The SEC Will Decide on 9 Bitcoin ETFs in the Next 2 Months

The SEC Will Decide on 9 Bitcoin ETFs in the Next 2 Months

The U.S. Securities and Exchange Commission (SEC) is set to make final decisions on nine proposed bitcoin exchange-traded fund (ETF) in the next two months. As first reported Tuesday by CoinDesk, the U.S. Securities and Exchange Commission (SEC) delayed a decision on a proposed rule change from the Cboe BZX Exchange that, if approved, would allow for the listing of an ETF backed by blockchain startup SolidX and investment firm VanEck. Yet the SolidX-VanEck proposal – first put forward in June – is just one of four filings in waiting. Combined with past submissions from firms ProShares, Direxion and GraniteShares, a total of 10 bitcoin-related funds are being weighed by SEC officials, according to public records, although the VanEck/SolidX bitcoin ETF is the only “physical” ETF among all the proposals. Those deadlines are set by the time at which the proposals are published in the U.S. Federal Register, with an initial decision due 45 days after that time. The agency can then punt those decisions to as many as 240 days following publication in the Register. The deadline for a decision on two funds from ProShares is August 23, is just over two weeks away. The rule change paving the way for those products was submitted by NYSE Arca on December 4, 2017. September will see a series of deadlines for bitcoin ETFs, starting on September 15, the date by which two funds by GraniteShares will receive a thumbs-up or thumbs-down. The funds were initially proposed on January 5. The deadline for Direxion’s four funds is September 21, as indicated by public records, after being first submitted on January 4. As CoinDesk reported, the SEC punted its decision on the SolidX-VanEck proposal to September 30. However, given the way in which the agency considers such proposals, additional time may be carved out, pushing a final decision deadline to as far as late February of next year. To be sure, the agency could release its decisions ahead of its prescribed deadline (as the SEC did this week). But past examples indicate that the SEC will wait until closer to the deadlines, all but ensuring additional nail-biting by the crypto community. Image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest…

Electron Cash Wallet Now Available for Basic Feature Phones

Electron Cash Wallet Now Available for Basic Feature Phones

News This past February news.Bitcoin.com reported on the firm Coingeek announcing funding the Electron Cash programming team. Since then, the bitcoin cash (BCH) centric wallet Electron Cash has seen a bunch of development with Coinshuffle integration, and a new iOS version of the wallet. Now another version of the Electron Cash wallet has launched which can run on basic feature phones (Nokia-style) adding more versatility to the BCH ecosystem. Also read: Coingeek Announces Funding the Electron Cash Development Team Electron Cash Can Now be Installed on Nokia Style Feature Phones Last February the Electron Cash lead developer, Jonald Fyookball, announced the development team would be funded by the firm Coingeek, and Electron Cash would launch a bunch of new features over the course of the year. So far the team has launched a new iOS version of the wallet and added a Coinshuffle plugin to the client’s desktop version. Now, this week the Electron Cash team has released a Java Micro-Edition of the wallet (J2ME) which makes the client available to feature phones much like the popular and less sophisticated Nokia phones. “Electron Cash published a new wallet: The ‘J2ME’ version of Electron Cash. J2ME stands for Java Micro-Edition,” the Electron Cash lead developer explained in an interview with the publication Coingeek. With Electron Cash for J2ME, now users who only have access to basic ‘feature phones’ such as the Nokia 216 will still have access to a real Bitcoin Cash SPV wallet, with all the benefits that come with it, including controlling their own private keys and being able to restore their wallet from a mnemonic seed phrase.    Over 1.3 Billion Feature Phone Users Can Now Use the Bitcoin Cash-Centric Wallet Electron Cash Bitcoin Cash proponents are excited to see an Electron Cash client for feature phones as the wallet could help spread adoption in areas where basic phones are more prevalent. These areas would include Asia and Africa, and according to Counterpoint research there are 1.3 billion feature phone users worldwide. The Electron Cash J2ME version source code is available for review on Github, explains the development team. “The original python code was rewritten in Java, mostly from scratch, in order to build this wallet. It is currently published on GitHub as an…

Crypto Exchange Bittrex Expands Adds Ethereum Classic and XRP Trading Pairs

Crypto Exchange Bittrex Expands Adds Ethereum Classic and XRP Trading Pairs

Cryptocurrency exchange and wallet service Bittrex has announced plans to launch U.S. dollar (USD) trading pairs for two new cryptocurrencies, according to an official announcement published August 8. Per the announcement, Bittrex is looking to expand its fiat markets to Ethereum Classic (ETC) and Ripple (XRP) on August 20. The new trading pairs will be added to already listed dollar markets for Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and TrueUSD (TUSD). The company says that it will continue gradually adding tokens to its USD markets, using a “phased approach” for USD trading. Bittrex further explained that it takes a gradual approach to “ramping up these markets” in order to ensure quality in processes and systems before making them available to qualified customers. Bittrex said: “In addition to broader acceptance, expanding fiat markets to the top digital currencies on our trading platform will help limit the dominance and influence of any one token over other blockchain projects – a necessary evolution if we’re going to unleash blockchain’s potential benefits for consumers and businesses.” Bittrex was founded in 2014 by Bill Shihara and two business partners, all of whom previously served in the security team at Amazon. In February of this year, Shihara announced the exchange’s intention to open up USD trading to the majority of its customers. In October 2017, Bittrex made a sudden decision to disable thousands of accounts for compliance reviews without warning its users in advance. Later in December, Bittrex temporarily stopped registration of new users, citing an inability to accurately verify each new user due to high demand. The exchange subsequently opened again, but with additional requirements. At press time, Bittrex is 23rd largest exchange with a trade volume over $72 million. According to Coinmarketcap, it has grown by 16 percent over the 24 hour period.

Yale Research Proposes Factors for Crypto Price Prediction

Yale Research Proposes Factors for Crypto Price Prediction

Yale University financial experts have suggested a system of factors to predict price trends in major cryptocurrencies, according to an official statement by YaleNews Aug. 6. The new study was conducted by Yale economist Aleh Tsyvinski and Yukun Liu, a Ph.D. candidate in the Department of Economics, and is reportedly the “first-ever comprehensive economic analysis of cryptocurrency and the blockchain technology.” In the paper, the authors intend to provide a “risk-return tradeoff” of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), according to its historical performance data. The experts reportedly analyzed the behavior of Bitcoin between 2011 and 2018, while Ripple and Ethereum data was tracked since their inceptions in 2012 and 2015, respectively. In the study, Tsyvinski and Liu found that cryptocurrencies “have no exposure” to most common stock markets, as well as to returns of currencies and commodities and macroeconomic factors. Instead, the researchers assert that “cryptocurrency returns can be predicted by factors which are specific to cryptocurrency markets.” Among these factors is a “strong time-series momentum effect.” Tsyvinski and Liu argue that if the price of Bitcoin increases over a week, it is likely keep growing over the following week. The researchers note that a sharp increase of Bitcoin’s price stimulates higher demand in the market, which leads to bigger investments. The study says that the “momentum effect was stronger” for Bitcoin, but was “still statistically significant” with Ethereum and Ripple. Apart from the momentum effect, the Yale researchers mention the factor of investor attention, which is a correlation between crypto prices and the number of posts and queries for cryptocurrencies on social media and in search engines. Ultimately, Tsyvinski states: “All things can happen. Maybe the statistical patterns that we find are going to completely change. Maybe tomorrow Bitcoin is going to be prohibited by regulators, maybe it’s going to be completely hacked, there are many things one would take into account.”

Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies

Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies

Mining Have you ever thought about mining cryptos while surfing the web without being a victim of some malware, of course? If so, Bitmain has an offer you might be interested in. The Chinese mining giant has just announced it’s offering a couple of Wi-Fi routers capable of minting digital coins while connecting you to the internet.  Also read: Opera Browser Opens Its Built-in Cryptocurrency Wallet to Desktop Users Mining Dash and Siacoin While Surfing the Web Days after we learned that Canaan, the world’s second largest manufacturer of mining equipment, plans to sell a TV set that doubles as a cryptocurrency mining rig, Bitmain, the leading mining hardware producer, has put forward its offer in the new market for home mining appliances. We also have a crypto-heater already available, remember? Crypto enthusiasts and amateur miners may accept the product with a smile, realizing it’s not about the profits but the cool idea. Bitmain announced on social media this week it’s releasing two Wi-Fi routers capable of mining cryptocurrencies. The devices, Antrouter R3-DASH and Antrouter R3-SIA, are designed to mint dash (DASH) and siacoin (SC). The dual-function routers are models from Bitmain’s R3 series of products. They can be bought with cryptocurrency – bitcoin core (BTC), bitcoin cash (BCH) and litecoin (LTC). The first batch comes at a special price – $58 USD. The Routers Can Mine Other X11 and Blake2b Coins The company promises to ship the ordered machines within 10 working days after full payment. Once connected to the internet, the routers will immediately start mining crypto in Bitmain’s Antpool. Every buyer will also have a personal Bitmain account set up at the time of purchase in order to check their mining status. According to its product page, Antrouter R3-DASH has been designed and tested to mine only dash. Bitmain notes, however, that it’s possible to use it to mine other X11 coins, but the performance and the efficiency of the device are not guaranteed in such cases. R3-DASH maintains a hashrate of 300M/s ± 5% and consumes 24.37W of electricity. The other offer, the R3-SIA router is designed and tested to mine siacoin but is also capable of minting other blake2b coins, again under the same disclaimer regarding the performance and the…

$30 Billion Lost: 4 Stats That Show a Crypto Market in Decline

$30 Billion Lost: 4 Stats That Show a Crypto Market in Decline

Cryptocurrency markets are seeing red in a big way as the ongoing rout has wiped away billions of dollars in value. As CoinDesk reported earlier Wednesday, the collective market capitalization for all cryptocurrencies hit a new low for the year – as it stands, the overall market cap is roughly $225 billion, representing a significant decline from the more than $800 billion witnessed in early January of this year. Among the developments driving the market turmoil: the fact that the U.S. Securities and Exchange Commission (SEC) decided to punt a decision on a proposed bitcoin exchange-traded fund. According to figures compiled by CoinDesk, as much as $51 billion in market cap was lost during the past seven days. CoinMarketCap figures indicate that as much as $30 billion or more in value was shed amid the day’s market action. This amount indicates a more than 18 percent decline within that time frame. But the market capitalization data only tell part of the story. Perhaps most tellingly, all of the top twenty cryptocurrencies (indicated on sites like CoinMarketCap as well as OnChainFX), showed significant declines in the past 24 hours, accounting for an average loss of more than 14 percent during that period. Source: OnChainFX.com For bitcoin specifically, the past days haven’t been exactly forgiving either. The cryptocurrency has seen losses for ten out of the last eleven days – a series of events that have not occurred since September 2014. Today’s low represents a depreciation of 26.28 percent endured over the bearish stint. As a result, over 80 percent of the recent rally from bitcoin’s annual low has evaporated. In sum, bitcoin’s price rallied $2,705 from June 24th to July 24th, over $2,000 of which has since disappeared, according to data from Bitfinex. Image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, TRON: Price Analysis, August 08

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, TRON: Price Analysis, August 08

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision. The market data is provided by the HitBTC exchange. The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Bitcoin exchange-traded fund (ETF) proposal by VanEck Associates Corp. and SolidX Partners Inc. The agency is now expected to make a decision by September 30. The delay shouldn’t bother the investors because the ETF proposal has not been rejected yet, it has just been postponed. However, the speculators and short-term momentum traders who had hoped for a green light, have dumped their positions. As a result, the total market capitalization of the cryptocurrencies is now at about $228 billion, 24 percent down from July 27 high of $300 billion. Though Bitcoin’s price has fallen along with the altcoins, its dominance has inched higher, closer to the 49 percent mark. This shows that the leading virtual currency is still favored by investors, compared to the alternatives. When institutional money starts flowing in, we expect the largest digital currencies to be the major beneficiaries. Therefore, it is best to keep an eye on them. Will the bear market reassert itself or is this a good buying opportunity? Let’s find out. BTC/USD Bitcoin has broken down of the 50-day SMA and is on its way to the critical support level of $6,000. This support has held on three previous occasions. Therefore, we expect the bulls to try to defend this line once again. As long as the BTC/USD pair stays above $6,000, it remains inside a large range. If the support breaks, the digital currency will weaken and can quickly fall to the next support at $5,450 and below that to $5,000. The RSI is close to the oversold levels, which usually results in a pullback. Therefore, we anticipate a pullback from the zone of $5,910.65 — $6,075.04. So, should the traders buy in anticipation of a pullback? Not really. It is best to wait for the pullback to materialize before cherry picking at the lows. Let’s watch for a couple of days and then make the call,…

The Crypto Market Just Hit a Low for 2018

The Crypto Market Just Hit a Low for 2018

The total market capitalization for all cryptocurrencies just fell to its lowest point in 2018. The developments come after the US Securities and Exchange Commission (SEC) delayed a decision on a proposed bitcoin exchange-traded fund (ETF). The news triggered a market reaction, ultimately sending the total value of all cryptocurrencies down to $227.8 billion on Wednesday – the lowest level since November 2017 – according to data from CoinMarketCap.  The drop to nine-month lows marks a 10.7 percent depreciation on a 24-hour basis. As of press time, the market capitalization had risen back slightly to $228.6 billion. Although the ETF decision is solely in regards to bitcoin, many alternative cryptocurrencies are printing worse losses than the world’s largest cryptocurrency by market cap, signaling worsening risk sentiment in the market. The rise in the bitcoin dominance rate – an indicator that tracks the percent of the total crypto market capitalization contributed by the leading cryptocurrency – to an eight-month high of 48.6 percent also suggests the investors are venturing out of alternative cryptocurrencies and into bitcoin, and then possibly on to fiat currency. The falling spread or difference between the total market capitalization of all cryptocurrencies except bitcoin and BTC’s market capitalization is also signaling reduced demand for high-risk alternative cryptocurrencies. At press time, the total market capitalization of all cryptocurrencies excluding bitcoin is just over $118 billion – an 8.5 month low – whereas the total market cap of bitcoin is topping $111 billion, a figure last seen less than a month ago and above its annual low of $99,915,112,929, according to CoinMarketCap. Meanwhile, the BTC dominance rate is hovering around 48.9 percent and could rise to 50 percent if the risk aversion worsens, boosting demand for well-established cryptocurrencies like BTC. Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing. Image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency…

Swiss Banks Are Onboarding Crypto Clients and Assets

Swiss Banks Are Onboarding Crypto Clients and Assets

News Another Swiss private bank has announced in a statement that it’s open to on-board cryptocurrencies. Maerki Baumann private bank in Zurich is open to accepting assets that were generated with cryptocurrencies, “under the condition that strict regulatory and legal requirements are fully complied with,” Managing Director Stephan Zwahlen told news.Bitcoin.com. Also read: Many Swiss Bankers and Financial Regulators Quit to Join the Crypto Space “Switzerland Knows How to Protect Assets” Assets raised from cryptocurrency transactions are usually rejected by most Swiss banks, but there are a few exceptions. Maerki Baumann has reportedly followed Falcon and officially accepted handling such assets, but it does not offer asset management solutions in cryptocurrencies nor accounts in crypto, the Managing Director of the bank told news.Bitcoin.com. Funds raised from speculative crypto transactions, payments for services rendered, or from mining successes are increasingly growing, together with the popularity of cryptocurrencies. But these assets reportedly often meet rejection from Swiss banks.  Vontobel, another Swiss private bank, together with Falcon, stands among the lenders that are agreeing to handle cryptocurrency-based investments on behalf of their clients. The Swiss Contradiction One of the contradictions about Switzerland which is aiming to become a “crypto nation” is that despite having hundreds of the most famous crypto companies worldwide based in Zug, hardly any of them have a Swiss bank account. The main reasons for that is the fear of black money that has tainted some of the major Swiss banks throughout history, Marc Bernegger, a Swiss Fintech and crypto entrepreneur, told news.Bitcoin.com in an interview in Zurich. Bernegger has been a fintech entrepreneur for close to 20 years, and said he read Satoshi’s whitepaper in 2012. He then immediately felt that Bitcoin had a lot of potential. “I understood from day one the impact that the technology was going to have. Back in the old days, hardly anybody in the traditional financial services industry was even hearing about Bitcoin,” he said.  Marc Bernegger, Board Member at Crypto Finance AG “Nowadays, when it comes to cryptocurrencies, there is an understanding of financial services that reminds [me of] the old banking privacy,” Bernegger said. “It isn’t about replicating that again, but I think Switzerland has a strong reputation and knowledge about protecting assets.” However, the Swiss entrepreneur noted that one…

Judge Advances Securities Class Action Against Tezos Token Creators

Judge Advances Securities Class Action Against Tezos Token Creators

The husband and wife duo behind blockchain project Tezos have faced their latest setback in an ongoing securities class action against their $232 million Initial Coin Offering (ICO), according to a docket report published August 7. U.S. District Judge Richard Seeborg of the Northern District of California yesterday refused to dismiss plaintiff Arman Anvari’s suit against the defendants, which consolidates various prior class action suits filed by other Tezos contributors against Arthur and Kathleen Brietman, their firm Dynamic Ledger Solutions (DLS), and the Tezos Foundation. The controversial case surrounds what Tezos’ creators claim was an online fundraiser, although the docket report chooses to adopt the term ICO “in deference to the language of the complaint,” while noting that the Breitmans were “careful to avoid characterizing the plan” as such. The defendants are thus accused of violating U.S. Securities and Exchange Commission (SEC) regulations through the sale of unregistered securities in the U.S. Judge Richard Seeborg dismissed the Breitmans’ motion against Anvari’s complaint, in which the couple had argued that the ICO did not fall under the U.S. SEC’s jurisdiction because it was administered by the Swiss-based Tezos Foundation. The judge considered that the involvement of DLS “in establishing and aiding the Tezos Foundation rendered the two entities deeply intertwined, if not functionally interchangeable, throughout the ICO process”: “Try as the Foundation might to argue that all critical aspects of the sale occurred outside of the United States, the realities of the transaction (at least as alleged by Anvari) belie this conclusion.” Anvari, a former Perkins Coie associate in Chicago, invested 250 ether, a cryptocurrency part of the Ethereum (ETH) system, in Tezos’ ICO, according to the docket report. The judge notes that Anvari’s transaction was hosted on an Arizona-based server and run by Arthur Breitman in California, adding that Anvari “presumably” learned about the ICO from “marketing that almost exclusively targeted [US] residents,” and his ether contribution “was validated by a network of global “nodes” clustered more densely in the [US] than in any other country.” Two further defendants are named in the court filing. The first is venture capitalist Tim Draper, who publicly backed the project and allegedly purchased a $500,000, ten percent stake in DLS in May 2017, before separately joining a $1…