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SEC Announces Another Bitcoin ETF Delay - Global Coin Report
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SEC Announces Another Bitcoin ETF Delay

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Bitcoin ETF
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The question of Bitcoin ETF still remains in the air, as the US Securities and Exchange Commission (SEC) announces another delay. The regulator has been receiving crypto ETF applications for a long time now, and while most of them were rejected, several requests received high amounts of praise and attention.

The regulator was expected to finally reach the decision regarding one such proposal, submitted by the San Francisco-based asset manager, Bitwise, by tomorrow, April 2nd. However, the SEC recently announced that the decision will be postponed yet again. As things are now, Bitwise’s proposal will be considered once again in mid-May 2019.

Bitwise application sees another delay

In many ways, Bitwise application was similar to many others, asking permission for operating ETFs which would be backed by Bitwise Bitcoin Total Return Index. According to the company, the index would allow investors to tap the largest crypto asset in the world. Not only that, but it would also include all of Bitcoin’s largest hard forks.

The company’s proposal also implies that the assets would be 100% secure and that they would be held by a regulated, institutional third party, acting as a custodian. Meanwhile, the index would be based on prices listed on various digital currency exchanges.

However, the SEC is either unsure of the proposal, or it wishes to delay the decision for some other reason.

The SEC struggle with ETF requests

As mentioned, this is hardly the first time that the SEC has faced such a request — or that it postponed the decision. Previously, blockchain technology company SolidX, partnered with VanEck, also submitted a proposal which was highly-anticipated. The proposal was filed all the way back in mid-2018, and the US regulator was expected to reach the decision by November.

However, as the deadline approached, the SEC announced a delay which scheduled the decision for the final days of December. After the US government shutdown made this impossible, the regulator re-scheduled the decision one final time, stating that the final consideration will take place in late February.

As the government shutdown prolonged, it was impossible for the SEC to do proper research and consideration. Many speculated that the ETF request might be granted by default, according to current US laws. However, the companies seemed to believe that working officials might refuse the request simply to prevent this. Since the risk of being refused was too great, VanEck and SolidX decided to withdraw the proposal, and wait for better times before submitting it again.

The request has yet to be re-submitted, and Bitwise proposal took the stage as the next highly-anticipated request — one that is seemingly following in SolidX’s footsteps. The regulator now once again has a month and a half before reaching the decision, with many hoping that it will finally be a positive one. However, whether or not this will happen still remains to be seen, as the SEC gives no indication regarding the request and their stance towards it.

The SEC received numerous other requests as well, and in mid-2018, they rejected as many as 9 of them within a single month. However, soon after the rejection, the regulator announced that the requests would be taken into consideration once again. Even so, not one of them has been given grant as of yet.

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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.

Image courtesy of John M via Flickr

Bitcoin

Why Bitcoin (BTC) Revival is Likely to Continue

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Bitcoin (BTC) revival
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The cryptocurrency market has been doing rather well in 2019 — certainly much better than in 2018. More than a year ago, the market crashed from its all-time high, and in the months that followed, it lost over 80% of its market cap. Bitcoin (BTC), as the leading digital currency, also dropped from $20,000 per coin to barely $3,200 in 2018.

These days, however, the situation seems to be turning, with digital currencies seeing significant growth in prices ever since mid-February. While January stopped the drops, February is the month when the market once again started seeing gains, and this kind of behavior has continued to this day. But, what does this mean for the future? Is this a passing trend, or is the crypto winter truly over?

The revival of Bitcoin

Questions such as the short-term future of Bitcoin are on many traders’ and investors’ minds right now and have been ever since the prices started growing again. A well-known Futures Now trader, Jim Iuorio, recently stated that Bitcoin would start seeing massive profits if it surpasses the price of $4,045. That was, of course, before the coin surged by around $1000 in the last week.

However, Iuorio’s prediction was that BTC is unlikely to go below $3,820, while the growth beyond $4,045 would mean massive gains for those involved with the industry. Soon after this prediction…

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Bitcoin

How to Become a Millionaire without Risking Everything with Bitcoin

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Bitcoin
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It’s been well over a year since the crypto market reached its peak and then crashed, dropping to such lows that most of the coins lost anywhere between 80% and 95% of their value. A few of them lost even more. Of course, this was not enough to eradicate the crypto market, and the bulls are still as optimistic as ever, especially these days, when Bitcoin price surges again, taking the rest of the market with it.

Some predictions claim that Bitcoin will reach its own glory days within a year or two, and there are even speculations that the largest cryptocurrency might spike up to $100,000 per coin. One claim from last week even sees BTC hitting $400,000, as the highest price which someone was brave enough to predict.

While it is certainly possible — at this point, pretty much anything is — not everyone is willing to take such a gamble and invest their hard-earned money into a risky asset such as digital currencies. With that in mind, here are three alternatives that are considerably safer than Bitcoin and the altcoins.

1. Investing and re-investing in stocks

A lot of people — especially younger generations — find stocks to be incredibly boring. Most of the time, all you do is invest, and use the returns for re-investing in high-yielding shares. However, while boring will not…

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The Best Time to Buy Bitcoin (BTC) Approaches

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Ever since 2019 started, the bear market of 2018 has been losing momentum, with the bulls emerging numerous times in short intervals. This was the beginning of a crypto recovery, which still has quite a long way to go.

However, last week, Bitcoin saw massive growth in transactions, reaching a 14-month high. These were the levels that were previously seen back in 2017, as BTC approached its highest point in terms of price. The growth also reflected strongly on BTC price, which spiked yesterday from around $4.100 to the current $4,672.

Meanwhile, Bitcoin market cap followed as well, currently sitting above $82.3 billion, while the trading volume exceeded $14.5 billion.

What caused the growth?

While this is an exceptional growth, and potentially a start of the bull run that everyone was waiting for, it did not come without a cause. One of the reasons why BTC surged was last week’s Weiss Ratings report of multiple different cryptocurrencies. The report’s authors even stated themselves that the best time to invest might be very near at this point.

Weiss Ratings has done reports about specific coins in the past as well, and this time, they noticed a significant improvement in coins’ performance. The report mentions growth in user transaction volume, network capacity, as well as network security, which the authors took as an improvement coming from the evolution of the…

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