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Bitcoin ETF: Van Eck BTC ETF withdrawn

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CBOE has withdrawn its application to list to Van Eck SolidX Bitcoin ETF on its exchange. According to a document published by the SEC yesterday.

CBOE has withdrawn its application to list to Van Eck SolidX Bitcoin ETF on its exchange. According to a document that was published by the Securities and Exchange Commission yesterday that they have indeed withdrawn their application to list physically backed bitcoin ETF.

CBOE is one of the homes of bitcoin futures contracts. CBOE chief came out and said that he sees the lack of traditional market-tracking index and futures contracts that most Wall Street investors use to hedge their bets as a limiting factor in the crypto market. Regulation is demanded by many companies and players before getting into crypto. He goes on to say that they have two regulators that are not taking calls right now, it doesn’t mean there is nothing they are interested in, it means that nothing is going to happen in this government shutdown.

 

Bitcoin Futures

Bitcoin futures contracts are not supremely popular actually. The CBOE only has 3475 contracts in open interest compared to 5038 back in January 2018. When we look at these versus the figures of CBOE’s volatility index of 370,000 contracts and bitcoin equals only 1% of the total trading activity compared to CBOE’s most traded product. This is something to keep in mind when we talk about futures contracts and how they are moving the markets back and forth.

Back late last year, we saw 9 different Bitcoin ETF being declined by the SEC including very high offerings from Gemini and SolidX. Regulators came out and said that there is a lack of control over the crypto markets and this has been the primary concern of the authorities in basically letting any of these applications go through but they are still trying. Even though the CBOE has removed their application to list a certain Bitcoin ETF, that is not the end of things by any means.

The Winklevoss twins from Gemini are still trying. Recently they said that they are committed as ever to making a Bitcoin ETF a reality. They said that bitcoin is a better asset than gold. They said that bitcoin is being better at being gold than gold and if they are right then over time the market cap of bitcoin will surpass the 7 trillion market cap of gold. The Winklevoss twins have been big believers in bitcoin for a long time.

 

Bitwise Bitcoin ETF:

Bitwise has submitted another Bitcoin ETF filing to the United States SEC. This is probably a terrible time to put the submission in as it could sit on the desk somewhere for months due to the government shutdown. Bitwise’s previous Bitcoin ETF filing was among those that were rejected by the SEC back in 2018.

The Global Research Cheif of Bitwise has said that the SEC has asked thoughtful and relevant questions of the quality of the crypto trading ecosystem, the liability of crypto pricing, the strength of the arbitrary function in crypto and the robustness of crypto custody. According to him, they have spent the past year researching these questions and look forward to discussing those findings with the SEC staff in connection with the filing and listing application. A key difference with their new filing versus their previous filing is that it uses a third party custody service. He also that while there can be no assurance that the 19B4 application will be granted or the SEC will ultimately accelerate the registration statement, they are optimistic that 2019 should be the year that a Bitcoin ETF launches.

 

Bakkt Exchange:

Bakkt is still not giving up on their bitcoin dreams by any means. They are going to be launching a cryptocurrency exchange, a payment processor and their futures contracts which may be approved by the CFTC which are just one small element. If Bakkt launches a Bitcoin ETF it may be approved by the SEC. A lot of what Bakkt wants to do needs approval and its really unfortunate that we are seeing this government shut down happening and it means that the approval is not forthcoming.

 

While all of this dysfunction continues, its actually a very great time to buy bitcoin at cheap prices because if tomorrow a Bitcoin ETF is approved that is going to affect the price of bitcoin to a great extent.

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Elon Musk: Cryptocurrency is the future, Paper Currency going to end.

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CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin.

Enthusiastic towards cryptocurrency also the CEO of Tesla, Elon Musk, stated that the Day is not far when the paper currency will fade away and shall be replaced by the Bitcoin. Which clearly means Musk is in favor of the decentralized currency ( also known as cryptocurrency).

 

In one of the episodes of ‘On The Road To Full Autonomy With Elon Musk, which is hosted by Tasha Keeney, the CEO spoke and discussed the developments that Tesla shall undergo and also spoke about the cryptocurrency with regard the future of technology and finance.

 

When Elon Musk was asked regarding Jack Dorsey’s prediction, which was that the Internet shall be witnessing Bitcoin as its native currency soon, Elon Musk answered it and found it interesting.

 

He further said that the idea and also the structure of the Bitcoin is great and it seems like there is some advantage to Ethereum. Elon Musk is not sure whether it will be good for Tesla resources to get into cryptocurrency.

 

Elon Musk also said that Bitcoin and Ethereum scammers were so rampant on Twitter, he decided to join in and He said at one point that he wants to buy some Bitcoin. Then his account got suspended cause obviously there was some automatic rule, he then ended the conversation by saying that he was just joking.

 

A campaign was started by Twitter which deleted several bogus accounts for “coordinated manipulation,” and promotion of cryptocurrency scams, Elon Musk appreciated the website’s efforts.

 

Elon Musk added that the disadvantage of cryptocurrency is that the nature of production is energy intensive as regards to the mining process.

 

Keeney referenced to the terrible financial condition in Africa, where the restrictions on the currency stop the citizens from converting their currencies and forcing them to go through the US dollar. To which Musk replied that cryptocurrency is a far better way to transfer money or value rather than pieces of paper. Paper money is going away.

 

Even after Elon Musk’s positive statement on cryptocurrencies, his recognition for the structure and concept of Bitcoin and Ethereum and his confirmation that paper money will be replaced by the decentralized currency, the Tesla CEO made it clear that his company will not be selling Bitcoins.

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Tim Draper: Bitcoin Mass Adoption till 2021

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Tim Draper said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin.

Bitcoin is considered as digital gold or e-gold which has achieved dominance in the field of cryptocurrency. Tim Draper, who is the inventor of the Billionaire Bitcoin, predicted the rapid increase in the growth of the Bitcoin or cryptocurrency in the world and said in an interview with the FOX Business on 18th Day of February 2019 that the world will soon start buying coffee by using Bitcoin. According to his prediction, the world is just 2 years away from when everybody shall start to use Bitcoin.

 

By 2023, Baristas would be laughing at people who shall make the payment of their purchase by using the currency other than the Bitcoin, Tim Draper added.

 

Even after having a large number of Bitcoins, Tim Draper has no plan to trade or sell any of his Bitcoin.

Tim Draper previously claimed and predicted that by 2022, the net value of Bitcoin will reach to $250,000 per coin. The prediction is also said to be the highest prediction coming from the industry of cryptocurrency. But Draper is still not clear on how this rapid growth will take place but he is enough confidence that there will be massive growth in cryptocurrency.

 

Recently the CEO of Twitter, Jack Dorsey also publicized Bitcoin.

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Crypto News: Bitmain $500 million loss, Bitcoin Mining Scam, RippleNet

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Let's discuss three recent big crypto news. Bitmain losing $500 million within 3 months, bitcoin mining scam in Thailand and RippleNet adoption.

Bitmain Posts $500 million loss amidst crypto winters:

We all are aware of the bear run that has been impacting the crypto market for the last year. From the hardware elements to the software elements, every element of the crypto space has been affected by this bear run. Recently Bitmain, a mining hardware giant company indirectly posted that it lost $500 million loss in the third quarter of 2018.

Let us analyze the post posted by the Bitmain. It has earlier stated that it gained a profit of $1 billion in the first half of 2018. Further, it posted that total benefits it had by the third quarter of 2018 were $500 million. This means that if we subtract the benefits it had by the third quarter 2018 from the benefits it has by the June 2018, it clarifies that Bitmain undergoes the loss of $500 million within 3 months. This is really a big loss that the company faced from July to September 2018. Also if we talk about the revenue, it has a total revenue of $2.8 billion in the first half of 2018 and $3 billion by the third quarter of 2018. This means that the total increase in revenue of $200 million in three months.

The bear run has affected almost every organizations. The price of bitcoin went down to $2600 from almighty $19783. However, it is expected that the next bull run of the crypto space is on the way and could hit at any nearby time.

 

Bitcoin Mining Scam:

Where is a market, there is a  risk of fraud and scams. Recently, news came into light for a major scam in bitcoin mining. Victims of this big bitcoin mining scam have filed a case in Thailand. As per the sources, around 30 victims were frauded by a scam involving a bitcoin mining company named ‘CryptoMining.Farm’. The firm made fool of the 142 victims and cost them a scam of a total of $1.34 million.

Initially, the company promised to give 70% as annual return and the facility to withdraw at any time but later on, they started avoiding the facility of instant withdraw and said that they would pay in 84 installments. The installments would take 7 years to get the amount and also, the company promised to pay in form of foreign currencies which is completely against the norms of Thailand. This has costed all the victims to lose around $1.34 million. However, the technology crime branch of Thailand has filed the case and the investigation has been started.

One must require to get all the details of the crypto company in which they are investing. One should always read all the terms and conditions mentioned in the paper. And even after that if a company do these kinds of fraud, one must inform the technology crime bureau of the country.

 

RippleNet:

Recently, the second largest bank of Oman, BankDhofar has announced that it has started using the RippleNet technology for performing cross-border payments to countries like India. For the first time in the history of Oman, any bank has accepted the RippleNet for performing transactions. With this feature, the customers will be able to transfer cross-border funds using a mobile application within 2 minutes. This feature would be a great help to the Indians living in this country to transfer payments.

BankDhofar, which started in 1990, in Oman’s second largest bank. It had an amazing revenue of $28.2 million out of which the revenue itself in the year 2017 was around $2.4 million. On the other hand, RippleNet, based on blockchain technology, is an international payment provider for cross-border payment. It is a product of the third largest firm in the crypto space, Ripple XRP. RippleNet has expanded its service all across the globe and is one of the leading service providers for institutional payment.

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