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SEC Delays Bitcoin (BTC) ETF Decision

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The new statement from the US SEC (Securities and Exchange Commission) claims that the decision whether or not to approve Bitcoin ETF will be delayed until September 21, 2018. The reviewing of the request will effectively put five other decisions on hold for now.

The SEC delays BTC ETF decision once more

Requests for Bitcoin ETF have flooded the US SEC in the last several months, and the Securities and Exchange Commission is under a lot of pressure to provide an answer. Instead of doing so, they released a new public document, claiming that the Commission finds it appropriate to postpone the decision, and review the requests once more. The new date of the decision appears to be September 21.

This is a move that a lot of people actually expected, and while many would love to see BTC ETF arrive sooner, rather than later, a lot of people still think that the SEC will not be comfortable with allowing it just yet. Some claims say that it is too early and that 2019 has much better odds of seeing the ETF approval.

Winklevoss twins ETF request denied

The recent speculation regarding the potential ETF approval has had large consequences, even if nothing actually happened. The speculation actually led to an increase in Bitcoin’s price, which hit $8,200 in only a few days. Soon after, however, the SEC decided to reject the ETF request submitted by the Winklevoss twins.

This has disappointed many, and Bitcoin suffered the most. Currently, its price is going down once again, and it is at $7,400. This is also the second time that Tyler and Cameron Winklevoss attempted to get the SEC to approve their Bitcoin ETF request and the second time that they were rejected.

Many have compared this situation to a decade and a half old controversy regarding the twins and Facebook. Back then, they accused Mark Zuckerberg of stealing their idea. On the other hand, many believe that the twins are extremely innovative when it comes to thinking up various concepts, but that they have a problem when it is time actually to execute them.

Because of this, one popular opinion claims that, even though their BTC ETF requests are continuously denied, someone else might submit a request that will actually get approved. There is still a decent chance for this to happen, and the crypto community is currently waiting for September 21st to see whether or not will we get the next Mark Zuckerberg.

ETF might bring BTC price to new heights

Another opinion regarding the current Bitcoin ETF issue came from Spencer Bogart, a partner at Blockchain Capital. Bogart has been a very vocal Bitcoin supporter recently, with a notable bullish tone that came as soon as Bitcoin went up a few weeks ago. He recently stated that there are many catalysts that might allow Bitcoin’s price to go further up and that BTC ETF is definitely one of the biggest ones.

Even though the Winklevoss request got denied, there are still others that the SEC might decide to approve. If that happens, the current drop in price will soon become the thing of the past, and BTC might skyrocket once more. Bogart also stated that the SEC’s time is running out and that they need to get on board if they want to stay relevant.

“The cat’s out of the bag,” he said, “[i]nnovation is going elsewhere if the SEC [U.S. Securities and Exchange Commission] doesn’t get on board soon.”

For now, the SEC decision has been postponed, which means that a few more weeks of waiting are to be endured. After that, pretty much anything can happen.

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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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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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