In an attempt to get crypto to Wall Street and to get the public to trust crypto, major crypto players and major institution representatives had a secret meeting in Chicago. There were about a “half dozen” company representatives, including the Winklevoss twins. They discussed “implications of future regulations” and what “firms can to to bolster the reputation of bitcoin and other cryptoassets.” To assist with that, Nasdaq has offered their “market surveillance technology to police (crypto exchanges’) trading venues.” Nasdaq also expressed “openness to listing cryptocurrency products once the asset class is more mature.”
Source : CCN.com
So the Winklevoss twins applied for a Bitcoin ETF last year. That was rejected, so they re-submitted a similar proposal with a couple adjustments. Today, the SEC rejected the resubmission three to one. The chance of either submission being approved was slim to none, so the news should not have caused too much drama. Thanks to a controversial tweet by CNBC that made investors believe the real Bitcoin ETF was denied, bitcoin has dropped around $400.
The biggest news with all of this chaos is the statement made by SEC Commissioner Hester Peirce. Peirce tweeted, “Apparently, bitcoin is not ripe enough, respectable enough, or regulation enough to be worthy of our markets. I dissent (the SEC Winklevoss rejection).” Her statement made it clear that she was in favor of approving the Winklevoss Bitcoin ETF despite most people believing it was a long shot. The takeaway from her statement is the chance of the better CBOE Bitcoin ETF submission being approved is likely higher than what most people think. The CBOE is a more reputable group than the Winklevoss twins, and the CBOE addresses some issues the Winklevoss twins could not. The SEC decision on the important CBOE submission could come as soon as August and as late as 2019. If it is approved, a lot more people would have easy access to the bitcoin market and it acts as a “stamp-of-approval” for the crypto skeptics.
Source : Hester Peirce on Twitter
Current price : $7925
This rejection reported by CNBC is not related to the CBOE Bitcoin ETF or the Bitwise index ETF. The SEC will be making more rulings on these more important crypto ETFs in the next few months. But let’s breakdown this controversial CNBC tweet.
Founders of crypto exchange Gemini, Cameron and Tyler Winklevoss, applied for the first-ever crypto ETF awhile back. Last year, the SEC denied the “Winklevoss Bitcoin Trust”, and in-response they challenged the SEC rejection. Today, the SEC rejected this proposal (the one challenging the original application) three to one because the SEC disagreed that crypto exchanges are “uniquely resistant to manipulation.” To be clear, this is not major news because this is a very similar application to the one that was turned down last year. Read the 92-page SEC ruling here.
However, the SEC “emphasized that the disapproval does not rest on an evaluation of whether bitcoin or blockchain technology has value as an innovation or investment” according to CNBC. Another interesting statement from the SEC was regarding the lack of volume in the United States relative to the rest of the world. They note that 95% of the bitcoin volume occurred on non-U.S. exchanges.
In response to the rejection, bitcoin has dropped around $300 and is currently trading at $8006.
Source : CNBC
Current price : $8006
At first, some investors were under the impression that an ETF announcement would come in August or September because that was the earliest possible time the announcement could be released. However, many financial experts are predicting an announcement to take longer than that for a couple reasons. First, the SEC is allowed to continue to extend their decision. Second, many commodities needed an index ETF to be approved before a single asset ETF. For example, this means a crypto index like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash would need to be approved as an ETF before the Bitcoin-only ETF. Bitwise applied to get a ten crypto asset index approved to become an ETF. Lastly, the ETF submitted by the Winklevoss twins was rejected by the SEC today. One important thing to note with the rejection is the statement regarding a lot of volume occurs outside of the United States.
Source : CNBC
Cryptobuyer CEO Jorge Farias said, “Cryptobuyer was the first platform in Latin America to integrate Dash in early 2017, as well as the first to offer it in Venezuela. Every month, we see how Bitcoin and Dash fight for the top volume in our operations, but as for the largest number of transactions, Dash is winning at this time.” Many Venezuelans are turning to crypto to combat the crazy inflation. In fact, many merchants are accepting both Dash and Bitcoin and advertise with “ Dash accepted here” stickers on retail windows. This is all despite the Venezuelan ban of cryptocurrencies. Dash is currently -16% this week against BTC but is trying to reverse out of the bear trend.
Source : Bitcoin Magazine
Current price : $242 or 0.0299481 BTC
The World Bank defines unbanked as “without an account at a financial institution or through a mobile money provider.” The countries with the most unbanked citizens are China (225 million, but China has a current crypto ban), India (190 million), Pakistan (100 million), and Indonesia (95 million). Cryptocurrencies could fill this gap between the banked and unbanked. There are tons of organizations and cryptocurrencies targeting the Asian, African and South American markets without access to modern banking.
The biggest struggle for fixing this problem is most of the unbanked are extremely poor. To use cryptocurrencies effectively, users should have a mobile device, so this poor demographic might be unable to afford a mobile device. Of course, the more people using cryptocurrencies, the healthier the crypto market.
Source : WorldBank.org
As @Panama_TJ points out on Twitter (link below), the cryptocurrency market is approximately $300 billion which seems like a lot until it’s compared to other markets. The Gold market cap is $7.8 trillion, the stock market is $77 trillion, and all fiat is $95 trillion. These three are the most notable because the crypto market can take a larger share of these markets in the future. The chart also shows the size of the real estate market ($217 trillion) and the global debt ($247 trillion).
Source : Panama_TJ on Twitter
The leading mobile crypto exchange has partnered with WeGift to create instant payment e-gift cards. The digital gift cards convert crypto into fiat currencies, which can be spent on retail merchants like Nike, Uber, Google Play, Ticketmaster, and more. Withdrawing crypto from Coinbase onto the e-gift cards will save you from paying withdrawal fees. Coinbase said, “Making crypto easier to use, trade and spend is a core part of our efforts to improve the customer experience. With the launch of e-gift cards, customers now have the option to spend their crypto balances, realising its value to buy tangible things or experiences.”
Source : Coinbase Blog
The three of 108 crypto assets up this week against bitcoin are Stellar (+1.9%), MaidSafeCoin (+2.4%), and CannabisCoin (+1.7%). Bitcoin Dominance, the percentage of the crypto market cap going to bitcoin, is up a couple percent the last couple days and is currently at 47.51%. Largely in part to the speculation of the Bitcoin ETF, bitcoin is +14.28% this week.
Source : Crypto Scribe's Crypto Data
At the peak, the market cap was over $800 billion but has obviously dropped significantly since. In the last month, the crypto market cap has moved from $234 billion to currently $299 billion. The crypto market cap has not been over $300 billion since June 10th.
Source : CoinMarketCap
Current price : $299,528,669,994
In the Federal Register, the announcement writes, “the Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider this proposed rule change. Accordingly, the Commission… designates September 21, 2018, as the date by which the Commission shall either approve or disapprove the proposed rule change.” There have been sources suggesting it is “95%” likely at this point that the ETF will be added. However, others suggest it will take longer for the ETF to be added or other regulations will be added alongside the ETF. At this point, the market believes the ETF announcement will be positive as bitcoin has been riding a bull trend.
Current price : $8189
Relative Strength Index (RSI) is an indicator that measures recent price movement. Traditionally, an asset is considered “overbought” when above 70. However, a majority of the time during the 2017 bull run, the RSI was over 70. The current RSI is at 75.
Current price : $8175
In an official press release, the Waltonchain Foundation “has decided to provide traceability solutions to vaccine developing enterprises free of charge so as to control and standardize each link of vaccine supply chain, such as production, sales and transportation, and provide a safe and reliable living environment for people throughout the world.” This statement is in response to the vaccine scandal in China. The idea of storing medical information on the blockchain has long been one of the most sought after ideas in the blockchain community.
Source : Waltonchain
Bitcoin was battling the $7800 resistance level for a couple days before breaking out. The following hours were very strong and pushed the price up to $8360. Since then, the price has fallen $200. A lot of the price increase is from the market’s belief that the Bitcoin ETF will be approved in or around September.
Current price : $8169
BitTorrent is a software company with the “fastest torrent client and sync and share software for Mac, Windows, Linux, iOS and Android.” It also has over 100 million worldwide users and has one of the top rated apps on Google Play. BitTorrent will “provide robust support for TRON’s global business development and partnerships.” The goal of the acquisition is to create the “world’s largest decentralized ecosystem.” TRON has had a really rough week. It is currently -23% against BTC in the last seven days and is -10% in the last 24 hours. Google searches for TRON have stabilized at about 24% of the all-time high. Hopefully this news can spark a reversal.
Source : BitTorrent
Current price : $0.033 or 0.00000421 BTC
Until today, there was not an option to trade, deposit, or withdrawal U.S. dollars on Bittrex. Now users from Washington, California, New York, and Montana can use U.S. dollars. To start trading with U.S. dollars, users have to add more personal information to assumably stay as free as possible of government regulatory action. More money will come into crypto with more crypto exchanges adding U.S. dollars as a trading pair.
Source : Bittrex Support
According to two ICO Journal sources, the SEC and the CFTC are “nearly certain” with one source claiming “90% at this point” to approve the Bitcoin ETF submission. The ETF announcement could come in September, which would likely spark a bullish reaction from the market. However, the sources continue to say the bullish announcement will come with some regulations from both the SEC and CFTC. The regulations are likely to focus on initial coin offerings (ICOs). With the potential of the ETF, bitcoin has had a couple good weeks in a row.
Source: ICO Journal
Current price : $7760
Ethos has partnered with Payroc, a leading payment solutions platform. The intergration will enable instant crypto payments on merchant websites. Ethos Univeral Wallet users will securely make payments from their mobile devices. Ethos is currently -30% on the week against BTC.
Source : Businesswire.com
Current price : $1.14 or 0.00014806 BTC
SmartCash recommends all users upgrade to the new version, buy it is not mandatory. The new version includes improvements to the SmartNode Management UI. For more click the link below.
In the last week, SmartCash is down 10% against BTC. This announcement will likely have zero affect on the price. Google searches for “ SmartCash” are at 13% of it’s all-time high but have been marginally increasing the last couple weeks.
Source : SmartCash on GitHub
Political Action Committees (PACs) are formed to influence political decisions. With tons of capital to work with, the Coinbase PAC will be going to bat on behalf of the entire crypto community. As we have seen, politicians are really influenced by who is donating to their campaigns. There has been a lot more money being thrown at politicians to counter crypto than to help progress the industry. That could be changing.
Source : Fec.gov