.

The history of bitcoin only has a day in 2013 to compare a 40% fall, at that time bitcoin once dropped from $266 to $50, that was also a day when despair defeated the belief of bitcoin and almost no one could foresee bitcoin can recover and prices will reach $10,000 in a few years.

“Be fearful when others are greedy and greedy when others are fearful.” This is what Warren Buffett said about stock market and you can see the stock market never dies, it is just rise and fall happen in a different order at different times.

So it is with bitcoin. The bitcoin meltdown is a chance for a few bitcoin traders while the others are running away.

One typical way is to short bitcoin. Futures trading allows traders to make profits out of the future price difference of the derivatives. However, when during horizontal movement of prices, futures trading may gain you fewer profits to cover the possible loss of the margin.

Is there…

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