Does Crypto Need a Bitcoin ETF? CNBC Analyst Says Maybe Not

If you have followed the Bitcoin industry’s news cycle over the past two years, you likely would have noticed an incessantly recurring trend: Bitcoin exchange-traded funds (ETFs). These financial vehicles, which have yet to appear in U.S. markets, are believed by some analysts to be the catalysts that could propel this nascent market to new heights.
Indeed, an ETF tracking the leading cryptocurrency would give institutions (and possibly retail investors) their first medium for Bitcoin investment.
However, not everyone convinced that such vehicles would be the end all and be all for cryptocurrency investment.
Related Reading: Crypto Tidbits: Bitcoin ETF Denied, Libra Loses Visa & eBay, SEC Crackdown on Telegram’s Blockchain
Bitcoin ETF Hype Unwarranted
Speaking on a CNBC “Fast Money” segment last week, Brian Kelly of BKCM argued that a Bitcoin ETF isn’t essential for continued development and growth in this budding space. While many may take this statement as blasphemous, Kelly went on to back up his comment, drawing attention to the fact that there are other up-and-coming on-ramps.
The industry investor looked to Fidelity and TD Ameritrade — two giants in the American finance realm — adding that “ultimately you’re going to be able to buy Bitcoin in a regular brokerage account, or it’s going to look like a regular brokerage account. So I’m less concerned that you need a bitcoin ETF at this point in time.”

The SEC just knocked back anther bitcoin ETF. @BKBrianKelly breaks it down. pic.twitter.com/C3OfdhG2ru
— CNBC's Fast Money (@CNBCFastMoney) October 10, 2019

Kelly’s comment is similar to that made by Sasha Fleyshman, a trader at cryptocurrency investment manager Arca. Fleyshman recently wrote on Twitter that the Bitcoin ETFs that are being so heavily lauded aren’t exactly needed, in that that there already custodial and investment solutions that should spark an institutional entree.

I still can't quite comprehend why this space is so incessant on having a #Bitcoin ETF.
With what @Bakkt is doing (physically backed $BTC futures/custody), what @DigitalAssets is doing in terms of custody solutions, etc: why are we so hung up on an ETF for "institutional entry"?
— Sasha Fleyshman (@ArcaChemist) October 10, 2019

These comments come shortly after the U.S. Securities and Exchange Commission (SEC) slammed Bitwise Asset Management’s ETF proposal, issuing an over 100-page letter on why they believe that this market isn’t ready for a publicly-tradable fund.
Where We’re Going, There Are No Institutions
CryptoOracle founder Lou Kerner has taken Kelly’s rhetoric further.
Per previous reports from NewsBTC, the former Goldman Sachs analyst said that
Bitcoin doesn’t need institutions to succeed and rocket higher, citing the fact that a majority of the asset’s growth has been retail-based. Kerner even went as far as to say that the institutions will be the followers in this market, not the trailblazers.
Yet, he did admit that institutions will eventually make a true foray into this market, claiming they will be attracted to cryptocurrencies like apples are attracted to the ground.
Related Reading: Fun Fact: Bitcoin Price is Up 838,000,000% in Ten Years’ Time
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Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection

Coinspeaker
Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection
The United States Securities and Exchange Commission (SEC), has published an official document describing its ruling on the application for a Bitcoin exchange-traded fund (ETF), filed by Bitwise Asset Management and NYSE Arca.
Bitwise Set to File Another Application for Bitcoin ETF Following SEC Rejection

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Source: CoinSpeaker

Charles Schwab Eliminates Commissions for Stock and ETF Trading

Coinspeaker
Charles Schwab Eliminates Commissions for Stock and ETF Trading
Charles Schwab will be eliminating its online trading commissions for U.S. stocks, ETFs starting on October 7. The move slashed Schwab stock by 9.7%.
Charles Schwab Eliminates Commissions for Stock and ETF Trading

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Source: CoinSpeaker

Bitwise’s Bitcoin ETF proposal differs from Gemini’s with respect to structure, claims firm’s Global Head of Research

Matt Hougan, Managing Director and Head of Research at digital asset management firm, Bitwise Investments, spoke to ETF.com about the firm’s Bitcoin ETF proposal submitted before the SEC. According to Hougan, Bitwise has filed two such proposals and are expecting an approval on 14 October. “One was for an index-based ETF tracking our Bitwise 10 […]
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Source: AMB Crypto

Analyst Says, ‘Bitcoin is Getting Ready for Leg-up’, Here’s What he Predicts for Altcoins

Mike Novogratz noted in a recent interview that the next Bitcoin [BTC] price rally is going to be “much quicker.”
Despite the bearish tidings, he continues to be optimistic about Bitcoin.
However, he believes that the entire ecosystem could take 5-6 years to build

Bitcoin [BTC] and the crypto markets have been reeling under bearish pressures for the past two days. The entire ‘safe haven’ analogy with gold is also losing correlation. Moreover, there is no real utility of these assets seen until now.
However, Novogratz believes that “Bitcoin is already a finished product as digital gold.” Hence, there is not much utility required. Moreover, on the price movements, he noted, “Well, put in perspective it is up 200% odd percent already.” He said,
I sense it’s getting ready for the next leg up. I am not sure where that is, I think it is when institutions start coming in. There is a lot of front running of the hope that institutions would come in. They just take a longer than people think.
Nevertheless, on institutional investment, he added that Bitcoin is leading the race and can expect another leg up. He said,
 “Most of the big endowments in the US have already made their first bet in Bitcoin… The Yale, Harward, Stanford… So unsually they are leaders and we’re gonna see pension funds next.”
Businesses Take Time to Build
Mike noted that people have been highly misled by the 2017 rally in crypto markets. Businesses usually do not grow over-night. He classified the rest of the crypto into utility tokens and collectibles (Non-Fungible Tokens) and such. Both these use cases are still in the building phase and are not near the mainstream. He said,
Those aren’t ready for prime time yet. They are in the test case…. There is a little bit of patience needed to see that revolution really happen.
The institutions and entrepreneurs are working on it. However, the rate of adoption of web3 services and other applications is considerably slow at the time. He said,
We’re 5-6 years away from it really impacting the everyday life… Gotta give them runway before we can give them a thumbs up or down.
Nevertheless, he envisions that the blockchain revolution is a strong possibility for the future. Moreover, he believes that Bitcoin is already a finished product with improvements in custody. Hence, the US regulators must go-ahead with products like Bitcoin ETF and mutual funds. Since Canada is ‘contemplating on the issue’, he said,
If Canada goes first, they’re gonna do a lot of business.
Last but not the least, on Galaxy Digital’s trading strategy he suggested that “we buy on dips” and sell during extreme bullish movements.
How do you manage your crypto portfolio? Please share your views with us. 
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Source: CoinGape

Bitcoin ETF will bring the Glamour, but not the Glow: Explainer Part 1

Hold your horses, the Bitcoin ETF might not be as big as it seems. At the beginning of the year, cryptocurrency enthusiasts were hopeful. With 2018 ending on such a low, a pessimistic baseline was set. Hence, anything 2019 had to offer, was thought to be positive. Eight months into the year, proponents are elated […]
The post Bitcoin ETF will bring the Glamour, but not the Glow: Explainer Part 1 appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin ETF approval will bring the Glamour, but not the Glow: Explainer Part 2

This is the second part of “Bitcoin ETF approval will bring the Glamour but not the Glow.” The first part can be found here.  The EFFECT No doubt a publicly-traded Bitcoin product would spur wider investments and interest digital assets as a whole. At present, exchanges are increasingly moving to shorten the on-ramp between fiat […]
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Source: AMB Crypto

Historic Senate Hearing Discuss Bitcoin and Libra with Experts – Here are the Closing Views

The Libra hearing has been one of the most enticing topics as media houses from all over the world aired the live hearing before the US House Committee on Financial Services. David Marcus, the head of the Libra Association, was grilled for hours on the autonomy of the Libra network and specifically about Facebook’s role in it.
As it happened the day before, at the hearing with the Banking, Housing and Urban Affairs Committee, Facebook’s reputation is setting a bad precedent for the Libra network.
Both the Committees have expressed complete disregard for the Social Media Giant and hence, express dislike for its cryptocurrency endeavor as well. Moreover, the Financial Committee also established that Libra is not a cryptocurrency.
Libra US Senate Hearing: Panel II
The meeting today also included a second panel of speakers. It included experts from different fields like law, economics, marketing, etc. who chose to speak on the topic. The panelist included cryptocurrency enthusiast. However, even they expressed concerns around Libra.
You can download their testimony here. At the hearing, in contrast to the one with David Marcus, the panelist and the Senators agreed. Not only, they together do not trust Facebook, but also acknowledge that ‘Libra is not a cryptocurrency.’
Libra: Mutual Fund or ETF?
The testimony that the panel presented pleased the Senate as it spoke of similar concerns around Facebook’s cryptocurrency plans. While it is usually difficult to classify these new-age tokens, the board was quick to conclude this. As Mr. Gensler noted, “It is either a mutual fund or an ETF.”
Ms. Demirors went on to say that,
Libra is a private for-profit that benefits large corporations and profit for entities that already have a tremendous amount of power.
On Bitcoin 
Ms. Demirors also noted,
“The SEC has long deliberated over security laws… and recently established Bitcoin is not a security. The CFTC treats Bitcoin and some of the products around Bitcoin as a digital commodity. However, the IRS treats them as property.”
Switzerland – Jurisdictional Hub for Cryptocurrencies – But, Why?
The choice of moving the Libra Association to Switzerland was regulatory and according to the panel, served as an advantage for conducting illicit activities.
Mr. Gensler note,
Under Swiss Law, it’s probably less likely that it’s security than under US law
Ms. Demirors noted,
“Facecook has set up an Association that is supposed to be non-profit and use to it to plow back its profit to its members.”
Mr. Brummer also replied to Senator Sherman on similar lines. He raised concerns around the weakness of the Swiss Financial laws. He said,
“US would not comply… And the biggest challenge lies with those jurisdictions… that are falling outside of international agreements that the once that FATF has recently agreed to in June. Certainly, Swiss rules particularly relating to both privacy and financial not just different but have certainly historically been considerably weaker.”
Moreover, the panel even unanimously seems to agree that eventually, when the thing becomes big, they would not comply with the US sanctions laws as well.
Shitcoins, Token taxonomy and Security Laws
Senator Davidson brought into the attention of the community the necessity of further trimming the Security Laws. The current Howey test does not entirely define the conditions for the new age digital assets.
Nevertheless, the SEC has progressed a coming up with new laws that cater specifically to cryptocurrencies. Moreover, as Mr. Grenseler mentioned that a ‘good lawyer could easily exploit a simple black and white test.’ Hence, they need to be cautious while defining those laws. Furthermore, he also called upon the Senate and the lawmakers to move to escalate the token taxonomy laws.
Trust but Verify, Ronald Regan Style
Mr. Gensler noted earlier in the hearing that all business is based on ‘trust’, and the fact that we cannot trust Facebook is coming in the way of Libra. He also remarked about the Anti-Competition effects that Facebook and the members of the Libra organization can promote using this proposed network. He said,
No other company can do what Facebook can do.
Mr. Weissman then went on to elaborate on how the members will help unfair competition in the global markets that are mostly moving to the internet for conducting businesses. He said,
“If Facebook becomes both the Social media oligopolist or monopolist that it is and a major Financial Service Provider… All of a sudden they can combine financial information with their social media platform. They can advertise to based on what you’re buying. They can go into business and provide goods and services and give you discount in Libra… Unjust competition and Squeezing out any rival who is not part of the system.”
McHenry closed the hearing for the Congress. He reciprocated the doubts around Libra
Despite Facebook
“Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly. They will be enduring, they will be strong. That is the new framework of the next generation of the internet.”
He added, “And in a generation, I hope that there are some statements here today that will still be pointed to as factual incorrect about what we will live through in this iteration of financial technology.”
Chairwoman broke a rule and gave the panelist a round of applause. In her closing speech, she noted that in all likelihood, a private organization or a group of private organizations would not be granted this tremendous amount of power to control the monetary policy. She noted that she would not let ‘billion-dollar boys’ take over the Financial Services industry.
Finally, she adjourned the meeting after the following statement
“And we should get Mr. Zuckerberg himself. I’m with that”
How do you perceive the future of cryptocurrencies from here? Please share your views with us. 
The post Historic Senate Hearing Discuss Bitcoin and Libra with Experts – Here are the Closing Views appeared first on Coingape.
Source: CoinGape

How Crypto Custodian Firms will Form New Age Banks Under the SEC Guidelines: Analyst

Recently, the SEC in the US released a new set of guidelines on 8th July 2019, specifically for cryptocurrencies service providers. The SEC regulations have kept the start-ups under a lot of doubts for the current guidelines have failed to cover cryptocurrencies.
According to their new press release, the SEC will view custody arrangements and non-custodial arrangements differently. Furthermore, it has also allowed for the inclusion of non-custodial service firms to operate in the US. This is a positive move for start-ups like P2P platforms, payment facilitators, and OTC desks.
Caitlin Long, from the Wyoming Blockchain Task Force – a state-sponsored Task Force, established for blockchain development, reviewed the new rules and shared here analysis for the future of Crypto Custody Firms.
The pending ETF proposal, along with several other trading applications and Exchanges require the firms to act as custodians of the cryptocurrencies. Hence, Caitlin thinks that
“SEC’s new guidance would have been a bummer for the #crypto custody industry were it not for #Wyoming‘s new #SPDI law”
The State of Wyoming in the Western part of the United States has enacted several laws related to blockchain earlier this year, making it the only state which provides a comprehensive legal framework for entities engaging with cryptocurrencies.
The ‘Custody Rule & Customer Protection Rule’ set up by the SEC is to protect the traders and investors against all possible threats to their investments. The Crypto Custody firms have so far established themselves as Trusts; however, they are still failing to meet the SEC guidelines.
here’s the definition of “bank” under the Exchange Act–state-chartered banks work here, but trust cos don’t. So…#Wyoming is where #digitalsecurities custodians (& #crypto custodians more broadly) are likely to set up shop, using our new #SPDI law. Come check us out!
Definition of a bank according to the SEC (Source)
SPDI is an abbreviation for ‘Special purpose depository institutions,’ these are essentially banks that act as custodians but do not engage in any kind of lending or leveraging activities. The inclusion of such services within the Financial Industry is imperative because it will help prosper ‘hard money’ over an interest rate and inflation driven economy that is expected to doom. Many experts have suggested that the current financial system is failing, and cryptocurrency is a hedge against that.
Caitlin also predicted that in a tweet that Trust companies in the US like Gemini, Grayscale, and so on will probably end up being banks to facilitate crypto trading and custody. She tweeted,
set up trust companies (NY, SC, NV) will prob end up converting to a #Wyoming #SPDI so they can meet certain #SEC rqmts simply by nature of being a bank (such as good control location, among others). We knew the #SEC has a preference for banks over trust cos as #crypto…
Therefore, it might not be long before the actual ‘crypto-banks’ start competing in the Financial Services industry.
What do you think the existing banks will do to shun the competition? Please share your views with us. 
The post How Crypto Custodian Firms will Form New Age Banks Under the SEC Guidelines: Analyst appeared first on Coingape.
Source: CoinGape

Cyberattacks and Technology Risks take top spot on cryptocurrency industry concern

The cryptocurrency industry is muddled in a web of financial and technical intricacies, bound together by the principled opposition to the centralized currency of the sovereign behemoths. Decentralized currency is the brainchild of a continuously developing technology-centric world, and, according to its adherents, the biggest risk to the cryptocurrency world emanates from the same. According […]
The post Cyberattacks and Technology Risks take top spot on cryptocurrency industry concern appeared first on AMBCrypto.
Source: AMB Crypto

Crypto Industry Reacts to Yet Another VanEck Solid X Bitcoin ETF Delay

A Bitcoin exchange-traded fund or ETF, has become a running joke across the cryptocurrency industry, with each new proposal set forth by various financial industry firms repeatedly rejected or delayed by the United States Securities and Exchange Commission.
The entire market of crypto investors were watching and waiting to see if today’s deadline for VanEck and Solid X’s proposal for a Bitcoin-based ETF would be rejected or approved, or delayed once again. As many expected, the deadline for the proposal has once again been extended by the SEC, further delaying a decision on if an ETF will be approved eventually.
Bitcoin ETF Delayed Once Again, Crypto Industry Yawns At Non-Event News
The potential of a Bitcoin ETF has reared its head quite a few times in recent years. The most recent Bitcoin ETF speculation took the price of Bitcoin towards $10,000 in late July as a proposal put forth by Gemini co-founders Tyler and Cameron Winklevoss.
Related Reading | Why The Next Bitcoin Bull Run Could Eclipse The Last Crypto Bubble 
The proposal was rejected, and the price of Bitcoin fell once again towards $6,000. Around that time, a proposal for a VanEck and Solid X Bitcoin ETF also reached its deadline with the SEC, but the proposal was delayed again and again. Each delay or rejection caused the price of Bitcoin to crash throughout the 2018 bear market.

VanEck Bitcoin ETF delayed. No surprise. https://t.co/MQgAXAtaYg
— Felipe (@PhilCrypto77) May 20, 2019

A government shut down put the proposal – which is said to have the best chance of being approved out of all of the different proposals out there – on ice for some time, but the review resumed weeks ago, and was targeting a May 20 deadline for a decision.

JUST IN: SEC delays decision, issues request for public comment on whether to approve or disapprove VanEck SolidX Bitcoin Trust (PDF) https://t.co/7ub6NM82le
— The Block (@TheBlock__) May 20, 2019

Today has come and gone, but the SEC has once again chosen to delay the proposal set forth by VanEck and Solid X. According to The Block, the SEC has also issued a request for public comment on whether or not the US financial watchdog should approve or disapprove the proposal.

ETF delayed (As expected)Don't think it'll impact the price a whole lot.That said I'm generally hoping & positioned for lower since yesterday.This would be a nice excuse to fill bids lower.
Generally a buying opportunity, not a reason to panic. https://t.co/mn8hqtm9g4
— DonAlt (@CryptoDonAlt) May 20, 2019

While in the past, such news would cause a sharp selloff, the price of Bitcoin has since risen following the news circulating. Also, now that the news had made its way across the cryptosphere, industry analysts and experts are all weighing in on the news that turned out to be a non-event.

VanEck ETF delayed as expected. Non-event.https://t.co/3VCdFpAYCS
— WhalePanda (@WhalePanda) May 20, 2019

Bitcoin has shown much resilience in recent weeks, also shaking off a hack of Binance and the worst Tether FUD to hit the industry yet without as much as a scratch. Instead, the price of Bitcoin continues to climb along the parabolic curve that began with the April rally.

As expected, the SEC has delayed the VanEck bitcoin ETF proposal. Read the order here: https://t.co/OB3TBgVGwg.
VanEck's new deadline is August 19. The SEC can & likely will delay one more time for a final deadline of October 18.
Looks like this ended up the right explanation: https://t.co/bkzeVRt1Hg
— Jake Chervinsky (@jchervinsky) May 20, 2019

The VanEck and Solid X Bitcoin ETF deadline has since been rescheduled for August 19, and has until one more final deadline of October 18 it can push its decision off until.
Will a decision finally be made?

Waiting for a Bitcoin ETF like pic.twitter.com/b5TdyuWCDR
— Crypto Bobby (@crypto_bobby) May 20, 2019

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Crypto Market Wrap: Bitcoin Steady Before ETF Ruling, What’s Expected?

Crypto markets holding onto gains; Bitcoin back at $8,000 prior to anticipated bitcoin ETF ruling, BCH and XRP gaining slowly, Dash pumping. 
Market Wrap
Crypto markets have held on to their weekend gains as Bitcoin remains buoyant. The correction that never was ended in early Sunday trading when BTC surged back towards $8,000. Today market capitalization remains close to $250 billion but a big regulatory decision due tomorrow could create some big moves soon.
Bitcoin revisited its 2019 high of $8,250 a few hours ago. BTC sharply pulled back to just above $7,900 after hitting resistance but has since regained composure and climbed back up to $8k, trading marginally higher than the same time yesterday.
Ethereum is flat and remains just above $250 where it was this time yesterday. ETH has also held on to recent gains but has not seen the doubling in price that its big brother managed since early April.
There is very little movement in the top ten at the time of writing. Only XRP and Bitcoin Cash have added a couple of percent to trade at $0.40 and $408 respectively. The rest are unchanged aside from Cardano which has pulled back marginally.
The top twenty has more red than green during Asian trading this morning. Only Dash is pumping as 10 percent takes it to $165. South Korean markets are getting the majority of Dash trade at the moment as Bithumb is top exchange. Monero has made 3 percent but the rest are in decline.
FOMO: NEXT Spikes into Top 100
Today’s fomo is going to NEXT which has entered the top one hundred with a 45 percent pump. The South Korean exchange Coinbit exchange is creating the fomo for NET. Japan Content Token is also getting a 40 percent spike as it too enters the big 100. These two relatively obscure altcoins are the only ones pumping at the moment.
At the messy end of the table is Decred dumping ten percent today. Digibyte and Crypto.com’s MCO are also sliding with a loss of over 7 percent each.
Total market capitalization 24 hours. Coinmarketcap.com
Total market capitalization is currently at $248 billion which is marginally higher than the same time yesterday. It did reach a high of $257 billion when Bitcoin hit resistance but has since pulled back slightly. There is growing concern that the imminent SEC decision for the VanEck ETF could cause prices to plummet. The regulator is due to decide on approval of the long awaited fund tomorrow but the most likely outcome is another delay.
Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.
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SEC Commissioner ‘Optimistic’ About Bitcoin ETF, But Delay of VanEck Proposal Most Likely

A Bitcoin ETF (Exchange Traded Fund) approval would enable the US market to predict and trade on Bitcoin prices without actually having to buy and sell Bitcoin [BTC]. The fund would track the price of the underlying asset, which can be Bitcoin alone or a basket of assets including other cryptocurrencies or other equities, bonds or commodities as well.
The Securities Exchange Commission is the regulatory authority that approves or denies a specific request to launch a new ETF on the market. There are more than nine Bitcoin ETF applications pending with the SEC. Moreover, the SEC also received a new crypto-basked (Bitcoin and Ethereum) based ETF application.
Reportedly, the total capital of the US ETF market is about $5 trillion. Even if 1% of the trading moves to Bitcoin, it will effectively increase the market capitalization of Bitcoin alone by $50 billion.
Industry Experts Weigh SEC Options
Jake Chervinsky, an Attorney at Kobe and Kim LLP. had noted on May 17, 2019, that,
“The SEC delayed the Bitwise bitcoin ETF two days ago but still hasn’t made a decision on VanEck. This is unusual: the SEC would normally handle both ETFs at once. The VanEck deadline is next Tuesday. I still think the delay is overwhelmingly likely, but the timing has me curious.”
Also Read: SEC is not Against Crypto ETF – Bitwise Explains
The comments are likely to get the hopes high for any Bitcoin bull. However, according to the filing dates, the deadline for Bitwise was on 16th May, while the deadline for the re-applied Van Eck proposal in 21st May.
The VanEck proposal was withdrawn and re-submitted by the firm itself on 20 February 2019. The deadline for which was a 45-day period which ends on 21st May 2019.
Furthermore, in a recent interview with Ran Neuner from CNBC fast money, Hector Pirce, the SEC Commissioner hinted at a further delay. She said,
“I am still optimistic. Don’t hold your breath. Market manipulation are issues that get a lots of attention at the SEC.”
Hence, the positive outcome for bulls would be a delay in the approval over a complete rejection.
Jake Chervinsky also predicted that there is a 75% probability that the proposal will be delayed and 0.1% probability of an approval. He said in a recent tweet,
“In the past, the SEC has typically bundled together all of its decisions on pending bitcoin ETFs & announced them on the same day… To be fair, the fact that the SEC delayed Bitwise & stayed silent on VanEck could mean nothing at all. He went on to say that, “Bitcoin has been very volatile recently & investigations related to fraud & manipulation have ramped up (like NYAG & Bitfinex). The SEC has no reason or incentive to come out in favor of bitcoin in this environment.”
Also Read: SEC Delays Bitcoin ETF Yet Again, Will It Hinder the Expected Bull Run?
The Bitcoin ETF proposal has been pending the markets for six years since its first application. The SEC has denied and delayed, and all of them until now. Nevertheless, a denial or delay is unlikely to dampen market spirits.
What are the chances of approval according to you? Please share your views with us. 
The post SEC Commissioner ‘Optimistic’ About Bitcoin ETF, But Delay of VanEck Proposal Most Likely appeared first on Coingape.
Source: CoinGape

XRP Price Up by 17%; German Exchange Releases Ripple [XRP] and Litecoin based ETNs

XRP gained 17% on a daily scale on 14th May 2019 as the price tested yearly highs above $0.3700 at $0.378.
Moreover, XRP was the only the altcoin currently trading in the green w.r.t. Bitcoin [BTC]. The price of XRP at 4: 20 Hours UTC on 14th May 2019 is 0.3702.
The majority of cryptocurrencies including Bitcoin [BTC] has gained more than 100% since the beginning of the year. However, XRP had been trading in the red since the beginning of the year. The price held the support and resistance level near $0.30-0.31 for quite some time before making a move upwards. The total market capitalization of XRP broke above $15 Billion as it continues to rank third in w.r.t. total MCap.
XRP/USD 1-Day Chart on Bitstamp (TradingView)
Borse Stuttguard Lists XRP and Litecoin ETN
Reportedly, Germany’s second largest exchange, Borse Stuttguard, listed two crypto-based ETNs or Exchange Traded Notes. The ETNs will enable the traders to bet on the price of LTC and XRP as the ETN is made available on the Exchange from 13th May. The Exchange can be made in Sweden Krona (SEK) and EUR.
Furthermore, Europe has been ahead of the rest of the world as earlier this year, SIX, the Swiss-based exchange also launched an XRP-based ETP.
The price of Litecoin [LTC] has been trading above 90$. However, it is on par with the rise on other altcoins at 6.02% on a daily scale.
The rise in the price of XRP can also be attributed to Bitcoin’s bull run and the lower trading price of XRP over the last couple of months. The trading in XRP had been in a small range of around $0.30 for quite some time.
Nevertheless, the price is now looking to gain positive momentum of Bitcoin. Moreover, the last alt-season was initiated by XRP. The room of growth in XRP in tremendous according to past highs.
You might also like: Ripple (XRP) Price Prediction: x3 ($1.0) by the end of 2019?
Do you think that XRP will continue the bullish momentum or the rise is momentary? Please share your views with us. 
The post XRP Price Up by 17%; German Exchange Releases Ripple [XRP] and Litecoin based ETNs appeared first on Coingape.
Source: CoinGape

Exclusive: Bitcoin [BTC] doesn’t care about the Bitcoin ETF, etoro’s Mati Greenspan

Bitcoin [BTC] and its tryst with the US Securities and Exchange Commission is set to climax with the imminent discussion regarding the hotly anticipated ETF, which has everyone in the community on the edge of their seats. Or does it? Some are not swayed by this publicly traded BTC product, stating that it will have little impact on the overarching goal of decentralized currency.
Mati Greenspan, the senior market analyst at eToro, is of this opinion. In an exclusive interview with AMBCrypto, the acclaimed markets analyst chided the ETF stating:
“The idea of the SEC approving a Bitcoin ETF is basically saying that the government is going to approve something that the banks made. I don’t think Bitcoin cares very much about that.”
Speaking initially about the Bitwise Asset Management report submitted to the SEC with reference to their ETF proposal, Greenspan stated that it addressed two key points. Firstly, it shed light on “market manipulation,” and “wash trading,” which the members of the SEC have voiced their concerns regarding. Last month, the chairman of the SEC, Jay Clayton stated he was on the fence regarding the ETF stating the above reasons.
Additionally, the firm also tabled a new method to calculate Net Asset Value [NAV] based on the figures of ten cryptocurrency exchanges reporting “real volumes.”
In light of this report and, in particular, the two key points highlighted by Bitwise, Greenspan added that the proposal has “a good shot” of approval by the SEC. He further added that, after the change in the SEC members, many are “more bullish on crypto.”
Despite the next ETF hearing set for May 19, 2019, Greenspan was fairly certain that the same will be delayed yet again by the SEC. His expectation was echoed by Jake Chervinsky, a member of the securities litigation team at Kobre & Kim who stated, back in March:
“The SEC’s *final* deadlines will be October 13 and October 18, 2019.”
If the ETF is approved by the SEC, it would open “larger crypto investments” allowing hedge fund managers to enter the space. However, in Greenspan’s opinion, this would only add to Bitcoin as an investment vehicle, as these managers will not “try to figure out what cold storage is,” and will only enter for the price volatility. He stated:
“Basically, having an ETF, is another vehicle that they can invest in Bitcoin, in an easy way.”
He added that a “significant impact in the price” could manifest by the approval or rejection of a Bitcoin ETF, however, he cautioned stating that this will affect the market “only for a short period of time.”
The Bitcoin ETF would “go a long way to providing liquidity” to many players in the market, but are just another channel to access Bitcoin’s investment capabilities and these products are not “built on actual Bitcoin,” stated Greenspan. He described Bakkt service as “incredibly positive,” especially their plans of a credit card linked to a “Bitcoin account.”
Overall, these developments will help the case of “adoption” and Wall Street see an increase in volume by a trillion dollars, or so, but the goal of Bitcoin will always remain to become a ubiquitous, universal, censorship-resistant global money, and this will not change concluded Greenspan.
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Source: AMB Crypto