Cryptocurrencies are in the green as US SEC announces November 5th deadline for decision on Bitcoin ETFs
Oct 08, 2018
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- A combination of slow news cycles and lack of trading volume has led Bitcoin’s volatility to hit a 17-month low. Within the past month, Bitcoin has fluctuated between USD$6,200 and USD$6,800, representing an unpresented level of stability. Within the last week, Bitcoin’s price has remained within USD$6,500 and USD$6,600. Many investors are taking this as a sign that cryptocurrency markets are beginning to mature.
- A new sidechain created by RSK will enable initial coin offerings launched on Bitcoin, according to an article by Coindesk. RSK has been developing their Turing-complete smart contract sidechain for Bitcoin since early 2016. The sidechain utilizes smart contracts and a new Bitcoin-pegged cryptocurrency, Smart Bitcoin (SBTC). While the sidechain is still in beta, experts believe the project will enable a larger amount of developments off of Bitcoin and allow Bitcoin to function more like Ethereum in the future.
- Binance, the world’s largest cryptocurrency exchange by trading volume, will begin to disclose all cryptocurrency listing fees while donating all fees earned to charity. Announced in a blog post Monday, Binance detailed that the exchange will allow token projects to propose their own listing fees. 100% of listing fees will go towards Binance’s new charity division, the Blockchain Charity Foundation. According to Binance CEO, Changpeng Zhao, this move comes in order to increase transparency in Binance’s operations.
- Bitfinex, the Hong-Kong-based cryptocurrency exchange, has refuted claims that the firm is insolvent providing crypto wallets addresses that hold over USD$1.5 billion in digital assets as proof. The claim that Bitfinex is insolvent was made in a Medium article published on Saturday that urged users to withdraw their assets. Bitfinex called these allegations, “a targeted campaign based on nothing but fiction.”
- Mark Friedenbach, a Bitcoin protocol developer, has reportedly introduced a new method for Bitcoin scaling that will not require a hard fork while speaking at the Scaling Bitcoin workshop in Tokyo, Japan. The on-chain capacity boost involved an alteration of proof-of-work that is achieved via soft fork and use of alternative private ledgers. According to Friedenback, this proposed method would increase transaction volume by 3,584x its current levels.
- OKEx, one of the world’s largest digital asset exchanges, has participated in the initial coin offering of Bidooh, a real-time, real-audience, digital billboard advertising platform. On top of participating in the initial coin offerings, OKEx has agreed to promote Bidooh to prospective token purchasers and has endorsed Bidooh by displaying its own advertisements on Bidooh’s advertising platform. Following OKEx’s initial coin offering participation and endorsement, Bidooh has received overwhelming support from the cryptocurrency and blockchain community.
- Pantera Capital’s digital asset hedge fund saw YTD returns of -72.7%, underperforming Bitcoin and the general cryptocurrency market. Pantera Capital’s digital asset hedge fund is one of the largest in the world. In August alone, the hedge fund was down 22.3%. Since its inception in December 2017, the fund has lost 40.8% of its total value.
- Spencer Bogart, a partner at Blockchain Capital, believes Bitcoin’s price is bottoming out and beginning to manifest a bull run. While interviewing with CNBC this past Friday, Bogart said, “We’re down about 70% from our highs, so I think that Bitcoin is close to bottoming, and so is the rest of the market.” In a tweet that followed his interview, Bogart expressed that he believes we will end 2018 with Bitcoin above USD$10,000.
- The United States Securities and Exchange Commission (SEC) has established a time line to review proposed rule changes for a series of applications to list and trade different Bitcoin exchange-traded funds (ETFs). Nine separate Bitcoin ETFs have been proposed by three different applicants. The applications include two proposals from ProShares, five from Direxion, and two from GraniteShares. The United States SEC has set a deadline of November 5th for the decision.
- Venezuela’s Vice President, Delcy Rodriguez, announced in a press conference Friday that Venezuelans will only be able to pay passport fees with the country’s new state-backed cryptocurrency, the Petro. According to Rodriguez, Venezuelans will be charged 2 Petros to receive a new passport and 1 Petro for an extension. A Bloomberg report notes that the average monthly minimum wage in Venezuela is four times less than the cost of the raised passport fee.
*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio