45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

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45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

On April 5th, 2019, the SEC will have to announce their decision to either approve, deny or extend the decision-making period on Cboe/VanEck/Solid X’s Bitcoin ETF.

45 Days Left for SEC to Decide on CBOE-VanEck Bitcoin ETF

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Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

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Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

According to Ric Edelman, the founder of Edelman Financial Engines, ETFs will eventually meet the demands of the SEC and get the Commission’s approval.

Bitcoin ETF is Just a Matter of Time, Says Prominent Wall Street Advisor Ric Edelman

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Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

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Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

SEC Commissioner Robert J. Jackson recently did an interview with Congressional Quarterly, a publishing company who report primarily on the United States Congress, where he expressed views that an SEC-approved Bitcoin ETF is inevitable.

Leaked Interview with Hopeful SEC Chief: Bitcoin ETF is on the Horizon

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A Look at Some of the Biggest Stories Happening in the Crypto World

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A Look at Some of the Biggest Stories Happening in the Crypto World

In this guest post, Max Hasselhoff, integration engineer from Bytecoin and long-standing crypto enthusiast, takes a look at some of the biggest stories happening in the sphere of crypto technology integration.

A Look at Some of the Biggest Stories Happening in the Crypto World

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U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

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U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

Analysts predict that amidst the long pending work, regulatory agencies won’t give any attention to crypto investment products in the near time.

U.S. Shutdown to Have a Long-Lasting Effect on Arrival of Crypto Institutional Products

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Source: CoinSpeaker

No More Bitcoin Craze? Expert says BTC Investors Now Turning to Gold

Bitcoin’s crash is turning the investors towards gold yet again says Jan Van Eck, CEO of Van Eck Associates. However, Crypto industry experts have shared that gold is rather “physically vulnerable” and bitcoin is better at being gold than gold itself.
The Tide has been Turned
Bitcoin has crashed over 80 percent from its all-time high at $20,000 in December 2017. But it couldn’t deter the investors from buying this digital asset, until now, if this ETF strategist is to be believed.
Jan Van Eck, CEO of Van Eck Associates in an interview with CNBC’s “ETF Edge” said that Bitcoin investors are now moving to the traditional commodity that is gold.
“I do think that Bitcoin pulled a little bit of demand away from gold last year, in 2017. Interestingly, we just polled 4,000 bitcoin investors and their number one investment for 2019 is actually gold. So gold lost to bitcoin and now it’s going the other way.”
During the period Bitcoin rallied and made its all-time high in December 2017, gold surged 4 percent in the same period. According to another expert, Tim Seymour, founder, and Chief Investment officer at Seymour Asset Management, the move now made toward gold will be difficult to turn back to Bitcoin.
“Not only have we lost all liquidity on the underlying [commodity] but truly outside of the existential blockchain argument, it’s been very difficult to argue store of value which is really what we started hearing about,” said Seymour. “Gold is a store of value and there’s no disputing that.”
But Bitcoin is Better at Being Gold than Gold!
This year, according to VanEck whose firm created the most well known gold ETFs, the best way to play is through gold ETFs, “The shares have been acting tremendously well over the last two or three months … It’s starting to zig when the stock market zags. In the majority of the days in Q4 when the S&P was down, GDX was up. So that zigzag, that decoupling makes me really excited about gold shares as a diversifier.”
Well, VanEck’s firm in association with SolidX and Cboe is also the one that is proposing a Bitcoin ETF. Though the proposal has been revoked by Cboe for now, it is expected in the future the approval would be acquired.
Also Read: Experts Predict Gold to Surge over Fiscal Woes & USD Crisis, What about Digital Gold-Bitcoin?
Recently, Tyler Winklevoss who runs Gemini stated Bitcoin would rather surpass gold’s market cap.
“Our thesis around Bitcoin’s upside remains unchanged. We believe Bitcoin is better at being gold than gold. If we’re right, then over time the market cap of Bitcoin will surpass the ~$7 trillion market cap of gold.”
For some, the VanEck’s comment might be seen as not motivating but for others, they are actually hopeful as one Bitcoin enthusiast commented on Reddit,
“$7.8 trillion gold picking on $0.063 trillion bitcoin… The fact that bitcoin and gold are even compared this much is promising.”
However, as Nick Szabo, computer scientist and cryptographer said, gold is “physically vulnerable.” And as another enthusiast said, “Where is this gold. At least I keep control and possession of my Bitcoin.”
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Source: CoinGape

Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

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Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

While crypto industry has dreamed of a Bitcoin ETF since at least 2013, and crypto companies were pushing it hard to get an approval, the SEC hasn’t given green light to any yet. What Bitwise explained is that the SEC are not against crypro ETFs at all.

Majority of US Investors are Waiting for Crypto ETFs, Bitwise’s Latest Survey Reveals

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Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

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Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

The ongoing government shutdown achieved a new milestone on Friday by hitting the record for the longest shutdown in US history. While all the spheres are negatively affected, this has laso put key developments in the crypto space on hold.

Thanks US Shutdown: Why Bakkt and Others Will Likely be Delayed

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After the Crypto Crash, Wall Street Bankers are Ready to Say Goodbye

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After the Crypto Crash, Wall Street Bankers are Ready to Say Goodbye

Established Wall Street companies slowed their already halting efforts to make a business out of crypto mania this year. They didn’t really give up, but most of them flinched as the value of virtual coins collapsed.

After the Crypto Crash, Wall Street Bankers are Ready to Say Goodbye

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Bitcoin Market has Simply Just Run Out of Juice, states Analyst Report, Explains Why No Activity

According to the latest report, Bitcoin market has “almost become boring” as there is not much activity going in the market. With Bitcoin ETF decisions continuing to affect the market, it shares some insights.
Bitcoin getting adopted as a store of value?
“One can argue that the depressed volatility patterns we’re seeing with bitcoin is the market slowly adopting bitcoin as a SoV,” states the report by Element Group written by Thejas Nalval and Kevin Lu, which is a “fun theory but premature”.
With the trading range of Bitcoin bound within 10% band, “the market has quite simply just run out of juice for now. It’s almost become boring.”
They also point out the fact that exchanges are offering an “unsophisticated retail investor” the opportunity to make short term bets with significant leverage.
“The market is still nascent and that market microstructure has a long way to go before being fully efficient. But we believe that a dynamic where side wagers on the price of a cryptocurrency become so large that they drive the actual price of the cryptocurrency will hinder this road to price discovery efficiency.”

Also, read: Bitcoin SegWit Transactions Hit 50% for the First Time
Bitcoin market continues to be affected by ETF
The report also notes that the market is still reacting to the changes in approval of a Bitcoin ETF by SEC. In VanEck SolidX Bitcoin ETF delay,
“immediately after the SEC order was released to the public, bitcoin sold off by a small amount but rallied overnight as traders began to digest the news.”
Talking about the market reaction in “response to what should have been a widely expected procedural delay,” it notes a number of reasons for the same.
With 10 Bitcoin ETF proposals already rejected by SEC,
“The fact that the SEC has not come out with an outright rejection given their recent orders means that the possibility of an approval further down the line exists.”
Moreover, the analyst says
“the SEC’s order to institute proceedings on the VanEck SolidX ETF could be interpreted as a new level of openness on behalf of the SEC due to the amount and type of questions that they have asked.”
It also explains the difference in VanEck and previous Bitcoin ETFs with the fact that, VanEck Bitcoin ETF is “striking the fund’s NAV to a bitcoin OTC index rather than a price set on the spot exchange or derivatives market” to mitigate the concern of manipulation.
The report concludes with, “market participants should be open to the possibility that a bitcoin ETF will not be approved in the next one or two years. To the extent that some possibility of approval is priced in, the market could experience material weakness if a disapproval order is issued.”
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Source: CoinGape

Crypto Experts Join Bitcoin Developer & fmr. Morgan Stanley MD to Appeal SEC for Regulatory Framework

It has been only less than 48 hours since the news of a letter written by leading crypto experts to SEC asking for upgrading the regulations to fit in cryptocurrencies has surfaced, and it has already started receiving support from other analysts and industry veterans. The latest names who have come in support of it are Morgan Creek Digital’s founder and partner, Anthony Pompliano and blockchain expert and board member of 9Spokes, Thomas Power.
Industry backs upgradation of law
Crypto experts and analysts have added their opinion to the recent proceedings with the SEC delaying decision on the VanEck/SolidX Bitcoin ETF proposal by submitting their views of having an upgraded regulatory framework for accommodating cryptocurrencies. Of several recommendations made to the SEC, Bitcoin Core’s developer Bryan Bishop argued that the biggest change the SEC should bring about is to implement policies and regulations directly in partnership with cryptocurrency engineers. The letter quoted
“We recommend that the SEC engage with those who are experienced with technology, such as cryptographic engineers, software developers, Bitcoin exchanges, smart-contract designers, blockchain developers, and existing digital-asset managers to ensure best practices are implemented.”
In addition to being a co-author of the letter, Brian bishop had was also quoted by Forbes saying
“Bitcoin is fundamentally a technological system with many nooks and crannies, It’s the concept that rules can be enforced using software, math and cryptography rather than policy”
The comment and voice have found backing of other crypto experts as well. When asked by media about this suggestion put forward by Bryan Bishop Morgan Creek Digital’s founder and partner, Anthony Pompliano said ‘of course’ in agreement. He added that he did not know whether the SEC would have considered these suggestions and did not comment further on the proceedings taking place.
Echoing Anthony Pompliano sentiment, blockchain expert and board member of 9Spokes, Thomas Power also agreed with Bryan Bishop’s claims on the basis of ‘logic’ but refused to see the historical evidence behind such a move coming to exist.
Also, read: Current Regulatory Framework doesn’t Suit Enterprise Adoption of Cryptos: Veterans Tell SEC
Upgradation of regulation necessary said the letter to SEC  
The group of Industry experts and veterans comprising of Bitcoin core developer Bryan Bishop, former Morgan Stanley managing director Caitlin Long, e-commerce coding pioneer Chris Allen, founder of Ernst & Young’s blockchain team Angus Champion de Crespigny and fund manager attorney Gavin Fearey, in an letter to SEC had put forward their intent to assist the SEC by disclosing what they feel are critical considerations for handling cryptocurrency regulation that was not addressed in other comment letters previously made public by the SEC. The letter further stated that the digital assets are a unique asset class with unique strengths and abilities and if they are fitted into existing market infrastructure, there will be the introduction of risks to investors that would not otherwise exist. The group suggests that the SEC should try to possibility update the market infrastructure if it actually wants to take advantage of Bitcoin and other technology and further strengthen the financial system.
The letter had also argued to put restrictions on Bakkt, the ICE planned cryptocurrency exchange expected to launch in November. The authors stated that the process of storing all funds in a single place and lending out or otherwise investing the stored cryptocurrency could devalue Bitcoin by creating more liquidity than there are assets to back it. According to the report
“Digital assets are natively segregated, and maintaining this natural segregation at all times would best protect investors by conforming to the architecture of digital asset technology.”
It also stated
“ Commingling (of digital assets) creates a “honeypot” for hackers to attack, and the ability of financial institutions to manage this security risk is likely to vary widely”
The concerns raised by the veterans regarding current regulations and enterprises is something that can’t be overlooked and now with more industry experts and analyst backing it looks like SEC may have to break its precedents and consider an exception for this one
Will SEC up its game and upgrade the regulatory framework to accommodate cryptocurrencies? Do let us know your views on the same.
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Source: CoinGape