Connect with us

Bitcoin

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

Published

on

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.

For the latest cryptocurrency news, join our Telegram!

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 Pexels

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

Published

on

Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

Continue Reading

Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

Published

on

Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

Continue Reading

Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

Published

on

Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

Continue Reading

Press Release