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Bitcoin ETF Update Nov 5: Look out for SECs Decision on 9 Bitcoin ETFs



The Securities and Exchange Commission (SEC) will take a decision on nine bitcoin exchange-traded funds (ETFs) after November 5.

The Securities and Exchange Commission (SEC) will take a decision on nine bitcoin exchange-traded funds (ETFs) after November 5. This came on the heels of a review of nine previously rejected bitcoin ETFs in late August. The regulatory decision is keenly watched since any positive decision could totally change the overall atmosphere of the cryptocurrency market. The previous rejections were due to the delegation of some tasks to the regulator’s staff.


Additional Rules

The commission has the power to review ‘delegated’ decisions due to additional rules. Earlier, after the SEC declared that it was reviewing the 9 bitcoin ETFs, a fresh deadline of October 26 was set. Though several people thought that the regulator would decide by that date, it was not the case. The latest supporting documents indicated that the SEC will review five ETF proposals from Direxion, two ETFs each from ProShares and GraniteShares. The regulator is seeking comments from concerned parties before November 5.

The SEC has fixed a common deadline for all the nine ETFs focused on the most valuable digital coin. A statement from the regulator said, “Accordingly, IT IS ORDERED, pursuant to Commission Rule of Practice 431, that by November 5, 2018, any party or another person may file a statement in support of, or in opposition to, the action made pursuant to delegated authority.” This would mean that the regulator could decide only after November 5 after assessing the comments received from different parties.


Make a Ruling

The latest development meant that the SEC would give its ruling on the pending digital currency ETFs. Therefore, this will have its likely impact on not only bitcoin price but the entire virtual currency market. For quite some time, there has been silence on the cryptocurrency ETFs front, and the market is eagerly waiting for the outcome. At the same time, there has not been much of enthusiasm among the supporters of bitcoin since the regulator has not given its approval for any ETFs focused on digital coins.

There have been skepticisms among the regulators about the cryptocurrency ETFs since the prices are fluctuating highly. In fact, bitcoin price surged unimaginable level in 2017 from less than $1000 to a whopping close to $20,000 through the price plunged sharply in the currency year. As a result, concerns were raised about the volatility in the most valuable virtual asset price.



Currently, institutions are shunning the cryptocurrency ETFs mainly due to two reasons. One is the lack of regulations on the emerging asset class and the second is the absence of secured custodial services. In short, there is a lack of infrastructure that is curbing the entry of virtual assets ETFs. Unless this issue is addressed, institutions will continue to remain in the sidelines only.

Investors and traders are keen that institutions enter the sector thus helping the overall market to not only mature but also stabilize the prices of digital coins. At the same time, there is no guarantee that the SEC will take a favorable call after November 5 given the previous experience on the same subject.


Bitcoin is Halal? Will crypto rise with mass Muslim adoption?



Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.


Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.


Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.


Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”


Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.


What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved



ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.


ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.


The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?



The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.


Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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