SEC Delays Decision on Bitcoin ETF, Sets Deadline for Late February

SEC Delays Decision on Bitcoin ETF, Sets Deadline for Late February

The United States Securities and Exchange Commission (SEC) has again postponed its decision on a Bitcoin (BTC) exchange-traded fund (ETF), according to an official document published Thursday, Dec. 6. The SEC set the new deadline for Feb. 27, 2019 in order to further review the rule change proposals to list a Bitcoin ETF by investment firm VanEck and blockchain company SolidX on the Chicago Board Options Exchange (CBOE): “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.” Under the Securities and Exchange Act, the commission must “issue an order approving or disapproving the proposed rule change not later than 180 days” after the date of publication of notice. If the commission deems it necessary, it may subsequently extent that period by 60 days. As the proposed rule change was first published in the Federal Register on July 2, 2018, the maximum period of consideration falls 240 days later, on Feb. 27, 2019. Both VanEck and SolidX firms filed with the SEC to list a Bitcoin-based ETF on June 6. Subsequently in August, the commission delayed its decision on listing the ETF until Sept. 30. The commission then requested further comments regarding the decision, claiming that the agency has not “reached any conclusions with respect to any of the issues” on the rule change. In early October, the commission set a deadline for submitting comments about proposed rule changes related to a number of applications for Bitcoin ETFs. Last week, the SEC published a memorandum on a meeting with representatives from VanEck, SolidX and CBOE. The applicants claimed there was precedent for a Bitcoin ETF based on other commodities with ETFs — like gold and crude oil. Recently, SEC commissioner Hester Peirce, who is known for her pro-crypto stance, receiving the title of “Crypto Mom,” claimed that a Bitcoin ETF could come “tomorrow or in 20 years.” She said: “Don’t hold your breath. Look, it took a long time for [the] SEC even to establish Finhub.”

Inside Chilean Power Battle: Crypto Exchanges vs. State Banks

Inside Chilean Power Battle: Crypto Exchanges vs. State Banks

On Monday, Dec. 4, the Chilean Supreme Court welcomed the decision of state-owned Banco del Estado to close the accounts of local cryptocurrency exchange Orionx. The new phase in the legal battle between the banks and several crypto exchanges — including Buda.com and CryptoMarket (CryptoMKT), which had appealed against the denial of services — may look somewhat sinister from the outside. But the main players of the Chilean crypto market assured Cointelegraph that the recent decision could not prevent them from operating in the country. Exchanges vs. banks — a brief outline of the confrontation In March, two crypto exchanges — Buda and CryptoMKT — came out with a joint statement, claiming that some banks in Chile had closed their accounts. “We are killing the whole industry long before exploring it and understanding its approach,” the release read. CryptoMKT also claimed that another bank received instructions not to deal with anyone who is related to cryptocurrencies. Both crypto businesses then urged the Chilean Association of Banks (ABIF), which coordinates all the private and foreign financial institutions in the country, to intervene — or at least clear up its stance on cryptocurrencies. A response was given within a few days of the statement: The president of ABIF, Segismundo Schulin-Zeuthen, told Chilean business outlet Diario Financiero that the banks were free to moderate relations with their clients. Schulin-Zeuthen also criticized Buda and CryptoMKT for “[generating] false judgments about the institutional role of the ABIF,” while the association’s role consisted of discussing and analyzing existing regulation in the finance sector. The bank that closed the crypto exchanges’ accounts was soon revealed to be Itau Corpbanca, the fifth-largest bank in Chile, along with a branch of Latin American banking giant Itau Unibanco and Scotiabank Chile, a branch of a Canadian banking group by the same name. They were soon joined by Banco del Estado — the only public bank in the country managing up to $52 billion in assets, as of 2017. Later in April, Itau Corpbanca opposed the crypto industry’s stance that the move was illegal and insisted that the closure of accounts result in an internal investigation. According to Itau, Buda had failed to comply with their Anti-Money Laundering (AML) policy. Moreover, the bank accused the exchange…

Report: More Chinese Miners Selling Short Following Crypto Market Slump

Report: More Chinese Miners Selling Short Following Crypto Market Slump

Chinese miners are reportedly becoming the biggest short sellers both locally and internationally, following an increased number of hedging operations in the current bear market, Chinese crypto outlet 8BTC reported Thursday, Dec. 6. The severe cryptocurrency market decline in the last month has reportedly caused new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC), according to 8BTC. Jin Xin, a Chinese miner who entered the industry in October 2017, reportedly said that the earnings from mining he made in the first two months are “much more” than the total profits he made in the past three years through other business. Jin said: “If I mine 30 tokens in the next month, while its price may continue to fall by another 10 percent according to the current trend, I shall place a short order on the exchange to sell them at current price but deliver one month later.” Jin reportedly developed his own strategy to withstand the bear market. He buys already used graphic processing unit (GPU) miners to boost his machines’ performance. Once the “shutdown price” is reached, Jin power down the equipment, removes GPU chips and sells them to game players. As Cointelegraph reported in late November, cryptocurrency mining operators in China are reportedly selling mining equipment by weight, as opposed to price per unit, as the market slump had resulted in a large drop in mining profitability. Crypto miners were reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown price.” Also in November, U.S. technology giant Intel filed a new patent for “energy-efficient high-performance Bitcoin mining.” The patent is dedicated to a “hardware accelerator implementing SHA-256 hash using optimized data paths” and aims to reduce energy for BTC mining by up to 15 percent. The document states that “clusters of SHA engines may consume a lot of power (e.g., at a rate of greater than 200 W).”

Major Crypto Exchange Coinbase ‘Explores’ Listing XRP, Cardano, EOS, Others

Major Crypto Exchange Coinbase ‘Explores’ Listing XRP, Cardano, EOS, Others

Major United States-based crypto exchange Coinbase is “exploring” the possibility of providing trading support for over 30 cryptocurrencies. Potential new additions include Ripple (XRP), EOS and Cardano (ADA), according to a press release published Friday, Dec. 7. The company has revealed a list of 31 cryptocurrencies, including the aforementioned three, as well as NEO, Tezos (XTZ), and others. Coinbase states that it “will be working with local banks and regulators to add them in as many jurisdictions as possible.” List of cryptocurrencies Coinbase is considering to add. Source: blog.coinbase.com Coinbase added that a cryptocurrency being present in the list is not a guarantee that it will ultimately be added, as any coins could face some restrictions or might not be listed at all, after their evaluation is finished: “Adding new assets requires significant exploratory work from both a technical and compliance standpoint, and we cannot guarantee that all the assets we are evaluating will ultimately be listed for trading. Furthermore, our listing process may result in some of these assets being listed solely for customers to buy and sell, without the ability to send or receive using a local wallet.” Back in September, Coinbase announced a new listing process that would allow it to add digital assets faster than before. However, the crypto exchange has pointed out that the new procedure only applied to digital assets that were compliant with their local regulations. Thus, certain assets listed by Coinbase might only be available to customers in particular jurisdictions. In November, the U.S.-based crypto exchange added Ethereum Classic (ETC) and later Zcash (ZEC) trading to its platform.

TRON CEO Says He Will ‘Rescue’ ETH and EOS Developers From Alleged ‘Collapse’ of Their Platforms

TRON CEO Says He Will ‘Rescue’ ETH and EOS Developers From Alleged ‘Collapse’ of Their Platforms

Decentralized internet protocol TRON CEO Justin Sun has said the company will build a fund to “rescue” Ethereum (ETH) and EOS developers from “the collapse” of their platforms, in a tweet, Dec. 6. Sun made his offer with the precondition that the developers “migrate” their decentralized applications (dApps) to the Tron Foundation network. In the heat of the blistering crypto market crash, one aggrieved commentator immediately quipped, “So… we jump from sinking ship to another sinking ship?  Sh**, I’m in. When jump, sir?” EOS New York, purportedly the twitter account for one of the EOS network block producers, responded directly: “We think we will be just fine given the billion dollars in VC funding for #EOS and #EOSIO projects that is locked and loaded around the world at Galaxy, SVK Crypto, Tomorrow, etc. Appreciate the offer, though. Best of luck, Justin.” Other responses spanned the gamut of affirmation, ridicule, or tempered calls for unity in the industry. One user — referring to the divisions over the recent Bitcoin Cash (BCH) hard fork — apprehensively said, it “looks like after the #hashwar we now have a #dapp war.” This is not the first time Justin Sun has weighed in on his competitors in the industry on social media; in early October, the CEO claimed the Tron network’s latest version, Odyssey 3.1, could beat Ethereum on speed and EOS on cost. Sun’s claims at the time prompted a surge of eight percent in the TRX token’s value. In recent weeks, TRX — as ETH and EOS — has shed significant value amid volatile markets; the token, ranked 10th largest crypto on CoinMarketCap, is down 4.5 percent on the day, and 44 percent on the month, to trade at $0.013 at press time. ETH, ranked 3rd, is meanwhile down 14.5 percent on the day and 59 percent on its monthly chart, currently trading at $85. EOS, trading at $1.71 at press time, is down 21.2 percent on the day, 69 percent on the month. In mid-November, TRON launched a $1 million accelerator program to support developers building DApps and products on the TRON protocol. In early November, decentralized liquidity network Bancor announced it had added support for EOS within its dApp for cross-blockchain token swaps. The dApp, BancorX,…

Bitmain, Roger Ver, Kraken Sued for Alleged Bitcoin Cash Hard Fork Manipulation

Bitmain, Roger Ver, Kraken Sued for Alleged Bitcoin Cash Hard Fork Manipulation

Florida-based United American Corp. (UnitedCorp) has purportedly filed a lawsuit against Bitmain, Bitcoin.com, Roger Ver, and the Kraken Bitcoin Exchange, according to a press release published Dec. 6. UnitedCorp alleges that the defendants planned a scheme to take control of the Bitcoin Cash (BCH) network. Founded in 1992, UnitedCorp is a development and management firm with a focus on telecommunications and information technologies. The company manages a portfolio of patents and proprietary technology in telecoms, social media and blockchain. UnitedCorp also owns and operates BlockchainDomes stations, that provide heat for agricultural applications. The suit filed in the U.S. District Court for the Southern District of Florida alleges that the defendants jointly used unfair methods and practices to manipulate the BCH network for their benefit and detriment of UnitedCorp and other BCH stakeholders. The release further specifies: “UnitedCorp believes that the defendants colluded to effectively hijack the Bitcoin Cash network after the November 15, 2018 scheduled software update with the intent of centralizing the network — all in violation of the accepted standards and protocols associated with Bitcoin since its inception.” On Nov. 15, the BCH network underwent an update, which divided the community into two main camps, those who support Bitcoin Cash ABC and those who support Bitcoin Cash SV. UnitedCorp states that the defendants took control of the coin’s network right after the upgrade using “rented hashing.” This allegedly led to the adoption of Bitcoin ABC rule sets, precluding other implantations from maintaining a democratic rule sets. UnitedCorp also alleges that on Nov. 20 the Bitcoin ABC development team put a “poison pill” into the blockchain by way of a “Deep Reorg Prevention” in order to strengthen control over the blockchain ledger. The move allegedly enables maintenance of control on implementations for future network updates. The suit seeks injunctive relief against the defendants and the cessation of perceived ongoing actions against the BCH network now and in the future. Additionally, UnitedCorp seeks compensation, the value of which it claims will be determined at trial. Bitcoin Cash has registered major losses on the day. The altcoin is down by over 20 percent over the last 24 hours and is trading at around $103 at press time, according to CoinMarketCap. Bitcoin SV (BSV), in turn, has…

Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, Bitcoin SV, EOS, Litecoin, TRON, Cardano: Price Analysis, Dec. 10

Bitcoin, Ripple, Ethereum, Stellar, Bitcoin Cash, Bitcoin SV, EOS, Litecoin, TRON, Cardano: Price Analysis, Dec. 10

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. November has seen the overall trade volume of retail-focused crypto exchanges drop, while the trade volume of exchanges preferred by larger players has increased instead. After an extended decline, when retail activity drops and institutional activity picks up, a market bottom usually approaches. However, there is still a lack of participation from traditional investors such as investment banks, pension funds and asset managers. These investors are fairly conservative due to regulatory issues, and are likely to gradually enter the space after the groundwork regarding compliance with regulations and custody solutions has been completed. In the cryptocurrency market, more than 50 percent of transactions are done through over-the-counter (OTC) trading, and the competition to attract institutional investors is heating up. Coinbase, Poloniex and MV Index Solutions are some of the latest entrants into the lucrative OTC space. Chart data supports our view that a bottom in crypto markets is near. However, it is difficult to pinpoint the lowest price range. Therefore, investors and traders should start building positions on dips to the $3,000–$3,500 area. BTC/USD Bitcoin is attempting to stage a recovery from the Dec. 7 low of $3,329.05. Currently, the pullback is facing resistance at $3,387.33. The bulls haven’t even managed to reach the 20-day EMA after breaking down of the $5,900 line in mid-November. This shows that the sellers are in a hurry to establish short positions on every small pullback. Both moving averages are sloping down, and the RSI is near the oversold levels, confirming a strong downtrend. The only silver lining is that a positive divergence is developing on the RSI. After a two-day pullback, the bears might attempt to resume the downtrend. A break down of $3,329.05 can result in a fall to $3,000, which is an important support. Below this level, the next support is at $2,416.52. However, we believe that the $3,000–$3,500 zone will offer a strong support. If the $3,329.05 level holds, the BTC/USD pair can rise to the 20-day EMA,…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 7

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, Nov. 7

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. The sharp drop in Bitcoin’s volatility at a time when the volatility in the U.S. stock markets soared is a sign that cryptocurrencies have decoupled from equity markets. It has emerged as an independent asset class, buoyed by fundamentals. A recent report by Morgan Stanley bank also underlines the emergence of Bitcoin and altcoins as “a new institutional investment class.” However, any new asset has to face numerous hurdles in the beginning. Cryptocurrencies are currently going through the phase of denial, before they reach acceptance. As soon as this indecision resolves, we are likely to see a number of buyers, who are currently sitting on the sidelines, jump in. Galaxy Digital CEO Michael Novogratz believes that 2019 will be an important year, predicting that Bitcoin will break $10,000 in Q1 and continue its journey northward to reach $20,000 or more by the end of the year. While the larger players are focused on Bitcoin, there is a tussle between the top two altcoins for the second spot. Ripple recently surpassed Ethereum for a short period of time as the leading altcoin by market capitalization, before Ethereum reclaimed its position. The cryptocurrency market seems to be slowly returning back to life. Let’s see which coins are likely to rally from current levels. BTC/USD Bitcoin is trying to sustain above the moving averages. On a close above $6,654.51, it can rally to $6,831.99. The price has turned down three times from this resistance, so this is a key level to watch on the upside. A break out of this can propel the cryptocurrency to $7,400. The moving averages are flat, which shows a balance between the bulls and the bears. A failure to break out of $6,831.99 will extend the stay inside the range. On the downside, $6,200 has been acting as a strong support. If this level breaks, a retest of the critical support zone at $5,900–$6,075.04 is probable. The BTC/USD pair will become negative on a break down of…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, November 5

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Stellar, Litecoin, Cardano, Monero, TRON: Price Analysis, November 5

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision. Market data is provided by the HitBTC exchange. We are into the final two months of the year, which have historically proven strong for Bitcoin. So, will the markets rally from current levels by the end of December? During a recent simulation of three econometric models by Greg Giordano and Panos Mourdoukoutas, two models pointed to a rally at current levels, while the third pointed to a sharp fall. The most bullish outcome was a rally to $12,629.15, while the most bearish was a fall to $816.91. The third model projected a small rally to $8,573.56. Today marks the deadline for members of the public to submit proposals to the U.S. Securities and Exchange Commission’s (SEC) regarding its consideration of certain Bitcoin exchange-traded fund (ETF) proposals. A final decision on the ETFs will not be made until early 2019. In its latest annual report, the SEC said that its focus is to reduce the amount of cryptocurrency-related scams. If the SEC succeeds in this effort, it will bolster confidence in the asset class and attract institutional and retail investors alike. How are traders positioned as December draws closer? What are the key levels to watch, both on the upside and the downside? Let’s find out. BTC/USD Bitcoin is currently close to the moving averages, which have both turned flat. The RSI is also near the midpoint, which shows a neutral sentiment. Both the bulls and the bears are currently in wait and see mode. Positive news amid an air of “end-of-year” expectation for Bitcoin could prompt bulls to attempt to break out of $6,831.99 and rally to the next overhead resistance at $7,400. Conversely, while markets remain largely stagnant and range-bound, pessimism and re-estimations of Bitcoin’s end of year price could prompt bears to attempt to break down from the critical support zone of $5,900–$6,075.04. In 2018, the BTC/USD pair has held the $5,900 mark on many occasions. Hence, traders can keep a stop loss of $5,900 on their long positions. A break of this can trigger…

Markets Fail to Hold Yesterday’s Gains, Bitcoin Trades Below $3,500

Markets Fail to Hold Yesterday’s Gains, Bitcoin Trades Below $3,500

Monday, Dec. 10: Crypto markets have failed to hold another recovery attempt, with nearly all top 20 coins by market capitalization in the red as of press time. After a slight bump yesterday, Dec. 9, with Bitcoin (BTC) seeing its price grow from around $3,400 to more than $3,600, markets are seeing another decline as losses over the 24-hour period for some major coins reach more than 9 percent, according to CoinMarketCap. Market visualization from Coin360 The top cryptocurrency Bitcoin is down by 4.59 percent, trading at $3,474 at press time. As noted earlier today, the Bitcoin volatility index has recently spiked threefold on the month, following a period of price stability. Exactly one year ago, on Dec. 10, 2017, the price of Bitcoin was $17,102 per coin, almost 80 percent higher than the price of Bitcoin today. Bitcoin’s market share index is 55 percent, down from 62.4 percent exactly one year ago, according to data from CoinMarketCap. Bitcoin all-time price chart. Source: CoinMarketCap The second cryptocurrency by market cap, Ripple (XRP), is seeing more losses today, down almost 5 percent over the past 24 hours and trading at $0.301 at press time. XRP 7-day price chart. Source: CoinMarketCap After dropping below the $100 price point on Dec. 6, major altcoin Ethereum (ETH) has dipped to as low as $90 per coin earlier today. The altcoin is trading at $90.99 at press time, down almost 6 percent over the 24-hour period. Dash is seeing the biggest losses among the top 20 coins at press time, with its price down 9.58 percent, and trading at $68.14. Total market capitalization is $110 billion at press time, down from $115 billion at the beginning of the day. Daily trade volume is $13 billion at press time. Total market capitalization 7-day chart. Source: CoinMarketCap Recently, the Indian government reportedly suggested new regulations to entirely ban cryptocurrencies in the country. According to anonymous sources, a government panel “has categorically said” that the crypto operations should be considered illegal and monitored by India’s central banking institution the Reserve Bank of India (RBI). While India may soon join the list of anti-crypto countries like China, some European countries have taken a more crypto-friendly regulatory approach. The British Parliament is purportedly considering allowing…