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June 2016

VanEck Bitcoin ETF | SEC Postpones Decision for Another 90 Days

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VanEck Bitcoin ETF

VanEck Bitcoin ETF

The United States Securities Exchange Commission has postponed its decision regarding VanEck Bitcoin ETF proposal for 90 days moving the deadline to August 19th, 2019.

VanEck Bitcoin ETF 

The SEC gave a 35 day period for collecting information as well as more insight on the proposal that was initially filed last year by the Chicago Board Options Exchange. Early this year when the US government shutdown reduced the operational abilities of the SEC, CBOE withdrew its request for a rule change. However, on January 31st it subsequently reapplied following the resolution of the government shutdown.

The news of VanEck Bitcoin ETF did not shock the cryptocurrency community although the bitcoin price has modestly retreated since Sunday’s 2019 new high. Even with this pullback in the price of bitcoin the market has witnessed several catalysts this year that are expected to continue fueling the bull market. Equally, the securities exchange will not focus on Bitcoin forever.

In the SEC filing, there are 14 questions posed to the public regarding the proposal from which its responses and arguments will help in reaching a decision. The issues raised generally concern the protection of public interest and investors from any form of fraud or exploitation.

Bitcoin ETF Issued by Bitwise Delayed

Another bitcoin ETF that is issued by Bitwise was delayed last week by the SEC. the decision not to say anything about VanEck at the time left many speculating the fate of this high profile ETF as the May 21 deadline approaches.  In a tweet attorney Jake Chervinsky indicated that the SEC may have needed more time to make a decision on the VanEck ETF because of semantics.

Although the SEC chose to put on hold both bitcoin ETFs, they nonetheless did not reject them altogether. It is likely that they are buying time until there is a necessary regulatory framework to govern the crypto industry.

Featured Image: Depositphotos / nevarpp

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Cryptocurrency Witnesses Better Returns than Equities This year

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cryptocurrency

cryptocurrency

Good days may be ahead for cryptocurrencies. The sentiment of digital assets is improving slowly after witnessing a bear trend in 2018. The total cryptocurrency market cap has increased considerably by over $50 billion USD since the beginning of 2019. Many digital assets are outperforming the market when compared to the largest indices worldwide.

CCI30 Increases by 40%

Since the beginning of this year, the CCI30 (Cryptocurrency Index 30) has gained as much as 40%, reversing the initial downtrend. Cryptocurrencies like Bitcoin (BTC), which witnessed a drop in the middle of February 2019, have recuperated losses and slowly moved up. Bitcoin, which has a considerable effect on the CCI30, has increased by 20% since the first of this month.

BTC Bull Run

It is time for the cryptizens to cheer because the price of Bitcoin has surged to a 4-month high of $4,900 USD, at the time of writing, and looks to be continuing to grow. The price of BTC increased by almost 17% in just 30 minutes today. The reason behind the surge may have to do with investors going long on this cryptocurrency. It appears to be the start of a bull run for Bitcoin. According to speculators, the price of Bitcoin is expected to reach $50,000 USD.

>> Coinbase Jobs Rank in LinkedIn’s Top 50 US Employers List 2019

According to the billionaire and bitcoin enthusiast, Tim Draper, everyone will use Bitcoin for daily remittances, even for buying a coffee, by 2021. Tesla founder and fanatic of cryptocurrency, Elon Musk, said Bitcoin is better for transferring money when compared to current processes.

NASDAQ Gearing to Launch Bitcoin Futures

The biggest stock exchange, NASDAQ, is geared to unveil Bitcoin futures in 2019. Bakkt, a digital asset platform, mobilized funds of $182.5 million USD. This is set to launch in the latter half of 2019. The firms currently supporting Bakkt include Boston Consulting Group, Pantera Capital, and Galaxy Digital.

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Bitcoin (BTC) Suddenly Tumbles Below $7K Mark

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Bitcoin

Bitcoin

The first six months of the year were a remarkable time for the crypto space, as Bitcoin (BTC) went on a rally that was reminiscent of the one that had taken place in 2017. However, times have proven to be a lot tougher since then, and over the past few weeks, the world’s biggest cryptocurrency has experienced plenty of turbulence.

In a new development that will likely create more panic among BTC traders, there was a massive selloff in the crypto market. Consequently, the BTC price crashed as well and went down as much as $250 in a few minutes on most exchanges.

Broader Sell-Off

As a matter of fact, the price of each Bitcoin token plunged below the psychologically important level of $7,000, and it ushered in another period of extreme volatility in the crypto sphere. In this regard, it is also important to point out that the selloff had taken place across the whole crypto space, and it was not only BTC that got burned.

Other major crypto tokens like EOS, Ethereum, Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Binance Coin recorded deep losses as well, as the selloff continued to hurt. According to reports, billions of dollars worth of value was wiped off from the crypto market owing to this selloff.

>> The HEX Controversy: Bitcoin.com Listing Despite Community Hesitations

Over the course of the last 24 hours, BTC declined by as much as 5.50% to hit $6,713 per coin. On the other hand, the other main crypto tokens, such as XRP, Ethereum, Bitcoin Cash, and Litecoin, recorded declines in the 6% to 10% range.

Over the years, it has been seen that cryptocurrencies often go on a rally towards the end of the calendar year, and it remains to be seen if BTC can make a comeback over the remaining days. However, the past few days have been particularly difficult not only for Bitcoin but also for the wider crypto space.

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Blockchain Supply Market to Grow to $9 Billion

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Blockchain Supply Market

Blockchain Supply Market

Blockchain supply is poised to become a multi-billion dollar market. A study by market research firm Allied Markey Research indicates the size of the market could reach highs of $9 billion by 2025, representing an 80% growth from 2018 levels.

Key Growth Drivers

Blockchain is the underlying technology that powers an array of decentralized digital assets, key among them being Bitcoin and other cryptocurrencies. Increased usage of the technology to enhance transparency and improved security in supply chains is one of the catalysts fuelling the blockchain supply market.

The retail sector, which is in dire need of supply chain solutions that are able to ensure efficiency as well as increased security levels, will be the biggest contributor to the total market size. Healthcare is another sector in dire need of supply chain solutions that ensure high levels of security, poised to have a significant impact on the market size.

Manufacturing, food, and beverage industries also remain well positioned to be one of the biggest contributors to the blockchain supply market. The aerospace and automotive sectors also continue to absorb a good amount of blockchain solutions with the blockchain market poised to hit highs of $20 billion by 2029.

>> Altcoins Join the Bitcoin Rally: Ethereum, Litecoin, Ripple

 Growth By Region

Allied Markey Research has also pointed out that North America remains the most advanced market when it comes to blockchain infrastructure and technology adoption. However, the Asia Pacific region is not lagging far behind as it continues to register one of the highest growth rates at 90.4% in the blockchain supply market.

Spending in blockchain innovations, as well as research and development, is poised to hit highs of $2.9 billion by the end of the year. Most of the spending will go towards manufacturing and distribution services at $653 million and $642 million respectively.

Increased spending on the blockchain does not come as a surprise. The technology has so far proved to be reliable in enhancing security when it comes to transfer and storage of data in addition to ensuring high levels of privacy given the decentralization aspect.

Featured image: DepositPhotos © nils.ackermann.gmail.com

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